Defense Light Tactical Vehicle Market: Current Analysis and Forecast (2024-2032)
Emphasis on Vehicle Type (Pickup and SUV); Fuel Type (Diesel, Gasoline, and Electric); Application (Troop Transport, Cargo Transport, Ambulance and Drones); and Region/Country
Defense Light Tactical Vehicle Market Size & Forecast
The defense light tactical vehicle market was valued at USD 7307.69 million and is expected to grow at a strong CAGR of around 6.65% during the forecast period (2024-2032) owing to increasing demand for modernizing military forces and increased global defense spending.
Defense Light Tactical Vehicle Market Analysis
Defense light tactical vehicle is a tough, specialized vehicle used by military forces for various tasks, such as transporting soldiers safely to different locations, whether in a base camp or the front lines. The global defense landscape is transforming, driven by evolving military requirements and the need for agile, versatile, and technologically advanced combat vehicles. At the forefront of this transformation is the burgeoning defense light tactical vehicle (DLTV) market, poised for significant growth in the coming years. The DLTV market is witnessing a surge in technological innovations, transforming the way these vehicles are designed, engineered, and deployed. From enhanced armor and ballistic protection to advanced communication systems and sophisticated sensor packages, the latest DLTVs are redefining the standards of military mobility and survivability. Furthermore, manufacturers also leverage cutting-edge materials, such as advanced composites and lightweight alloys, to enhance the DLTV’s payload capacity, fuel efficiency, and overall performance. This focus on technological superiority is crucial in ensuring that military forces maintain a tactical advantage in the face of evolving threats and mission requirements. For instance, in May 2024, GM Defense and Mistral Inc. announced a partnership to integrate UVision’s Hero-120 loitering munition with GM Defense’s Infantry Squad Vehicle (ISV). The new variant of the ISV is equipped with four launch tubes designed for the Hero-120, potentially enhancing tactical capabilities for US military forces by combining mobility and lethality.
Defense Light Tactical Vehicle Market Trends
Electrification and Hybrid Powertrains
In the past few years, there has been a significant increase in the acceptance of electrification and hybrid powertrains in light tactical vehicles. This trend reflects a larger movement towards modernization and sustainability in military operations. The United States Army is a prime example of this shift, as they actively pursue advanced vehicle technologies. A notable development in this regard is the introduction of an electric light tactical vehicle by Canoo in 2022, a leading high-tech advanced mobility company. The company has delivered its new Light Tactical Vehicle to the United States Army for analysis and demonstration. The vehicle is designed for extreme environments and stealth conditions. The car is designed to be durable and passenger-focused, along with battery safety. Additionally, the LTV incorporates carbon Kevlar for strength without added weight. This sort of integration not only tackles the need to decrease operational expenses but also highlights the increasing focus on improving stealth capabilities and reducing environmental impact.
Therefore, with the growing emphasis on electrification, the market will likely continue to grow in the coming years.
North America Dominated the Defense Light Tactical Vehicle Market
The North America Defense Light Tactical Vehicle Market has consistently dominated the global landscape, and this trend is expected to continue in the foreseeable future. The United States and Canada, the primary economic powers in North America, have consistently set aside significant funds for defense budgets to modernize their military capabilities. Specifically, the United States has played a pivotal role in advancing and acquiring cutting-edge light tactical vehicles to bolster its worldwide military endeavors and uphold its technological supremacy. For instance, in 2022, Oshkosh Defense will produce almost 500 equipment trailers for the U.S. Army under a contract worth more than USD 263.2 million. The Department of Defense awarded Oshkosh Defense a fixed-price contract for an estimated 466 Enhanced Heavy Equipment Transporter System trailers, logistics products, and support services. These vehicles will be produced between 2022 and 2027 with support from its Dutch subcontractor, Broshuis B.V. Moreover, North America has several leading defense contractors and manufacturers specializing in light tactical vehicle production. These companies have invested heavily in research and development, resulting in cutting-edge technologies and advanced vehicle platforms. The region’s strong industrial base and stringent military requirements have fostered continuous innovation and the development of highly capable light tactical vehicles.
Defense Light Tactical Vehicle Industry Overview
The defense light tactical vehicle market is competitive and concentrated, with few global and international players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some major players operating in the market are Oshkosh Defense, LLC, CANOO, General Dynamics European Land Systems, BAE Systems, Mahindra Emirates Vehicle Armouring Fz LLC., IVECO DEFENCE VEHICLES, Rheinmetall AG, AM General, RMA Group, and Navistar Defense, LLC.
Defense Light Tactical Vehicle Market News
In February 2023, Oshkosh Defense showcased a 4-door Oshkosh Joint Light Tactical Vehicle (JLTV), equipped with an objective Gunner Protection Kit (OGPK), during the International Defense Exhibition and Conference 2023 in Abu Dhabi, United Arab Emirates.
In August 2023, AM General signed a contract with Navistar Defense to manufacture an estimated 10,000 JLTV trailers. The JLTV trailer subcontract allows the company to further diversify its portfolio, support growth and expand its operations in Mississippi.
Defense Light Tactical Vehicle Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global defense light tactical vehicle market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Defense Light Tactical Vehicle Market Analysis (2024-2032)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global defense light tactical vehicle market were the three major steps undertaken to create and analyze the adoption of defense light tactical vehicle in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global defense light tactical vehicle market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the defense light tactical vehicle market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the defense light tactical vehicle market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report such as vehicle type, fuel type and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the defense light tactical vehicle market. Further, we conducted factor analysis using dependent and independent variables such as vehicle type, fuel type, and application of the defense light tactical vehicle market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the defense light tactical vehicle market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global defense light tactical vehicle market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the defense light tactical vehicle market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global defense light tactical vehicle market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global defense light tactical vehicle market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the vehicle type, fuel type, and application in the global defense light tactical vehicle market.
The main objective of the Global Defense Light Tactical Vehicle Market Study
The current & future market trends of the global defense light tactical vehicle market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the defense light tactical vehicle market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of the vehicle type, fuel type, and application.
- Define and analysis of the regulatory framework for the defense light tactical vehicle
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the defense light tactical vehicle market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the defense light tactical vehicle market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the defense light tactical vehicle market?
Q2: What are the driving factors for the growth of the defense light tactical vehicle market?
Q3: Which segment has the largest defense light tactical vehicle market share by vehicle type?
Q4: What are the emerging technologies and trends in the defense light tactical vehicle market?
Q5: Which region will dominate the defense light tactical vehicle market?
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