Global Military Land Vehicles Market under Transition, Says Frost & Sullivan

Global Military Land Vehicles Market under Transition, Says Frost & Sullivan PR Newswire LONDON, Oct. 18, 2012 - For land vehicle suppliers, identifying ongoing trends and adapting to the change is crucial for future success LONDON, Oct. 18, 2012 /PRNewswire/ -- The global military land vehicles market is undergoing a transition. Many countries have been forced to curtail their defence spending and as a result, vehicle programmes in the West are being delayed or facing reduction in procurement numbers. Even though some notable land vehicle modernisation programmes are under development and even deployment, the market future is uncertain. Recognising ongoing trends and adapting to the change is essential for future success in the industry. According to Frost & Sullivan's recent analysis, the global military land vehicles market is expected to witness a slow growth at a Compound Annual Growth Rate (CAGR) of 0.7 per cent during 2012 - 2021. The reason for the short term slowdown is decline in the Western defence markets. Currently the global military land vehicle market is dominated by the United States. However, expected cuts in major U.S. vehicle programmes will result in a decline of 1.5 percent. Growth momentum will pick up again in the medium term as the APAC and Middle East markets reach procurement phase. The Western market will offer opportunities in the form of upgrades and capability sustainment.