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Global Infantry Fighting Vehicles Market 2023-2033

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Global Infantry Fighting Vehicles Market-IMG1

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LSH 24.06.18

The global Infantry Fighting Vehicles market is estimated at USD 4.07 billion in 2024, projected to grow to USD 6.15 billion by 2034 at a Compound Annual Growth Rate (CAGR) of 4.22% over the forecast period 2024-2034.

Global Infantry Fighting Vehicles Market - IMG1

Introduction to Infantry Fighting Vehicles Market

The global infantry fighting vehicles (IFVs) market is a crucial segment within the defense industry, providing armored platforms capable of transporting troops into combat while offering fire support against enemy forces. IFVs serve as versatile battlefield assets, combining mobility, firepower, and protection to enhance the effectiveness of infantry units in modern warfare scenarios.

Technology Impact in Infantry Fighting Vehicles Market

Technology has significantly impacted the IFVs market, driving advancements in mobility, lethality, and survivability. From the integration of advanced armor materials to the adoption of digital battlefield management systems, technological innovations have enhanced the operational capabilities of IFVs, making them more agile, lethal, and resilient on the battlefield. Moreover, advancements in sensors, communication systems, and target acquisition technologies have improved situational awareness and battlefield coordination, enabling IFV crews to operate more effectively in complex and dynamic environments.

Key drivers in Infantry Fighting Vehicles Market

Key drivers fueling the growth of the IFVs market include the modernization of armed forces, territorial disputes, and the evolving nature of asymmetric warfare. As defense budgets increase globally, governments are prioritizing the acquisition of next-generation IFVs to replace aging fleets and maintain combat superiority. Additionally, the proliferation of hybrid threats, including insurgencies, terrorism, and hybrid warfare tactics, has underscored the need for highly mobile and well-protected IFVs capable of operating in diverse operational environments.

Regional Trends in Infantry Fighting vehicles Market

Regional trends play a significant role in shaping the dynamics of the IFVs market, with different regions exhibiting varying patterns of demand, procurement strategies, and indigenous production capabilities. In North America, the United States dominates the IFVs market, driven by its extensive military expenditures, technological innovation, and a diverse portfolio of armored vehicle programs. The U.S. Army's ongoing efforts to modernize its armored fleet, including the development of the Next Generation Combat Vehicle (NGCV) program, are expected to drive demand for advanced IFVs in the region.

In Europe, the IFVs market is characterized by a mix of domestic production capabilities and collaborative procurement initiatives among NATO allies. With the resurgence of geopolitical tensions and the Russian military's modernization efforts, European countries are investing in upgrading their armored vehicle fleets to enhance deterrence capabilities and interoperability within the alliance. Moreover, initiatives such as the European Defense Fund and the European Main Battle Tank project aim to foster cooperation in developing next-generation armored vehicles, including IFVs, to strengthen European defense industrial capabilities.

Asia-Pacific represents a growing market for IFVs, driven by territorial disputes, military modernization programs, and the rising threat of regional conflicts. Countries such as China, India, and South Korea are investing heavily in indigenous IFV development to reduce dependency on imports and bolster self-sufficiency in defense procurement. Additionally, the proliferation of asymmetric threats, including maritime piracy and border incursions, has spurred demand for amphibious IFVs capable of conducting operations in littoral environments.

In the Middle East and Africa, the IFVs market is influenced by regional conflicts, counterinsurgency operations, and the proliferation of non-state armed groups. Countries in the region, including Saudi Arabia, Turkey, and Israel, are investing in acquiring and modernizing their armored vehicle fleets to address emerging security threats effectively. Moreover, the presence of natural resource wealth and strategic alliances with major arms suppliers further fuels demand for advanced IFVs in the Middle East.

Key Infantry Fighting Vehicles Program

The Albanese Government has entered agreements with Hanwha Defense Australia to supply and maintain 129 domestically manufactured Redback infantry fighting vehicles for the Australian Army. The overall project is estimated to be worth around $7 billion, marking the largest individual investment in Army capability thus far. The collective worth of both the procurement and initial support agreements stands at roughly $4.5 billion.

the Ministry of Defence signed a contract with Armoured Vehicles Nigam Limited (AVNL) for the acquisition of 693 Armament Upgrades of Infantry Combat Vehicle BMP2 to BMP2M. This upgrade encompasses Night Enablement, Gunner Main Sight, Commander Panoramic Sight, and Fire Control System (FCS) with Automatic Target Tracker, falling under the Buy {Indian-Indigenously Designed Developed and Manufactured} Category.

AVNL has devised an indigenous solution to equip existing BMP 2/2K vehicles with Night Fighting Capabilities and FCS through the integration of sights and FCS developed by Defence Research and Development Organisation (DRDO) and Bharat Electronics Limited (BEL), Chennai.

The Army's Optionally Manned Fighting Vehicle program, now renamed as the XM30 Mechanized Infantry Combat Vehicle, has declared that contracts for prototypes will be granted to two vendors: General Dynamics Land Systems Inc. and American Rheinmetall Vehicles LLC.

These two vendors will develop prototypes of a vehicle intended to replace the M2 Bradley Infantry Fighting Vehicle. The M2 Bradley is a tracked vehicle designed for reconnaissance and offers protection, transportation, and small-arms firepower for squad elements. The combined value of both contracts is estimated to be around $1.6 billion.

Table of Contents

Infantry Fighting Vehicles Market Report Definition

Infantry Fighting Vehicles Market Segmentation

By Configuration

By Region

By Type

Infantry Fighting Vehicles Market Analysis for next 10 Years

The 10-year infantry fighting vehicles market analysis would give a detailed overview of infantry fighting vehicles market growth, changing dynamics, technology adoption overviews and the overall market attractiveness is covered in this chapter.

Market Technologies of Infantry Fighting Vehicles Market

This segment covers the top 10 technologies that is expected to impact this market and the possible implications these technologies would have on the overall market.

Global Infantry Fighting Vehicles Market Forecast

The 10-year infantry fighting vehicles market forecast of this market is covered in detailed across the segments which are mentioned above.

Regional Infantry Fighting Vehicles Market Trends & Forecast

The regional infantry fighting vehicles market trends, drivers, restraints and Challenges of this market, the Political, Economic, Social and Technology aspects are covered in this segment. The market forecast and scenario analysis across regions are also covered in detailed in this segment. The last part of the regional analysis includes profiling of the key companies, supplier landscape and company benchmarking. The current market size is estimated based on the normal scenario.

North America

Drivers, Restraints and Challenges

PEST

Market Forecast & Scenario Analysis

Key Companies

Supplier Tier Landscape

Company Benchmarking

Europe

Middle East

APAC

South America

Country Analysis of Infantry Fighting Vehicles Market

This chapter deals with the key defense programs in this market, it also covers the latest news and patents which have been filed in this market. Country level 10 year market forecast and scenario analysis are also covered in this chapter.

US

Defense Programs

Latest News

Patents

Current levels of technology maturation in this market

Market Forecast & Scenario Analysis

Canada

Italy

France

Germany

Netherlands

Belgium

Spain

Sweden

Greece

Australia

South Africa

India

China

Russia

South Korea

Japan

Malaysia

Singapore

Brazil

Opportunity Matrix for Infantry Fighting Vehicles Market

The opportunity matrix helps the readers understand the high opportunity segments in this market.

Expert Opinions on Infantry Fighting Vehicles Market Report

Hear from our experts their opinion of the possible analysis for this market.

Conclusions

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