Infantry Fighting Vehicle (IFV) Market: 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
Infantry Fighting Vehicle Market Scenario:
Infantry fighting vehicle (IFV) also termed as mechanized infantry combat vehicle (MICV) or armored fighting vehicle is a combat vehicle designed to carry troops into the battlefield and provide direct fire support. IFVs weighs less than the tanks and hence are more mobile. Unlike the armored personnel carriers (APC), IFVs are typically equipped with canons and large guns, and often serve both as the mode of transport for a mechanized infantry unit as well as the weapon support for main battle tanks.
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.
The global infantry fighting vehicle market is estimated to register a CAGR of nearly 6% during the forecast period of 2018 to 2023.
Infantry Fighting Vehicle Market Segments:
Based on type, the tracked infantry fighting vehicle segment accounted for the largest market share as it offers better mobility in rough terrains which is common in most battlefields. Based on configuration, the amphibious infantry fighting vehicle segment is projected to witness the highest CAGR as these are ideal for ship to shore maneuvers. Based on application the combat segment accounted for the largest market share as various countries are deploying these vehicles mainly for combat activities.
North America is estimated to account for the largest share during the review period. North America region in this report includes the US and Canada. Focus by the U.S. Department of Defense (DOD) on procuring armored vehicles, in the recent years, have resulted in the market witnessing a significant surge in demand, in this region. Moreover, the current military operations and exercises in the Middle East countries will also result in the US focusing on developing such vehicles, which will further deepen the scope of the market in the region
Key Players in Infantry Fighting Vehicle Market:
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).
Get Free Sample @ https://www.marketresearchfuture.com/sample_request/7392