Market Size of Latin America Defense Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 1.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America Defense Market Analysis
The Latin American defense market is anticipated to register a CAGR of over 1.5% during the forecast period.
- Despite the slow-growing economy of the region, the countries in the Latin America region are planning the modernization of military equipment to strengthen their military forces.
- The longstanding border disputes, illegal weapons, and drug traffic across the borders are some of the major reasons for the countries to increase their defense spending on border security.
- The countries in Latin America majorly procures from domestic defense firms to supply missile systems, firearms, ammunition, and other defense equipment to their armed forces. However, the region is also a major importer of aircraft, helicopters, armored vehicles, vessels, submarines, and other parts and components from countries, like the United States, Germany, and France, among others.
