CHICAGO, Oct. 4, 2023 /PRNewswire/ — The Military Vehicle Sustainment Market is expected to reach USD 23.5 billion by 2028 from USD 16.8 billion in 2023, at a CAGR of 7.0 % during the 2023–2028 period according to a new report by MarketsandMarkets™. The growth can be attributed to the increasing need for military vehicles for various military operations.
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Browse in-depth TOC on “Military Vehicle Sustainment Market”
172 – Tables
55 – Figures
207 – Pages
Military Vehicle Sustainment Market Report Scope:
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Report Coverage |
Details |
|
Estimated Value by 2028 |
$23.5 billion |
|
Market Revenue in 2023 |
$16.8 billion |
|
Growth Rate |
Poised to grow at a CAGR of 7.0% |
|
Market Size Available for |
2020–2022 |
|
Forecast Period |
2023–2028 |
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Forecast Units |
Value (USD Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By Vehicle Type, By Service, By End User |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Key Market Challenge |
Lack in resource allocation |
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Key Market Opportunities |
Use of autonomous systems |
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Key Market Drivers |
Increased adoption of data-driven and predictive maintenance |
The Armored Personnel Carrier held the largest growth rate in the Military Vehicle Sustainment market by Vehicle type.
By Vehicle type, the Military Vehicle Sustainment market has been segmented into Tanks, Infantry Fighting Vehicles, Armored Personnel Carriers, Reconnaissance Vehicles, Utility Trucks, Transport Trucks, and Recovery Trucks.
Armored Personnel Carriers to hold the highest growth rate during the forecast period. These vehicles are used on daily basis for the transportation and other military operations. Armored Personnel Carriers are most active vehicles in the military. To keep these vehicles operational the sustainment of the vehicles is needed regularly which drives the market of military vehicle sustainment.
Army held the largest growth rate in the Military Vehicle Sustainment market by End User.
By End User, the Army held the largest growth rate during forecast period. The Military Vehicle Sustainment market based on end user is segmented into Army, Navy and Airforce. The Navy and Air Force mostly uses the military vehicles for transportation, surveillance, and medical emergency. The Army is the wide user of the military vehicle for various combat missions, military operations. The wide use of military vehicles in Army to drive the military vehicle sustainment market.
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Asia Pacific is to hold the highest growth rate in 2023.
The Military Vehicle Sustainment industry has been studied in North America, Europe, Asia Pacific, Rest of the World. The Asia Pacific region accounts for the highest growth rate during the forecast period due to the active demand for maintaining the military vehicles due to tensed border across the nations in the region to enhance the growth of the market. India is expected to show the highest growth rate in Asia Pacific Region for Military Vehicle Sustainment market.
Major players operating in the Military Vehicle Sustainment companies are Rheinmetall AG (Germany), BAE Systems (UK), General Dynamics Corporation (US), Elbit Systems Ltd. (Israel), and Oshkosh Corporation (US).
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Browse Adjacent Market: Aerospace and Defence Market Research Reports Research Reports &Consulting
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