Product ID: SQMIG20A2235
Report ID:
SQMIG20A2235 |
Region:
Global |
Published Date: February, 2024
Pages:
202
|
Tables:
59 |
Figures:
77
Over 32% of global revenue in 2022 came from the Asia Pacific region, which had the largest proportion. The government's initiatives to boost military capability to combat both internal and external terrorism are responsible for the region's development. Additionally, a number of government entities are making large investments to expand the defense industry. For instance, Otokar, a Turkish military vehicle manufacturer with headquarters in Sakarya, set out to increase its presence in the Asia Pacific region in March 2022. At the Defense Services Asia expo in Kuala Lumpur, Malaysia, the company showed COBRA II tactical armored vehicles as well as ARMA 66 wheeled armored vehicles. To fulfil present and future customer expectations, the company plans to grow its regional operations.
With a market value of USD 6.42 billion, North America will be the fastest expanding market in 2022. The biggest defense spending by the U.S. government on the acquisition and modernization of military vehicles is attributed to the region. General Dynamics Corporation, Textron Systems, Oshkosh Defense, and others are a few examples of companies that significantly contribute to the market in North America.
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Product ID: SQMIG20A2235