Introduction:

Infantry Fighting Vehicles Market was valued at US$ 9.6 billion in 2024 and is projected to grow at a CAGR of 5.6% to reach US$ 15.8 billion by 2034.

Infantry Fighting Vehicles (IFVs) are an essential component of contemporary military forces, providing a dynamic mix of mobility, weaponry, and protection. These armoured vehicles serve an important role in quickly delivering infantry personnel to the battlefield, facilitating their fast deployment, and providing critical fire support during combat operations. Armed with powerful weapons like as autocannons, machine guns, and anti-tank guided missiles, IFVs contribute greatly to infantry unit success by providing increased firepower against opposing troops.

The importance of IFVs derives not just from their attacking skills, but also from their tactical mobility and flexibility across many terrains. From urban to rough terrain, IFVs exhibit remarkable agility and mobility, enabling for fast deployment and manoeuvring in diverse operating settings. Furthermore, the armoured protection they provide increases infantry troop survivability by providing critical cover in difficult conditions and protecting against enemy attacks.
In the backdrop of global defence modernization projects, the Infantry Fighting Vehicles market is being driven by the need for improved military capabilities to confront emerging security issues and increased budget for infantry fighting vehicles. Nations throughout the world are investing in innovative technology and equipment to strengthen their military forces, with IFVs playing a critical part in modernization efforts. However, the market has its challenges. Budget limits in some places impede procurement, while the introduction of novel technology, such as unmanned systems, introduces competition and undermines established procurement processes.

Looking into the future, the projected period offers both possibilities and difficulties for the IFV market. Technological improvements, such as the use of Artificial Intelligence (AI) for improved situational awareness and decision-making, are expected to propel IFV capabilities to new heights. Furthermore, modular design ideas enable upgradability and customisation, guaranteeing that IFVs stay at the cutting edge of innovation. Strategic relationships between multinational defence companies boost innovation and facilitate the interchange of knowledge and resources.

In conclusion, IFVs play an important role in modern combat, providing a powerful combination of mobility, weaponry, and protection. As defence forces throughout the world negotiate changing geopolitical environments and face new security challenges, IFVs' agility and versatility make them important weapons for sustaining strategic supremacy on the battlefield. By capitalizing on technological innovation, encouraging cooperation, and confronting problems front on, the IFV market is prepared for ongoing development and change in the projected period and beyond.

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Infantry Fighting Vehicles Market Key Drivers:

Increasing cross-border conflicts

• The market for armored vehicles is primarily driven by continuing cross-border conflicts and worldwide geopolitical tensions. Nations are forced to reinforce their defenses due to a rise in security threats and instability in the area, which has led to a rise in the amount of money they invest on infantry fighting vehicles for their military forces. The need for these vehicles has grown dramatically as a result of battles in the Middle East, Asia, and other places. In order to be effective and prepared in the face of changing threat situations and technological breakthroughs, defense forces work hard to update their equipment. The necessity to replace older vehicles and aging fleets with more competent and technologically updated infantry fighting vehicles is driving global acquisition activities.

Technological advancements                                                        

• Since security threats are always changing and ground troops must be nimble and well-protected, which is an essential component of the military sector. Modern military operations depend heavily on IFVs because of their ability to combine firepower, mobility, and troop-carrying capabilities. Due to the growing need for infantry fighting vehicles (IFVs) that are both adaptable and have cutting-edge technology so they can perform well in a variety of environments, the industry is undergoing profound changes.

The environment of infantry fighting vehicles is changing due to advancements in weapon systems, armor protection, and communication technology. The three main areas of emphasis for IFV manufacturers are improved situational awareness, unmanned system integration, and better survivability. Furthermore, in order to meet changing mission requirements and provide quick updates in order to stay up with new threats, capabilities like modularity and flexibility are becoming crucial.

