The Global Ground Vehicle Processor market is projected to grow at a CAGR of around 6% during the forecast period, 2022-27, says MarkNtel Advisors in their recent research report. The Ground Vehicle Processor market witnessed a significant growth rate during the historical period, 2017-2021. The growth was attributed to the high demand for armored vehicles for troop support in battle environments as well as for providing an enhanced level of protection to militaries worldwide.
The increasing geopolitical tensions in Asian-Pacific, Middle Eastern, and European regions also played a major role in the growth of the Ground Vehicle Processor market. Besides, the demand for future ground vehicles is expected to rise during the coming years, as many nations are in the process of modernizing & replacing their Main Battle Tanks (MBTs), and a variety of other light infantry vehicles, armored fighting vehicles, etc.
However, the demand for ground vehicles witnessed a surge due to high geopolitical tensions in the Middle East & European region as well as territorial disputes in Asia-Pacific. Several countries, including China, India, Poland, the United Kingdom, and Russia, have placed a demand for ground vehicles such as tanks, armored vehicles, MRAPs, and other similar vehicles in order to ensure military readiness.
Moreover, the increasing focus on the development & integration of Unmanned Ground Vehicles (UGV) is also expected to enhance the growth of the Global Ground Vehicle Processor market. Ground forces can use these vehicles with greater mobility while being safe from life-threatening risks.
Hence, considering the above-listed factors, it is predicted that the Ground Vehicle Processor market would witness substantial growth during the forecast period, further states the research report, "Global Ground Vehicle Processor Market Analysis, 2027."
Multi-core Processor to Capture a Significant Market Share
Based on the type of processor, the market is segmented into Single Core & Multi-core. Among them, Multi-core Processors are anticipated to capture a considerable market share in ground-based military vehicles during the forecast period.
In the field of delivering weapons with pinpoint accuracy, the integration of sensors such as thermal imaging, navigation, and fire control systems, as well as various types of equipment, has increased the need for robust processing systems that can handle a variety of applications simultaneously.
Furthermore, multicore processors have also enhanced data sharing from land-based platforms to command & control centers and auxiliary platforms such as aerial, other land vehicles, and others. Additionally, multi-core processors have become a necessity for existing military vehicles due to their ability to share data & intelligence as well as their ability to support advanced video support.
Moreover, with these advancements at their disposal, militaries could devise a unified strategy to achieve common objectives.
Military Ground Vehicles to Lead the Global Ground Vehicle Processor Market
Based on the end-users, the market is bifurcated into Military & Law Enforcement. Of them, the Military ground vehicles captured the majority of market share for processors, owing to the high demand for vehicles such as IFVs, Tanks, and FCVs, among others, as well as the growing capital acquisition budget for military hardware & ground vehicles suited for various terrain & environments.
Moreover, the integration of various sensors & technological advancements has highlighted the need for next-generation tanks. Furthermore, China has consistently developed & adopted equipment & vehicles that are suitable for a variety of terrain & environments, which has also increased the demand for ground vehicles.
North America to Dominate the Ground Vehicle Processor market
Geographically, North America is one of the major markets for ground vehicle processors due to its large number of ground vehicle production units. During 2017-2021, the region experienced annual growth due to increased military budgets for defense equipment purchases by countries such as the US & Canada.
Further, to replace its aging fleet of infantry fighting vehicles & Abram tanks, the US Army has focused on developing next-generation platforms to replace its existing fleet. In addition, the accelerated design & development of new ground vehicles in the future will reveal the demand for processors for ground vehicles.
Moreover, with the rapid design & development of new ground vehicles, the demand for ground vehicle processors is projected to emerge in the near future, reveals MarkNtel Advisors in their research report, "Global Ground Vehicle Processor Market Analysis, 2027."
Key Competitors
According to MarkNtel Advisors, the leading players in the Global Ground Vehicle Processor Market are Intel Corporation, Advanced Micro Devices, Inc., and Others.
Key Questions Answered in the Study
Market Segmentation: