Unmanned Ground Vehicles Market Size, Share, Trends & Forecast 2024–2032

The global unmanned ground vehicles market size was valued at USD 3.07 billion in 2023. The market is anticipated to expand from USD 3.29 billion in 2024 to USD 6.35 billion by 2032, exhibiting a CAGR of 8.6% over the study period. The surge is on account of the growing product adoption in carrying supplies, assisting in explosive deactivation, and in the defense sector.

Fortune Business Insights™ provides this information in its research report, titled “Unmanned Ground Vehicles Market Size, Share and Forecast 2024-2032”.

List of Key Players Mentioned in the Report:

• BAE Systems (U.K.)

• Aselsan A.S. (Turkey)

• Lockheed Martin Corporation (U.S.)

• General Dynamics Corporation (U.S.)

• L3 Harris Technology, Inc (U.S.)

• Oshkosh Defense LLC (An Oshkosh Corporation Company) (U.S.)

• Rheinmetall AG (Germany)

• Teledyne FLIR LLC. (U.S.)

• QinetiQ (U.K.)

• Northrop Grumman Corporation (U.S.)

Information Source:

https://www.fortunebusinessinsights.com/unmanned-ground-vehicles-market-102525

Segments:

EOD UGVs Segment to Register Notable Upsurge Considering Rising Product Deployment

Based on type, the market is categorized into combat UGV, combat support UGV, reconnaissance UGV, ISR UGV, and Explosive Ordnance Disposal (EOD) UGV. The Explosive Ordnance Disposal (EOD) UGV segment is estimated to register a dominating share, exhibiting substantial expansion over the study period. The surge is impelled by the increasing explosive disposal demand across various regions.   

Tracked UGVs Segment to Record Considerable Expansion Owing to Growing Number of Procurement Contracts

By mobility, the market for unmanned ground vehicles is fragmented into wheeled, legged, tracked, and hybrid. The tracked segment is poised to register appreciable expansion over the study period. The upsurge is credited to the soaring defense expenditure and procurement of next-generation tracked UGVs.

Small (10-200 lbs) Segment to Depict Substantial Surge Driven by Soaring Product Demand

On the basis of size, the market is subdivided into small (10-200 lbs), medium (200 - 500 lbs), large (500 - 1000 lbs), very large (1000- 2000 lbs), and extremely large (>2000 lbs). The small (10-200 lbs) segment is estimated to register considerable expansion over the projected period. The surge is driven by the escalating demand for small and lightweight robots for commercial and military applications.

Based on geography, the market for unmanned ground vehicles is segmented into Europe, Asia Pacific, North America, and the rest of the world.

Report Coverage:

The report gives an analysis of the vital trends driving the global business scenario over the forecast period. It further provides an insight into the major drivers augmenting the market share over the coming years. In addition, the report gives an overview of the key strategies adopted by leading companies for establishing a strong market footing.  

Drivers and Restraints:

Soaring Autonomous Systems Demand for Commercial and Defense Applications

One of the major factors boosting the unmanned ground vehicles market growth is the soaring product demand from the commercial and defense sectors. Autonomous vehicles are deployed in the agriculture sector for irrigation management, mechanical weeding, soil sampling, precision spraying, and crop harvesting.   

However, reliability and bandwidth related issues and reduction in the defense budgets of some countries could hamper market growth to a considerable extent.

Regional Insights:

North America to Ace the Market Impelled by Rising Military Spending

North America accounted for a dominating share in the market. The region has recorded the highest defense budget, owing to which the North America unmanned ground vehicles market share is expected to exhibit lucrative expansion over the projected period.

The Asia Pacific market is poised to grow at a commendable rate over the study period. The upsurge is due to an escalation in the defense budgets of China and India.

Competitive Landscape:

Major Market Players Formulate New Strategies to Gain Strong Footing

Eminent market participants are devising new strategies for establishing a strong foothold in the industry. Some of the adopted initiatives comprise merger agreements, collaborations, and the formation of alliances. Besides, companies are also keen to invest in research and development activities for securing a competitive edge in the market.

Key Industry Development:

In February 2023, the European Defense announced a capability development project aimed at integrating unmanned ground systems with manned military vehicles and air platforms. The program is valued at approximately USD 26.5 million.