Unmanned Ground Vehicle Market to Grow at 10.9% CAGR by 2030
Increasing need for autonomous systems in the defense and commercial sectors is the major factor driving the UGV market growth.
The Unmanned Ground Vehicle (UGV) market was valued at USD 2.03 billion in 2019 and is predicted to reach USD 6.33 billion by 2030 with a CAGR of 10.9% from 2020-2030, according to Next Move Strategy Consulting.
Unmanned ground vehicles (UGVs) are robotic systems that operate on land without an onboard human operator. Factors such as wide range of applications, reduced risk of human life and imposing combat performance are the factors expected to propel the growth of unmanned ground vehicles market growth. However, high expenditure associated with the unmanned vehicles and their limited battery life are the factors expected to hinder the growth of UGV market to some extent.
The global unmanned ground vehicle market share is analyzed on the basis of size, mode of locomotion, operation, application, and geography. On the basis of size, the market is segmented into small, medium, and heavy. On the basis of mode of locomotion, the market is divided into tracked, wheeled, and legged. On the basis of operation, the market is divided into teleoperated and automated. On the basis of application, the market is divided into commercial and defense. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographically, North America has been witnessing increased adoption of unmanned ground vehicle and is anticipated to hold the major market share throughout the forecast period. This is attributed to factors such as growth in defense budget and increased usage of UGV’s for warfare and surveillance purposes in this region. However, Asia Pacific region is expected to register substantial gains till 2030 due to rapid technological advancement and experimentation undertaken by major industry players.
Browse Key Insights from the Report, “Unmanned Ground Vehicle Market by Size (Small, Medium and Heavy), Mode of Locomotion (Tracked, Wheeled, and Legged), Operation (Tele-operated and Automated) and Application (Commercial and Defense) - Global Opportunity Analysis and Industry Forecast, 2020-2030.”
According to the report, the unmanned ground vehicle market is dominated by key players including Armtrac Limited, Northrop Grumman Corporation, DOK-ING, Cobham plc., HORIBA MIRA Ltd., ICOR Technology, General Dynamics Corporation, RE2, Inc, Clearpath Robotics Inc and Endeavor Robotics.
- The study provides an in-depth analysis of the unmanned ground vehicle market, with current and future trends to elucidate the imminent investment pockets.
- Information regarding key drivers, restraints, and opportunities coupled with their impact analysis is provided.
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