The global infantry fighting vehicle market was analyzed by Market Research Future (MRFR) and it was projected that a decent CAGR of 6% will be attained by the market over the forecast period of 2018 to 2023. The valuation of the infantry fighting vehicle market was further stated to surpass its previous valuation.
The global infantry fighting vehicle is expected to experience decent growth in the coming years due to a number of factors. Rising occurrence of asymmetric warfare, growing focus on improving the situation awareness in the battlefield, increasing expenditure in the defense sector, aging combat vehicle upgradation schemes being run by countries across the globe, and growing incidence of terrorist attack and focus on countering the same are all expected to push the global infantry fighting vehicle market. However, delays in procurement process can be a major factor that can hamper the growth of the global market over the forecast period.
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The global infantry fighting vehicle market has been segmented in terms of type, end-user, and components.
By type, the market is divided into tracked and wheeled segments. The tracked segment holds the highest share in the infantry fighting vehicle market. Whereas, the wheeled segment is expected to expand with the fastest CAGR over the forecast period. The wheeled segment type is cheap, light, travels long distances, consumes less fuel, is more flexible and deployable, and faces less wear than the conventional tracked vehicles.
By configuration, the market segments into non-amphibious and amphibious configurations. The non-amphibious segment is projected to hold the maximum share percentage. On the other hand, the amphibious segment is anticipated to garner the highest CAGR during the forecast period. The amphibious configuration helps curb down the logistical demands and allows the ship to shore maneuvers.
By application, the market comprises armored reconnaissance, combat, ambulance, and others. The combat application segment holds the largest share in the infantry fighting vehicle market and is expected to remain at the top of the standings. However, the armored reconnaissance segment is anticipated to attain the highest CAGR over the forecast period.
The global infantry fighting vehicle market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
The North American region enjoys a major portion of the global infantry fighting vehicle market and is slated to continue doing the same in the coming years. The region is broken down primarily in the US and Canada, who contribute a majority of the market share to the region. Increasing focus form the Department of Defense (DOD) of the US on the procurement of armored vehicles in recent years have led to the growth of the market demand herein. Furthermore, the ongoing military activities and operations in the Middle East nations is also expected to prompt the US to lay focus on these vehicles, thereby driving the growth of the regional market.
The global infantry fighting vehicle market comprises a host of key players. This includes names like Iveco – Oto Melara Consortium (Italy), BAE Systems PLC (UK), Krauss-Maffei Wegmann GmbH & Co. KG (Germany), FNSS Savunma Sistemleri A.Ş. (Turkey), Hanwha Defense Systems (South Korea), General Dynamics Corporation (US), Rheinmetall AG (Germany), Kurganmashzavod JSC (Russia), Paramount Group (South Africa), Saab AB (Sweden), and others.
June 2019, BMP-3 Infantry fighting vehicles of Russia will be gaining extra layer of protection with steel screens and slat armor to be integrated for shielding the vehicle from rocket-propelled grenade launchers. There are plans to make the infantry fighting vehicle highly suitable for different battlefield requirements and contracts are being signed to ensure the same.
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