The global combat support vehicle market size is anticipated to be valued at US$ 4.6 Billion in 2022. It is expected to reach US$ 6.9 Billion and exhibit rapid growth at a remarkable CAGR of 7.2% in the forecast period from 2022 to 2032. The surging military expenditure in various parts of the world is projected to escalate the demand for combat support vehicles in the near future.
| Report Attribute | Details |
| Combat Support Vehicle Market Estimated Base Year Value (2021) | US$ 3.1 Billion |
| Combat Support Vehicle Market Expected Market Value (2022) | US$ 4.6 Billion |
| Combat Support Vehicle Market Anticipated Forecast Value (2032) | US$ 6.9 Billion |
| Combat Support Vehicle Market Projected Growth Rate (2022-2032) | 7.2% CAGR |
A combat support vehicle is a specially developed unit that provides operational assistance and fire assistance to combat elements. These are capable of fulfilling a wide range of support roles.
These can act as a base for communications, security, and intelligence. In addition to that, these can offer combat engineering functions, command and control, enhanced fire power, and act as a protected ambulance.
The increasing focus of manufacturers on the development of more effective, agile, and versatile vehicles with lightweight and robust materials is likely to bode well for the combat support vehicle market size.
The rising number of partnerships and contract signing activities among key players is another factor that is expected to fuel the market. In March 2022, for instance, warfare experts at the U.S. Marine Corps ordered 36 Amphibious Combat Vehicles (ACVs) from BAE Systems to replace its old fleet of Amphibious Assault Vehicles (AAVs). Hence, the surging replacement and upgradation of aging fleets by renowned companies is set to spur the market.
The rising instances of cross-border conflicts worldwide are estimated to propel the sales of combat support vehicles in the upcoming years. The increasing cases of asymmetric warfare in various parts of the world owing to socio-cultural, economic, and religious factors, as well as political instability is another significant factor that is set to drive the market.
Government organizations are expected to adopt novel combat support vehicles for defense and self-protection against insurgent or terror attacks during asymmetric warfare. These vehicles are capable of providing protection against blast and ballistic attacks. These are also expected to be used by the armed forces for carrying out counter-insurgency operations as they have turret gun systems mounted on them.
The development and design of combat support vehicles require high technical expertise, capital, and sufficient time. As these consist of propulsion systems to enable movement towards their targets, these require improved maneuverability and high lethality. The incorporation of the latest technologies in these vehicles has made the manufacturing process very expensive.
In emerging economies, such as India and China, manufacturers are unable to gain sufficient funds for the production of technologically advanced vehicles. They are mainly preferring prototyping of vehicles and their critical components prior to the development process on the basis of the global demand. Spurred by the aforementioned factors, the demand for combat support vehicles is anticipated to decline in the evaluation period.
North America is likely to remain in the dominant position in terms of the combat support vehicle market share throughout the forthcoming years. The U.S. is considered to be one of the most significant exporters, operators, and creators of military vehicles. The presence of a large number of renowned companies in this country is projected to bolster the regional market.
Several companies in the U.S. are focusing on improving the capabilities of their in-house vehicles to generate more sales. At the same time, they are increasingly investing huge sums in research and development activities to come up with cutting-edge vehicles, which is set to influence the North America market.
Asia Pacific is estimated to exhibit a considerable combat support vehicle market growth in the assessment period. The increasing defense expenditure by various countries, such as China, South Korea, India, and Japan is set to accelerate the growth in this region. Governments of these countries are planning to invest more in future years owing to the rising political unrest, cross-border issues, and terrorism.
According to the India Brand Equity Foundation (IBEF), the Indian government has set its defense production target at US$ 25.00 billion, including US$ 5 billion from exports by 2025. From 2019 to 2020, defense exports in the country were projected to be at US$ 1.29 billion. These numbers are expected to grow at a rapid pace in the forecast period, thereby driving the market across Asia Pacific.
Some of the prominent players operating in the global combat support vehicle market are BAE Systems, MSI Defense Solutions, General Motors, Tata Motors Limited, China North Industries Corporation, General Dynamics Land Systems, Rheinmetall MAN Military Vehicles GmbH, and Paramount Group among others.
Majority of the key players are increasingly focusing on various organic growth strategies, including product approvals and new launches to strengthen their positions in the market. A few other companies are aiming to engage in inorganic growth strategies, such as collaborations, acquisitions, and agreements to gain a competitive edge. Meanwhile, a few other players are striving to expand their businesses by opening new manufacturing facilities in untapped regions.
| Report Attribute | Details |
| Growth Rate | CAGR of 7.2% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015-2020 |
| Forecast Period | 2022-2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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| Customization | Available Upon Request |
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The global combat support vehicle market is projected to exceed US$ 6.9 Billion by 2032.
North America is anticipated to dominate the combat support vehicle market.
BAE Systems, MSI Defense Solutions, General Motors, Tata Motors Limited, China North Industries Corporation, and General Dynamics Land Systems are some of the renowned combat support vehicle manufacturers.
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