Infantry Fighting Vehicles Market Restrains:

Maintenance costs are high

• Infantry fighting vehicles as they get extensively used in the warfare are prone to mechanical damage and breakdown. These vehicles need to be maintained routinely so that they can function properly and not cause hazard to the soldiers. The vehicle needs to be taken care of on various terms, like, routine checkup and inspection, proper lubrication of machine parts, cleaning, and repairing and replacing faulty parts. To look upon these checkups a lot of capital in required and hence small governments and countries find it difficult to afford these infantry fighting vehicles in large numbers.

In addition, mechanical, electrical, and Infrastructure issues can occur in these vehicles. Failures of the engine, gearbox, suspension, and armor are a few frequent failure modes. Additionally, mission failure and fatalities are possible outcomes of vehicle failure. Making sure that every vehicle is properly maintained and examined on a regular basis is essential to reducing the possibility of a malfunction impeding the expansion of the market.

Infantry Fighting Vehicles Market is segmented based on Type, Application and region:

Type Insights:           

• Crawler Type:

Crawler Type IFVs are ideal for a variety of terrains, including swampy or difficult ones, because their tracks offer greater off-road mobility. They can navigate difficult terrain and provide improved traction and stability.

• Wheel Type:

IFVs with wheels have the benefit of quicker deployments on roadways due to their increased speed and mobility.

Among the segments mentioned above the one that dominates the market the most is the Crawler Type IFV segment as it can withstand any harsh terrain landscape. It plays a crucial role in military operations which require the ability to transport troops through muddy or rough stony terrain.

Application Insights:

• Patrolling:

Scouting and monitoring missions are the main emphasis of the design of patrolling IFVs. To effectively cover large regions, they give priority to attributes like speed, agility, and sophisticated sensing systems.

• Fighting:

Fighting IFVs are prepared to fight opposing forces head-on. They thrive in combat settings by offering excellent assistance to soldiers with their sophisticated weapon systems, strong armor, and communication capabilities.

Among the segments mentioned above the one that dominates the market the most is the Fighting segment due to the increased emphasis on military expansion, enhancement in fighting capabilities like advanced firepower and armor.

Regional Insights:

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Infantry Fighting Vehicles Market Regional Insights

• North America market is estimated to witness a significantly high revenue share over the forecast period, owing to its robust defense infrastructure and growing expenditures in military modernization programs. The imperative to preserve military dominance is driving the increased deployment of technologically upgraded IFVs in the region.
• Asia Pacific market is estimated to witness fastest revenue share because of ongoing expenditures made in armed forces modernization, which includes advanced IFV acquisition. The demand for IFVs in this region is driven by rising border tensions and military spending.
• Europe market finds lucrative market opportunities due to the existence of significant defense equipment manufacturers and continuing military modernization initiatives. The IFV market is growing as a result of the region's emphasis on enhancing border security and fortifying defense capabilities.
• Latin America market is increasing gradually due to the due to increasing issues related to terrorism, illegal drug trade, and socio-economic disparities is fueling the rise of violence, which is in turn, creating demand for these vehicles in the region.
• Middle East & Africa market is an emerging market owing to the continuous conflicts taking place within the region and the need for strengthening the military power is driving the demand for IFVs in the region.

Report Scope:

Attribute	Details
Market Size 2024	US$ 9.6 billion
Projected Market Size 2034	US$ 15.8 billion
CAGR Growth Rate	5.6%
Base year for estimation	2023
Forecast period	2024 – 2034
Market representation	Revenue in USD Billion & CAGR from 2024 to 2034
Market Segmentation	By Product Type - Crawler Type, and Wheel Type. By Application – Patrolling, and Fighting.
Regional scope	North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
Report coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the Infantry Fighting Vehicles Market report based on Type, Application and region:

Infantry Fighting Vehicles Market, By Type:

• Crawler Type
• Wheel Type

Infantry Fighting Vehicles Market, By Application:

• Patrolling
• Fighting

Infantry Fighting Vehicles Market, By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating the Infantry Fighting Vehicles Market includes, BAE Systems, BMW AG, Daimler AG (Mercedes Benz), Elbit Systems, Ford Motor Company, INKAS Armored Vehicle Manufacturing, International Armored Group, IVECO, Krauss-MaffeiWegmann GmbH, and Lenco Industries.

