As the ongoing international economic crisis continues to force governments to enact significant cuts in defence expenditures, the international light tracked vehicle market is no longer immune from this austerity trend, according to new analysis.
The Forecast International Weapons Group now expects the market will produce more than 4,000 light tracked vehicles, worth over $8.96 billion, through 2024. This represents a 52.7 percent reduction in forecast production, with a 45.4 percent reduction in overall market value, since last year’s analysis.
Nevertheless, Forecast International notes that the relative positions of the market leaders in terms of production volume and market value remain stable.
Despite the global uncertainties of the day, the company finds no significant shifts in this market. Indeed, it believes the top players in this market – the NORINCO Type 90 series, the Kurganmashzavod BMP-3, the PSM Igel/Puma and the Doosan K300 (K21) – will continue to maintain their relative market shares in terms of both production volume and market value throughout the forecast period.
Although the light tracked vehicles in service today are all products of the Cold War, they are far from relics destined for the scrap heap. Since the U.S. 3rd Infantry Division (Mechanized) executed its Thunder Run to Baghdad in 2003, the light tracked vehicle has soldiered on as a significant force multiplier on today’s asymmetric battlefield.