Asia Pacific Military Land Vehicle Market: Industry Analysis and Forecast (2023-2029)

The Asia Pacific Military Land Vehicle Market size was valued at USD 882.962 Million in 2022 and the total Asia Pacific Military Land Vehicle revenue is expected to grow at a CAGR of 3.98% from 2023 to 2029, reaching nearly USD 1206.54 Million.

The Asia Pacific region held one-third of the market share, as the level of investments and significant growth are expected to drive the Asia Pacific Military Land Vehicle Market during the forecast period.  Asia Pacific countries are the world’s most robust military spending region.The military land vehicles in Asia Pacific are complemented by different types of weapons for safety, the Asia Pacific Military Land Vehicle Market players are focused on military automotive advancement in material science to provide safety to military vehicles, which drives the Military vehicle market demand during the forecast period. The market dynamics are shifted due to various outcomes in the military land vehicles market, the change in a battlefield environment, emerging advancements in technologies like IoT, and artificial intelligence, the surge in the procurement of MRAPS in Middle East crises, and the shift from rolled Homogeneous Armor to composite Based Armor vehicles.

The Asia Pacific Military Land Vehicle Market report covered a detailed analysis of the market and technology forecast to 2029 and also, covered the key dynamics across the LPV, MBT, APC and military support vehicles. U.S. China and Russia accounted for nearly 229,000 military vehicles, which is around 60-65% of the cumulative fleet of the top ten countries in the world.To know about the Research Methodology :- Request Free Sample Report
Asia Pacific Military Land Vehicle Market Dynamics:
Development of Unmanned Military Land Vehicles

The countries in the Asia-Pacific region have faced several challenges related to defence and security. To protect their land from potential threats, these Asian countries have taken significant stapes to strengthen their military capabilities and improve safety.  Some Asian countries in the region are considering using land combat military vehicles that can be operated by humans. Singapore has been working on developing unmanned armoured vehicles for the last twenty years, starting with the project Ulysses led by DSTA and Dina.

Singapore Technologies Engineering Ltd. (ST Engineering) launched a military unmanned ground combat vehicle based on their Next-Generation Armored Fighting Vehicle (NGAFV) platform. China and India also heavily invested in Artificial Intelligence to develop Military, Unmanned Tanks for future war. Asia Pacific Military Land Vehicle Market is driven by China which is investing in advanced AI technology with advancements that are applied in military vehicles. India's Defense Research and Development Organisation (DRDO) manufacture Military land vehicles called Muntra, which are based on Soviet BMP-2 APC. The Muntra is available in three versions Muntra-N for operating in nuclear or chemical contaminated areas, Muntra-M for mine clearing and Muntra-S for surveillance for operating in nuclear or chemically contaminated regions.

Rapid growth of the Asia Pacific can be attributed to increasing development in R&D for military Land vehicles and also, to develop of advanced designs of hybrid military land vehicles to enhance border and maritime patrolling or ISR functions. Threats of cross-border terrorism, growing economies and subsequent increased military expenditures are driving demand for light or medium-sized armored vehicles, which drive the demand for Asia Pacific Military Land Vehicle Market growth during the forecast period. Australia, South Korea, Thailand and Japan are interested in acquiring unmanned military land vehicles.

Indian government initiatives drive the market demand 

India is expected to generate high demand for military vehicles during the forecast period. A number of examples of cross-border terrorism and illegal movements have required financial investment and technical resources to acquire or develop advanced Military land vehicles. India is among the top defence-spending countries in the world, and its defence spending reached USD 81.4 billion in 2022, which was the fourth highest in the world. In April 2019, the Indian government granted approval for the acquisition of 464 upgraded T-90 Bhishma Main Battle Tanks (MBTs) as part of their ground forces innovation program, which is scheduled to take place between 2022 and 2026.

The license purchase from Russia was authorized by the Cabinet Committee on Security, with the manufacturing responsibility trusted to the Avadi Heavy Vehicle Factory (HVF) located in Tamil Nadu, India. The HVF operates under the Ordnance Factory Board and has been assigned this task primarily to fulfill the requirements of the Indian military. Thanks to this India has plans to replace its agein T-72 tanks with a new generation of tanks under the Future Ready Combat Vehicle (FRAV) program. The Asia Pacific Military Land Vehicle Market is driving due to the country’s aims to introduce approximately 1,700 units of these new tanks into its military arsenal during the forecast period.

