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(I-AutoNewsWire.com, February 01, 2024 ) The report "Military Vehicle Sustainment Market by Vehicle Type (Armored Vehicles, Military Trucks), Service (Maintenance, Repair, & Overhaul (MRO), Training & Support, Parts and Components Supply, Upgrades & Modernization), End User & Region- Global Forecast to 2028" The Military Vehicle Sustainment market is estimated at USD 16.8 billion in 2023 and is projected to reach USD 23.5 billion by 2028, at a CAGR of 7.0% from 2023 to 2028. The growth can be attributed to the increasing need for military vehicles for various military operations.
Key Market Players:
Major players operating in the Military Vehicle Sustainment market are Rheinmetall AG (Germany), BAE Systems (UK), General Dynamics Corporation (US), Elbit Systems Ltd. (Israel), and Oshkosh Corporation (US).
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The Armored Personnel Carrier held the largest growth rate in the Military Vehicle Sustainment market by Vehicle type.
By Vehicle type, the Military Vehicle Sustainment market has been segmented into Tanks, Infantry Fighting Vehicles, Armored Personnel Carriers, Reconnaissance Vehicles, Utility Trucks, Transport Trucks, and Recovery Trucks.
Armored Personnel Carriers to hold the highest growth rate during the forecast period. These vehicles are used on daily basis for the transportation and other military operations. Armored Personnel Carriers are most active vehicles in the military. To keep these vehicles operational the sustainment of the vehicles is needed regularly which drives the market of military vehicle sustainment.
Army held the largest growth rate in the Military Vehicle Sustainment market by End User.
By End User, the Army held the largest growth rate during forecast period. The Military Vehicle Sustainment market based on end user is segmented into Army, Navy and Airforce. The Navy and Air Force mostly uses the military vehicles for transportation, surveillance, and medical emergency. The Army is the wide user of the military vehicle for various combat missions, military operations. The wide use of military vehicles in Army to drive the military vehicle sustainment market.
Asia Pacific is to hold the highest growth rate in 2023.
The Military Vehicle Sustainment market industry has been studied in North America, Europe, Asia Pacific, Rest of the World. The Asia Pacific region accounts for the highest growth rate during the forecast period due to the active demand for maintaining the military vehicles due to tensed border across the nations in the region to enhance the growth of the market. India is expected to show the highest growth rate in Asia Pacific Region for Military Vehicle Sustainment market.
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