Land-based Defense Equipment Global Market Report 2024

The land based defense equipment market size has grown strongly in recent years. It will grow from $60.11 billion in 2023 to $65.13 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth observed in the historical period can be attributed to several factors, including the expansion of military budgets, increased geopolitical tensions, changes in the threat landscape, the formation of strategic alliances, and evolving operational requirements. These elements collectively contributed to the growth of land-based defense equipment.

The land based defense equipment market size is expected to see strong growth in the next few years. It will grow to $81.85 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. Forecasted growth hinges on emerging threats, budget allocations, global security changes, international collaboration, and modernization strategies. Key trends include cybersecurity concerns, technological innovations, advancements, electrification, unmanned systems, and robotics in land-based defense equipment.

The anticipated positive impact of overall economic growth in emerging economies is expected to drive the land-based defense equipment market. The rising disposable income resulting from economic growth in emerging markets is contributing to increased demand for defense equipment. According to the International Monetary Fund (IMF), global GDP growth is projected to be 3.4% in 2021, and stable economic growth in both emerging and developed economies is expected to boost investments in national security. This trend is such as ly to propel the land-based defense equipment market during the forecast period.

The growth of the land-based defense equipment market is expected to be fueled by increasing defense spending. Defense spending involves the allocation of financial resources by governments to support their armed forces and military activities. This allocation is crucial for the development, procurement, and maintenance of advanced land-based defense equipment. Defense spending contributes funds to research and development (R&D) programs aimed at designing and creating sophisticated land-based defense equipment. Additionally, it allocates resources for the regular maintenance, repair, and upgrades of land-based equipment to ensure operational readiness. For example, the European defense Agency (EDA) reported in December 2022 that total European defense spending reached a record high of $225 billion (€214 billion) in 2021, representing a 6% increase from the previous year. Therefore, the upward trajectory in defense spending is a key driver behind the growth of the land-based defense equipment market.

The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the land-based defense equipment market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing was affected due to lockdowns imposed by governments globally. COVID-19 is an infectious disease with flu-such as symptoms including fever, cough, and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and has spread globally, including Western Europe, North America, and Asia. Defense equipment manufacturers depend on the supply of raw materials and parts from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to a lack of parts and raw materials. The outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the land-based defense equipment manufacturing market will recover from the shock over the forecast period as it is a ""black swan"" event and not related to ongoing or fundamental weaknesses in the market or the global economy.

CornerShot rifles have gained prominence in the defense industry due to their innovative design and capabilities. These weapons feature a steel hinge that enables the gun's frame to bend around corners, allowing operators to engage targets without exposing themselves. Equipped with a high-resolution camera and LCD monitor, these rifles enable shooters to navigate around corners and provide effective targeting. One notable application of CornerShot rifles is inside armored vehicles and tanks, where they can be mounted on turrets, offering a full 360-degree field of cover. This configuration allows the triggerman to remain safely inside the vehicle while maintaining the ability to engage threats. The rifles demonstrate accuracy and effectiveness within a range of 100 to 200 meters, depending on the specific weapon model, eliminating the need for initial exposure during engagements.

In December 2022, Lockheed Martin Corporation and Rafael Advanced Defense Systems Ltd. entered into a partnership to collaboratively develop, test, and manufacture High Energy Laser Weapon Systems (HELWS) in the United States and Israel. This collaboration builds upon assets independently created by RAFAEL and the Directorate of Defense Research and Development (DDR&D) of the Ministry of Defense, specifically within the context of the IRON BEAM project. IRON BEAM represents a 100kW-class HELWS designed to engage threats such as rockets, mortars, and UAVs at the speed of light. It is anticipated to become the first operational ground-based air defense system against these types of threats.

Major companies operating in the land based defense equipment market report are China North Industries Group Corporation Limited, Raytheon Company, Lockheed Martin Corporation, Hanwha Corporation, General Dynamics Corporation, Northrop Grumman Corporation, Mitsubishi Heavy Industries Ltd., BAE Systems PLC, Thales Group, Leonardo S.p.A., Oshkosh Corporation, Science Applications International Corporation (SAIC), Rheinmetall AG, Elbit Systems Ltd., Larsen & Toubro Limited, Hindustan Aeronautics Limited, Bharat Electronics Limited, Hyundai Rotem Company, Uralvagonzavod, IMI Systems, RUAG Group, IVECO defense Vehicles, Nexter Group, Patria Oyj, FNSS Savunma Sistemleri A.S., Navistar Defense LLC, Denel SOC Ltd., Israel Aerospace Industries Ltd., Giat Industries, Krauss-Maffei Wegmann GmbH & Co. KG, Otokar Otomotiv ve Savunma Sanayi A.S., Paramount Group, Plasan Sasa Ltd., Rafael Advanced Defense Systems Ltd., Rostec State Corporation, ST Engineering, Tata Motors Limited, Ukroboronprom.

Asia-Pacific was the largest region in the land-based defense equipment market in 2023. Western Europe is expected to be the fastest growing region in the forecast period. The regions covered in the land based defense equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the land based defense equipment market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.

Primary types include armored vehicles, missiles, tanks, small arms, and light weapons. Armored fighting vehicles (AFVs) blend operational flexibility with offensive and defensive capabilities. These operations involve both autonomous and manually operated land-based defense equipment, serving various applications in military and law enforcement.

The land-based defense equipment market research report is one of a series of new reports that provides land-based defense equipment market statistics, including land-based defense equipment industry global market size, regional shares, competitors with a land-based defense equipment market share, detailed land-based defense equipment market segments, market trends and opportunities, and any further data you may need to thrive in the land-based defense equipment industry. This land-based defense equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

The land-based defense equipment market consists of sales of land-based defense equipment including battle vehicles, small weapons, radars, satellites, and sonars. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.


The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.