The Indian government is also trying to improve the country's military land vehicle manufacturing capabilities by enrolling regulations supporting the local Market players. In January 2019, India's multinational company, Larsen & Toubro, established the country's first private-sector military vehicle systems complex (ASC) facility in India, Gujarat. The new facility is L&T Defence's tenth manufacturing unit, and the seventh new complex opened for defence vehicle production.

The new facility would be utilized for combination activities on MBTs, defence future-ready combat vehicles, military infantry combat vehicles and military self-propelled artillery howitzers vehicles. India is also strategies to procure mine-protected vehicles for troop movements, particularly in radicalism-afflicted areas, such as Jammu and Kashmir (J&K). Such inductions would drive the Indian segment of the market to focus during the forecast period and this could affect the Asia Pacific Military Land Vehicle Market growth

Asia Pacific Military Land Vehicle Market Regional Insights:

The Asia pacific Military land vehicle Market grow significantly during the forecast period. Increasing government initiative for manufacturing of military vehicles development and deployment of different land-based military vehicles like armoured, Tanks, personnel carriers and infantry fighting vehicles (IFVs), and other support vehicles. The Market is driven by the innovation effects of armed vehicles force, the need to enhance defence capabilities and territorial disputes. Emerging countries like China, Japan, South Korea, Australia and India are the major market players in these countries and they are actively investing in Military Land Vehicle Market to strengthen their military capabilities.

The Market is driven by key manufacturers and suppliers in Asia Pacific including the domestic defence industry and international companies that collaborate with major and local market players. These companies are strategies to invest in research and development, manufacturing and supply chain of various military Land vehicles to cater to the various requirements of regional military forces.
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Global Asia Pacific Military Land Vehicle Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 882.962 Mn.


Forecast Period 2023 to 2029 CAGR:
3.98%
Market Size in 2029:
US $ 1206.54 Mn.


 Segments Covered:
by Product Type
Infantry Fighting Vehicles (IFV)
Armored Personnel Carriers (APC)
Main Battle Tanks (MBT)
Light Multirole Vehicles (LMV)
Tactical Trucks


by Offering
Platform
Service


by Application
Defence and Combat
Logistics and Transportation



Market by Country:

1. Asia Pacific
1.1 MeAsia Pacific China
1.2 S Korea
1.3 Japan
1.4 India
1.5 Australia
1.6 Indonesia
1.7 Malaysia
1.8 Vietnam
1.9 Taiwan
1.10 Bangladesh
1.11 Pakistan
1.12 Rest of Asia Pacific
Key Players:
1. Thales Australia - Australia (with a presence in the Asia Pacific region)
2. Mitsubishi Heavy Industries (MHI) - Japan
3.Hanwha Defense - South Korea
5. Hyundai Rotem Company - South Korea
6. ST Engineering - Singapore
7. PT Pindad - Indonesia
8. Norinco (China North Industries Corporation) - China
9. Avadi Heavy Vehicle Factory (HVF) - India
10. Mahindra Defence Systems Ltd - India
11. Otokar Otomotiv ve Savunma Sanayi A.Ş. - Turkey (with a significant presence in the Asia Pacific region)
12. FNSS Defense Systems - Turkey (with a significant presence in the Asia Pacific region)
13. Denel Land Systems - South Africa (with a presence in the Asia Pacific region)
15. General Dynamics Land Systems - Australia

FAQs:
1. What are the growth drivers for the Market?
Ans. The increasing prevalence of artificial intelligence and IOT and machine learning expected to be the major driver for the Market.

2. What is the major restraint for the Market growth?
Ans. Stringent government regulations are expected to be the major restraining factor for the growth.

3. Which country is expected to lead the APAC Market during the forecast period?
Ans. China is expected to lead the APAC Market during the forecast period.

4. What is the projected market size & growth rate of the Market?
Ans. The Market size was valued at USD 882.962 Million in 2022 and the total military land vehicle revenue is expected to grow at a CAGR of 3.98% from 2023 to 2029, reaching nearly USD 1206.54 Million.

5. What segments are covered in the Market report?
Ans. The segments covered in the Market report are by Offering, Product type, Application and Region