About Military Fighting Vehicles
Military fighting vehicles (MFVs) aim to integrate operational mobility and tactical offense and are, therefore, armed with weapons, sensors, and other combat systems. They are designed for both on- and off-road combat capabilities. MFVs are classified according to their role on the battlefield. Some MFVs like main battle tanks (MBTs) are used for offensive purposes and are armed with heavy guns and cannons. Others like armored personnel carriers (APCs) are transport defense personnel and supplies to battle stations while protecting them with cover fire.
Technavio’s analysts forecast the global military fighting vehicles market to grow at a CAGR of 3.26% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global military fighting vehicles market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Military Fighting Vehicles Market 2017-2021
Technavio recognizes the following companies as the key players in the global military fighting vehicles market: Denel SOC, General Dynamics, OSHKOSH DEFENSE, Rheinmetall, and Thales.
Other Prominent Vendors in the market are: BAE Systems, Navistar Defense, NORINCO, Renault Trucks Defense, ST Engineering, and UralVagonZavod (UVZ).
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is open architecture for interoperability of systems. There is a growing shift toward systems based on open architecture due to the increasing need for armored military vehicles to be equipped with information networking technology. Ensuring interoperability and information exchange between all types of military vehicles will provide the vehicle operators with higher situational awareness and combat capabilities.”
According to the report, one driver in the market is increasing civil unrest within countries. Countries are often threatened by internal terrorism that stems from geopolitical and socio-economic reasons. Civil unrest is a common tool used by a section of the society to display resentment toward some internal factors such as government policies, economic under-development, and ethnic discrimination. Nations that are highly exposed to civil unrest are in the Middle East, Africa, and Latin America, where economic and political conditions are largely volatile.
Further, the report states that one challenge in the market is cost overruns and program delays. Execution of a defense project faces many challenges without enough time to resolve them. This leads to program delays, which indirectly increases the overall cost of the project. Technological and logistic glitches affect even the most well-planned delivery schedule and cause the cost to overrun the contract prices. Such cost overruns and program delays are very common in defense project executions and product deliveries.
Denel SOC, General Dynamics, OSHKOSH DEFENSE, Rheinmetall, and Thales.BAE Systems, Navistar Defense, NORINCO, Renault Trucks Defense, ST Engineering, and UralVagonZavod (UVZ).
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook