Combat Support Vehicle Market: Introduction
Combat support vehicles are units that provide fire assistance and operational assistance to combat elements. Combat support vehicles fulfil a wide variety of support roles. For instance, they act as a protected ambulance, provide enhanced fire power, command and control, combat engineering functions and serve as a base for intelligence, security and communications. Combat support vehicles also provide a high degree of maneuverability and protection. With advancements in technology and development of high strength lightweight materials, manufacturers are emphasizing on producing more versatile, agile and effective vehicles that can adapt to the changing nature of the field.
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Combat Support Vehicle Market: Dynamics
One of the prime factors expected to support the growth of the Combat Support Vehicle market is rigorous expansion of military budgets, particularly in developing countries, such as India and China. Furthermore, increasing border conflicts and increasing terrorist activities have created unrest in various terror-affected countries of the Middle East and Asia. This factor is expected to significantly drive the demand for combat support vehicles during the forecast period. Moreover, economic instability and political unrest in Middle East, Africa and Latin America will also support the growth of the Combat Support Vehicle market during the forecast period.
Manufacturers are emphasizing on enhancing the capabilities of combat support vehicles alongside manufacturing rugged and robust products. Furthermore, governments across the globe are making huge investments to facilitate military research & development and strengthen their military power. This is anticipated to boost the growth of global Combat Support Vehicle market during the forecast period. Furthermore, the development of lightweight and high strength materials, such as carbon fibers and composite materials, is expected to open new horizons for the growth of Combat Support Vehicle market participants. However, with technological advancements and innovations, the cost of military products is increasing, rendering these vehicles unaffordable for many developing nations. Hence, high cost is expected to be one of the major factors that may hamper the growth of the Combat Support Vehicle market during the forecast period.
Combat Support Vehicle Market: Segmentation
On the basis of type, the global Combat Support Vehicle market can be segmented into:
- Armored Combat Support Vehicles
- Unarmored Combat Support Vehicles
On the basis of application, the global Combat Support Vehicle can be segmented into:
- Surveillance and Reconnaissance
- Logistics Service
On the basis of vehicle type, the global Combat Support Vehicle can be segmented into:
- Small (4-wheeled)
- Medium (6 & 8-wheeled)
- Large (more than 8 Wheeled)
Combat Support Vehicle Market: Regional Overview
North America is estimated to dominate the global Combat Support Vehicle market and is anticipated to maintain its dominance through the forecast period. This can be attributed to increasing military spending and development and up-gradation of existing systems by the U.S. army. The Asia Pacific region is expected to emerge as a lucrative region for Combat Support Vehicle market. The primary factor responsible for the growth of the Combat Support Vehicle market in this region is increasing military spending in countries, such as India and China. The European Combat Support Vehicle market is expected to witness moderate growth during the forecast period. Furthermore, Latin American countries are increasingly investing in armed force modernization efforts to enhance security, surveillance and protection. The outlook for Combat Support Vehicle in Middle East & Africa region is expected to be positive during the forecast period. Increasing demand for combat support vehicles in Middle East & Africa can be attributed to increasing geopolitical tensions in Middle East countries.
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Combat Support Vehicle Market: Market Participants
Examples of some of the market participants identified across the value chain of the global Combat Support Vehicle market are:
- MSI Defense Solutions
- Tata Motors Limited
- General Dynamics Land Systems
- Paramount Group
- BAE Systems
- Rheinmetall MAN Military Vehicles GmbH
- General Motors
- China North Industries Corporation