How Is The Land based Defense Equipment Market Segmented?
The land based defense equipment market covered in this report is segmented –
1) By Type: Armored Vehicles, Missiles, Tanks, Small Arms and Light Weapons
2) By Operation: Autonomous Land based Defense Equipment, Manual
3) By Application: Military, Law Enforcement
Subsegments:
1) By Armored Vehicles: Infantry Fighting Vehicles (IFVs), Armored Personnel Carriers (APCs), Mine-Resistant Ambush Protected (MRAP) Vehicles, Armored Cars And Transport Vehicles
2) By Missiles: Anti-Tank Guided Missiles (ATGMs), Surface-To-Air Missiles (SAMs), Tactical Ballistic Missiles, Cruise Missiles
3) By Tanks: Main Battle Tanks (MBTs), Light Tanks, Armored Reconnaissance Vehicles, Tank Destroyers
4) By Small Arms And Light Weapons: Rifles, Submachine Guns, Shotguns, Light Machine Guns (LMGs), Handguns, Grenades And Launcher Systems
Land based Defense Equipment Market Driver: Impact Of Economic Growth On Land-Based Defense Equipment Market
The overall economic growth of the emerging economies is expected to positively impact the land-based defense equipment market. Rising disposable income, a result of economic growth in emerging markets, had a positive impact on the demand for defense equipment. For instance, in September 2024, according to the India Development Update (IDU), a publication from the World Bank, a US-based international development organization, India, having grown at a remarkable rate of 8.2 percent in FY23/24, is projected to maintain strong growth at 7 percent in FY24/25 and continue this trend in FY25/26 and FY26/27. Thereby driving the sea-based defense equipment market during the forecast period.
Land based Defense Equipment Market Driver: Increasing Defense Spending Driving Growth Of Land-Based Defense Equipment Market
The increasing defense spending is expected to propel the growth of the land-based defense equipment market going forward. Defense spending refers to the financial resources allocated by a government or state to support its armed forces and military activities. Defense spending plays a central role in the development, procurement, and maintenance of land-based defense equipment as IT allocates funds for research and development (R&D) programs aimed at designing and creating advanced land-based defense equipment. It also allocates funds for regular maintenance, repair, and upgrades of land-based equipment to remain operational. For instance, in April 2024, according to the UK Defence in Numbers 2023 report published by the Ministry of Defence, a UK-based government ministry, in both 2022 and 2023, the Ministry of Defence allocated £2.3 billion (approx. $2.9 billion) in military support, with an increase to £2.5 billion (approx. $3.1 billion) planned for the following year, while defense spending rose from £52.8 billion (approx. $66.9 billion) in 2022/23 to £54.2 billion (approx. $68.7 billion) in 2023/24. Therefore, increasing defense spending is driving the growth of the land-based defense equipment market.
Global Land based Defense Equipment Market Major Players
Major companies operating in the land based defense equipment market include China North Industries Group Corporation Limited, Raytheon Company, Lockheed Martin Corporation, Hanwha Corporation, General Dynamics Corporation, Northrop Grumman Corporation, Mitsubishi Heavy Industries Ltd., BAE Systems plc, Thales Group, Leonardo S.p.A., Oshkosh Corporation, Science Applications International Corporation (SAIC), Rheinmetall AG, Elbit Systems Ltd., Larsen & Toubro Limited, Bharat Electronics Limited, Hyundai Rotem Company, Uralvagonzavod, RUAG Group, IVECO Defence Vehicles, Nexter Group, Patria Oyj, FNSS Savunma Sistemleri A.S., Navistar Defense LLC, Denel SOC Ltd, Israel Aerospace Industries Ltd., Krauss-Maffei Wegmann GmbH & Co. KG, Otokar Otomotiv ve Savunma Sanayi A.S., Paramount Group, Plasan Sasa Ltd., Rafael Advanced Defense Systems Ltd., Rostec State Corporation, ST Engineering, Tata Motors Limited, Ukroboronprom
Global Land based Defense Equipment Market Trend: Rising Adoption Of Cornershot Rifles In Defense
CornerShot rifles are increasingly being used in the defense industry. CornerShot weapons have a steel hinge that allows the gun’s frame to bend around the corner to attack the target without exposing themselves. These rifles help shooters navigate around corners via a high-resolution camera and LCD monitor. The corner-shot rifles are widely used inside armored vehicles and tanks, on a turret up top, which will allow for a full 360-degree field of cover while the triggerman remains safely inside the vehicle. The weapon is accurate and effective up to 100 to 200 meters, depending on the type of weapon. Corner Shot removes the need for this initial exposure.
Land based Defense Equipment Market Merger And Acquisition: Collaborative Development Of High Energy Laser Weapon Systems (HELWS) By Lockheed Martin And Rafael Advanced Defense Systems
In December 2022, Lockheed Martin Corporation, a US-based aerospace company, partnered with Rafael Advanced Defense Systems Ltd., an Israel-based defense technology company, to jointly develop, test, and manufacture High Energy Laser Weapon Systems (HELWS) in the US and Israel. The assets that were independently created by RAFAEL and the Directorate of Defense Research and Development (DDR&D) of the Ministry of Defense within the context of the IRON BEAM project will serve as the foundation for the upcoming collaborative development. IRON BEAM is a 100kW-class HELWS that can deliver engagement at the speed of light and is anticipated to be the first operational ground-based air defense system against threats like rockets, mortars, and UAVs.
Regional Outlook For The Global Land based Defense Equipment Market
Asia-Pacific was the largest region in the land-based defense equipment market in 2024. Western Europe is expected to be the fastest growing region in the forecast period. The regions covered in the land based defense equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the land based defense equipment market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
What Defines the Land based Defense Equipment Market?
The land-based defense equipment market consists of sales of land-based defense equipment including battle vehicles, small weapons, radars, satellites, and sonars. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
How is Market Value Defined and Measured?
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
What is the Market Assessment and Strategic Outlook for the Land based Defense Equipment Industry?
The land-based defense equipment market research report is one of a series of new reports from The Business Research Company that provides land-based defense equipment market statistics, including land-based defense equipment industry global market size, regional shares, competitors with a land-based defense equipment market share, detailed land-based defense equipment market segments, market trends and opportunities, and any further data you may need to thrive in the land-based defense equipment industry. This land-based defense equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
