The global Unmanned Ground Vehicle Market is estimated to be valued at US$ 1880.78 Mn in 2023 and is expected to exhibit a CAGR of 12. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Unmanned ground vehicles (UGVs) are driverless, self-powered vehicles that can navigate on land without an onboard human presence. They are capable of carrying out operations like reconnaissance, surveillance, target acquisition, logistics and transportation, combat support, and explosive ordinance disposal. UGVs offer advantages like increasing productivity, enhanced visibility, precision, reducing costs, and minimizing risks to human life. Their growing demand from defense and commercial sectors is expected to drive the unmanned ground vehicle market growth over the forecast period.
Market key trends:
One of the key trends witnessed in the unmanned ground vehicle market is the growing adoption of ruggedized UGVs. Ruggedized UGVs are specially designed to withstand harsh environmental conditions like rain, dust, mud and vibrations. They feature components like water-resistant casings, shock absorbers, and all-terrain capabilities. With their enhanced durability and mobility features, ruggedized UGVs are increasingly being deployed by defense forces for tactical missions in difficult terrains. Their ability to withstand extreme weather and terrain conditions enables military and commercial organizations to utilize UGVs for diverse operations in harsh environments.
Porter’s Analysis
Threat of new entrants: New players will face high entry barriers in the form of high R&D costs involved in developing competitive unmanned ground vehicles.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products. However, specialized requirements of defense and commercial sectors limit bargaining power.
Bargaining power of suppliers: Key suppliers like component and technology providers have low to moderate bargaining power due to availability of substitute components and technologies.
Threat of new substitutes: Threat of substitution is moderate as new substitute products can be developed and adopted easily by OEMs with technological advancement.
Competitive rivalry: The unmanned ground vehicle market is highly competitive with major players competing on the basis of product quality, features, and pricing.
Key Takeaways
Global Unmanned Ground Vehicle Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing defense spending driven by rising threats and increasing adoption in commercial applications like logistics and transportation.
North America is expected to dominate the unmanned ground vehicle market during the forecast period. This is attributed to heavy investment by US Department of Defense in autonomous systems for military applications. Significant R&D activities related to UGVs are also driving the market in the region.
Asia Pacific is projected to be the fastest growing regional market for unmanned ground vehicles between 2023 and 2030. Increasing focused of countries like India and China on developing UGV capabilities is supporting the market growth.
Key players operating in the unmanned ground vehicle market are Northrop Grumman Corporation, BAE Systems, Lockheed Martin Corporation, Clearpath Robotics Inc., John Bean Technologies Corporation, ECA Group, Israel Aerospace Industries Ltd., Endeavor (Now a part of FLIR system), Harris Corporation, and General Dynamics.
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Increasing usage of UGVs to carry counter-insurgency and combat operations and rising demand for UGVs for ISR missions, growing for commercial applications which include oil and gas sector, firefighting, and agriculture are among the major benefits that have, in turn, led to the growth of the market over the forecast period.
The global unmanned ground vehicle market to grow at a CAGR of 16.82% during the period 2018-2025.
A comprehensive addition of several factors such as global distribution, manufacturers, market size, and market factors that affect the global contributions are reported in the study.
In addition the Unmanned Ground Vehicle study also shifts its attention with an in-depth competitive landscape, defined growth opportunities, market share coupled with product type and applications, key companies responsible for the production, and utilized strategies are also marked.
Latest Report Available at Advance Market Analytics, “Unmanned Ground Vehicle Market” provides pin-point analysis for changing competitive dynamics and a forward looking perspective on different factors driving or restraining industry growth.
Moreover, the Unmanned Ground Vehicle report describes the market division based on various parameters and attributes that are based on geographical distribution, product types, applications, etc.
