Albany, NY -- (SBWIRE) -- 07/06/2017 -- The military light utility vehicle is a small in size manufactured for military. They are relatively light and short compared to other cars and trucks. The military light utility vehicles are unarmored and have small body projections for all-terrain mobility and capacity of at least 4 passenger.

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Based on product, the military light utility vehicles market is segmented into jeep, SUV, bus and others. Among various product, in 2016, the jeep segment dominated the military light utility vehicles market and expected to be the same during the forecast period of 2017 – 2025. The growing demand for military light utility vehicle from commercial sector is one of the major factor boosting the market. In addition, SUV segment is also anticipated to witness the highest growth in the coming years.

Based on end user, the military light utility vehicles market is segmented into defense and commercial. Among various end user, in 2016, the defense segment dominated the military light utility vehicles market followed by commercial and expected to be the same during the forecast period of 2017 – 2025. Increase in the demand of weapons in several developing countries such as China, India, Saudi Arabia and Brazil among others is one of the major factor boosting the demand of military light utility vehicles in defense segment.

The Asia-Pacific region is anticipated to be the key growth area for armor in the coming years. India, China, Malaysia, the Philippines, Pakistan, Singapore, Thailand and South Korea all have armored vehicle replacements in the coming years. Middle East nations such as the United Arab Emirates and Saudi Arabia are re-equipping as conflict continues in Iraq and Syria.

By geography, the military light utility vehicles market has been segmented into five regions namely North America, Europe, Asia-Pacific, Middle East and Africa and Latin America. North America is a major customer and manufacturer of military light utility vehicles and it is distant first from other regions in terms of market share with only Europe next to it by a huge margin in the market share. The impact of its dominance is such that the military light utility vehicles market relies heavily on the U.S. defense budget and military spending. Europe is the second largest market in military light utility vehicles. In 2016, the U.K. holds highest share of the market among other countries in Europe and expected to be the same during the forecast period. Owing to rising number of conflicts, government concern to protect civilians from damages has increased in the recent years which in turn expected to boost the market for the military light utility vehicles in the coming years.

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Asia Pacific is anticipated to grow at a high CAGR during the forecast period of 2017 – 2025. Emerging markets are anticipated to be prominent sources of defense spending on military light utility vehicles as their economies are expected to grow over the forecast period. Countries such as China, Japan, and India have increased their defense spending significantly over the past decade, thus creating significant scope for adoption of military light utility vehicles. Rapid technological developments, potential conflicts, re-alignment of forces, and changing economic climate are some of the major factor boosting the market for military light utility vehicles in Middle East and Africa. In Latin America, high military spending in several countries such as Brazil, Ecuador and Chile among others has propelled the growth of military light utility vehicles market.

Some of the major players in the military light utility vehicles market include are BAE Systems (United Kingdom), General Dynamics Corporation (United States), Thales Group (France) and Lockheed Martin Corporation (United States). These key players are targeting the emerging economies and are applying several methods to increase their market share. In addition, some of the other major players Mercedes Benz (Germany), Volkswagen AG (Germany), Boeing International (United States), Elbit Systems Ltd. (Israel), International Armored Group (United States) and INKAS Armored Vehicle Manufacturing (Canada) among others.