Global Infantry Fighting Vehicle (IFV) Market Size, Share, Segments and Information by Type (Wheeled and Tracked), by Configuration (Amphibious and Non-Amphibious), by Application (Combat, Armored Reconnaissance, and Ambulance & Others), and by Region — Global Forecast till 2023
The infantry fighting vehicle market is estimated to register a CAGR of nearly 6% during the forecast period of 2018 to 2023.
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Factors such as focus on enhancing situational awareness in the battlefield and rising incidences of asymmetric warfare are positively impacting the infantry fighting vehicle market growth. In addition, the rise in defense expenditure, especially in emerging economies and subsequent investments in procuring armored vehicles to strengthen combat capabilities further boosts the market growth.
However, factors such as delays in procurement processes hinders the market growth to a certain extent while enhancing protection, mobility and firepower without significant increase in weight and cost of the IFVs is a key challenge faced by the market players. Meanwhile, rising terrorist attacks and focus on counter operations, and aging combat vehicle upgradation programs being initiated by many countries throughout the world, create promising growth opportunities for the infantry fighting vehicle market. Companies are also keen on developing an integrated solution covering multiple systems for maximum tactical and strategic mobility.
Based on type, the infantry fighting vehicle market is divided into wheeled and tracked. The tracked segment accounted for the largest market size while the wheeled segment is projected to witness the highest CAGR during the forecast period. Wheeled infantry fighting vehicles are light, cheap, consumes less fuel, travels longer distances, faces less wear and are more flexible and deployable than traditional tracked vehicles.
Based on configuration, the infantry fighting vehicle market is divided into amphibious and non-amphibious. The non-amphibious segment is estimated to account for the largest market share while the amphibious segment is projected to witness a higher CAGR during the forecast period. The amphibious infantry fighting vehicles reduces logistical demands and enables ship to shore maneuvers.
Based on application, the infantry fighting vehicle market is divided into combat, armored reconnaissance, ambulance & others. The combat application segment is estimated to account for the largest market share while the armored reconnaissance segment is projected to witness a higher CAGR during the forecast period. Nowadays, the infantry fighting vehicles are widely used to gather intelligence about the terrain and the enemy.
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Based on region, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World. In 2017, North America accounted for the largest market share, whereas, Asia-Pacific is projected to be the fastest-growing regional market during the review period. This growth can be attributed to the procurement and indigenous development of these vehicles in countries such as China, and India.
The key players in the global infantry fighting vehicle market are BAE Systems plc (UK), FNSS Savunma Sistemleri A.Ş. (Turkey), General Dynamics Corporation (US), Hanwha Defense Systems (South Korea), Iveco – Oto Melara Consortium (Italy), Krauss-Maffei Wegmann GmbH & Co. KG (Germany), Kurganmashzavod JSC (Russia), Paramount Group (South Africa), Rheinmetall AG (Germany), Saab AB (Sweden).
The market numbers and forecast derived were the outcome of our disciplined research methodology which includes secondary research, primary interviews, followed by data triangulation and validation from our in-house data repository and statistical modeling tools.
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