Mary-Louise Hoffman
A report from Frost & Sullivan forecasts that annual revenue for military land vehicles worldwide will grow from $23.55 billion in 2013 to $30.33 billion by 2022.
The market research firm also projects that spending on tactical ground vehicles will surge in the medium to long term as economic pressures subside globally, Frost & Sullivan said Tuesday.
North America, China and Russia are forecast to have significant contributions to market growth.
“Some governments, especially those implementing cost-cutting measures, are expected to opt for expeditionary strategies of upstream capacity building and short-term overseas interventions to influence conflicts in the 2013-2022 timeframe,” said Richard Hilton, Frost & Sullivan’s aerospace and defence program manager.
“As such, they will seek to add a mix of light and airlift-capable vehicles to their inventory while holding on to heavy-vehicle inventories, which they regard as a potent symbol of military power,” Hilton added.
The company recommends that governments balance their heavy vehicle acquisitions and invest in more agile and lighter platforms to support missions in difficult environments.
