Dublin, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The "Global Military Vehicle Sustainment Market by Vehicle Type (Armored Vehicles, Military Trucks), Service (Maintenance, Repair, & Overhaul (MRO), Training & Support, Parts & Components Supply, Upgrades & Modernization), End-user & Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Military Vehicle Sustainment Market is projected to grow from USD 16.8 billion in 2023 to USD 23.5 billion by 2028, at a CAGR of 7% during the forecast period. Technological advancements and increasing demand for military vehicles across the globe are driving the growth of the market. Prominent companies include Rheinmetall AG (Germany), BAE Systems (UK), General Dynamic Corporation (US), Elbit Systems Ltd (Israel), and Oshkosh Corporation (US) and among others.
Market Dynamics
- Drivers
- Rising Technology Integration and Upgrades in Military Vehicles
- Increased Adoption of Data-Driven and Predictive Maintenance Techniques
- Growing Focus on Lifecycle Management Strategies
- Restraints
- Complexity and High Cost of Fleet Modernization
- Technology Gaps in Military Vehicle Sustainment Market
- Limited Utilization of Data for Sustainment
- Opportunities
- Use of Autonomous Systems
- Rising Adoption of Lifecycle Optimization Strategies for Sustainment
- Supply Chain Efficiency Enhancement
- Challenges
- Lack of Resource Allocation
- Lack of Cost Optimization for Sustainment
The Armored Personnel Carrier is projected to hold highest share of the market by Vehicle type during the forecast period
Based on Vehicle type, the armored personnel carrier segment of the Military Vehicle Sustainment market is projected to hold the highest share during the forecast period. The Armored Personnel Carrier (APC) are widely used vehicle in military. The APCs are used on regular basis for the transportation of personnel and military equipment. Due to its regular use proper and daily maintenance and repair is crucial to keep the APCs operational in high amount.
The Army segment is projected to grow at highest rate by End-user Type
Based on End-user type, the Army segment is projected to grow at highest rate during the forecast period. Military Vehicles are widely used by Army. For Transportation, Surveillance, Information Gathering, Rescue Mission, Combat Missions and many for many other purpose Army uses the military vehicles. Due to wide use case of military vehicle in Army the need of sustainment services arises. To keep the military vehicle mission- ready maintenance, repair, upgradation and modernization is required.
Asia-Pacific is expected to account for the largest market share in 2023
The Military Vehicle Sustainment market industry has been studied in North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific accounted for the largest market share for Military Vehicle Sustainment. Asia-Pacific is estimated to grow at CAGR of 5.3 % during the forecast period. India leads the market in Asia-Pacific with a large number of companies and startups operating in the industry. The country is playing a vital role in the advancement and services of Military Vehicle Sustainment. India is planning to privatize the sustainment services for military vehicles.
Research Coverage
This research report categorizes the Military Vehicle Sustainment market by Vehicle Type (Armored Vehicles, Military Trucks), by Service (Maintenance, Repair and Overhaul (MRO), Training and Support, Parts and Components Supply, Upgrades and Modernization), by End User (Army, Navy, Air Force), and by region (North America, Europe, Asia-Pacific, Rest of the World). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the Military Vehicle Sustainment market.
A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, services; key strategies; Contracts, partnerships, and agreements. New product & service launches, mergers and acquisitions, and recent developments associated with the Military Vehicle Sustainment System market. Competitive analysis of upcoming startups in the Military Vehicle Sustainment market ecosystem is covered in this report.
Companies Profiled
- AM General
- Amentum Services Inc.
- BAE Systems
- Cummins Inc.
- DGC International
- Edge Group PJSC
- Elbit Systems Ltd.
- Excalibur Army Spol. S R.O.
- General Dynamics Corporation
- GM Defense LLC
- Goriziane
- KBR Inc.
- Kratos Defense & Security Solutions, Inc.
- Leonardo S.p.A.
- Mahindra & Mahindra Ltd.
- ManTech International Corporation
- Moog Inc.
- Navistar Defense LLC
- Oshkosh Corporation
- Rheinmetall AG
- Saab AB
- SAIC
- ST Engineering
- Thales
- VSE Corporation
Case Study Analysis
- Predictive Maintenance to Enhance Vehicle Sustainment
- Solutions for Inventory Management
- Modernization and Infrastructure Development
- Advanced Training Programs
Key Attributes
| Report Attribute | Details |
| No. of Pages | 201 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $16.8 Billion |
| Forecasted Market Value (USD) by 2028 | $23.5 Billion |
| Compound Annual Growth Rate | 7% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/wz4l7z
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