Recent Development:          

• In June 2023, L3Harris Technologies and its Team Lynx partners were awarded a contract to develop and prototype the XM30 Mechanized Infantry Combat Vehicle, which is the U.S. Army's Optionally Manned Fighting Vehicle. Anduril Industries, Raytheon, Allison Transmission, and Textron Systems were all members of the Lynx team who took part in this project to improve future soldiers' mobility, lethality, and safety, Team Lynx created a vehicle concept that would be built and tested in prototype form. Two groups received contracts totaling over USD 700 million from the U.S. Army, with the conclusion of the contracts anticipated in 2027.
• In December 2021, Kazakhstan Paramount Engineering (KPE), a joint venture between the international aerospace and technology company Paramount Group and one of the country's top defense and engineering firms, Kazpetromash, declared that it had started producing the cutting-edge Barys 6x6 Infantry Fighting Vehicle (IFV), with initial deliveries anticipated to the Armed Forces Special Units of the Republic of Kazakhstan by year's end.

• BAE Systems*
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

• BMW AG
• Daimler AG (Mercedes Benz)
• Elbit Systems
• Ford Motor Company
• INKAS Armored Vehicle Manufacturing
• International Armored Group
• IVECO
• Krauss-MaffeiWegmann GmbH
• Lenco Industries

 “*” marked represents similar segmentation in other categories in the respective section.

Research Objective and Assumption

• Preface
• Research Objectives
• Study Scope
• Years Considered for the study
• Assumptions
• Abbreviations

Research Methodology

• Research data
• Primary Data
  • Primary Interviews
  • Primary Breakdown
  • Key data from Primary Sources
  • Key Thickness Insights
• Secondary Data
  • Major Secondary Sources
  • Secondary Sources
• Market Estimation
• Top-Down Approach
  • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
• Bottom-Up Approach
  • Approach for estimating market share by Bottom-up Analysis (Demand Side)
• Market Breakdown and Data Triangulation
• Research Assumptions

Market Preview

• Executive Summary
• Key Findings—Global Outlook for medical carts Strategies
  • Key Questions this Study will Answer
  • Market Snippet, By Type
  • Market Snippet, By Application
  • Market Snippet, By Region
• Opportunity Map Analysis
• Executive Summary—3 Big Predictions

Market Dynamics, Regulations, and Trends Analysis

• Market Dynamics
  • Drivers
  • Restrains
  • Market Opportunities
  • Market Trends
• DR Impact Analysis
• PEST Analysis
• Porter’s Five Forces Analysis
• Opportunity Orbit
• Market Investment Feasibility Index
• Macroeconomic Factor Analysis

Market Segmentation, By Type, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Crawler Type
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Wheel Type
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Application, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Patrolling
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Fighting
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Global Market, By Region, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Regional Trends
• North America
  • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • U.S.
    • Canada
• Europe
  • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application , Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • UK
    • France
    • Germany
    • Russia
    • Italy
    • Rest of Europe
• Asia Pacific
  • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application , Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • India
    • Japan
    • South Korea
    • China
    • Rest of Asia Pacific
• Latin America
  • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application , Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa
  • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application , Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East

Competitive Landscape

• Heat Map Analysis
• Market Presence and Specificity Analysis

Company Profiles

• BAE Systems
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• BMW AG
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Daimler AG
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Elbit Systems
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Ford Motor Company
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• INKAS Armored Vehicle Manufacturing
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• International Armored Group
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• IVECO
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Krauss-MaffeiWegmann GmbH
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Lenco Industries
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

The Last Word

• Future Impact
• About Us
• Contact