Jeep-like Military Vehicle Market to Reach US$ 5.6 Bn by End of 2031; The 2501 lbs. to 5000 lbs. payload capacity segment held a major share in 2022
Transparency Market Research
5 min read
Transparency Market Research
An increase in demand for bulletproof vehicles is a key factor augmenting the global jeep-like military vehicle market
Wilmington, Delaware, United States, March 16, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global Jeep-Like Military Vehicles Market is likely to grow at a CAGR of 3.1% between 2023 and 2031.
Jeep-like military vehicles have large payload capacity, but are lightweight with the high-mobility feature. Several government agencies are engaging in improvement of their military jeep fleet in terms of missile systems, communication systems, payload capacity, crew-carrying capacity, size, and others in order to stay updated in case of national emergencies. This is likely to propel jeep-like military vehicle market development during the forecast period.
Increase in military and defense expenditure in emerging economies is a major factor augmenting the global jeep-like military vehicle market growth. Heavy deployment of military equipment and troops increases the need for vehicles for transport purposes.
This is projected to augment the global jeep-like military vehicle market during the forecast period. Therefore, increase in need for military vehicles with higher payload capacity is expected to propel market expansion during the forecast period.
According to TMR report, the global jeep-like military vehicle market was valued at US$ 4.3 Bn in 2022 and is projected to reach US$ 5.6 Bn by the end of 2031.
Advent of Hybrid and Electric-operated Vehicles: Rise in demand for bulletproof vehicles in the defense sector is a major factor augmenting the need for jeep-like military vehicles. Furthermore, increase in adoption of unmanned vehicles with advanced automotive base, such as hybrid or electric-powered including BEV, HEV, and PHEV, are anticipated to bolster market development in the next few years.
Increase in Expenditure on Strengthening National Defense: Several countries are investing significantly in advanced vehicles to strengthen their defense systems. Instances of multiple cross-border disputes among small and large nations has compelled governments to adopt top notch vehicles and defense mechanisms for security purposes.
Key Drivers
Rise in adoption of unmanned combat military vehicles is projected to boost market growth
Increase in demand for hybrid and electric vehicles in the defense and military sector is expected to accelerate industry growth
Surge in demand for military vehicles for both marine as well as land operations is projected to propel market development
Asia Pacific is anticipated to account for dominant market share during the forecast period. This is ascribed to increase in research & development activities for building advanced vehicle designs. These can be used in ISR or border patrolling as well as enhanced maritime functions. Rise in expenditure on improving national security augments the need to add jeep-like military vehicles, thereby creating business opportunities for the regional market for jeep-like military vehicles in the forecast period. Increase in defense budgets in developing countries and rise in initiatives by national governments to strengthen their defense & security sectors are projected drive the market in Asia Pacific during the forecast period.
The market in Europe is likely to experience significant growth during the forecast period. This is ascribed to rise in demand for jeep-like vehicles among law enforcement agencies and armed forces.
Key Players Prominent players in the global jeep-like military vehicle market are
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