5.1.8.3Vertical

Tactical Wheeled Vehicles

Manufacturers of MRAPs, humvees, and military utility vehicles.

Market snapshot

These figures describe Military Ground Vehicles & Systems (5.1.8), the segment that Tactical Wheeled Vehicles sits within. They are not figures for Tactical Wheeled Vehicles on its own.

Market size
~$7B
Growth
~1.5%CAGR (2017–22, nominal)
Companies
~57 firms
Firms by employee count

43.9% of firms have fewer than 20 employees: 25 micro-businesses, below most mandates.

The investable universe32 firms with 20+ employees
20–99
1650%
100–499
722%
500+
928%

A small, program-driven segment where a handful of prime contractors hold multi-year vehicle awards. Revenue tracks procurement cycles rather than any commercial market, and with few firms above 500 employees the exit path skews to sponsors and mid-tier primes.

NAICS 336992. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.

Business model & economics

Revenue model

Ground-vehicle programs and sustainment contracts

Key economics

Revenue per firm
$120,775,825
Revenue per employee
$577,003
Employees per firm
217.7
Recurring revenue
Moderate–High

long programs and sustainment

EBITDA margin
Program-margin-driven
Capex intensity
High

Characteristics

  • Scale-driven: payroll is only 13% of revenue, so the cost base is assets, not headcount
  • Thin strategic-buyer pool: only 9 firms exceed 500 employees, so exits skew sponsor-to-sponsor
  • Consolidated around General Dynamics, BAE, and Oshkosh.
  • Recapitalization and allied-procurement demand.
  • Unmanned ground systems an emerging area.

NAICS 336992. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.

Geographic concentration

AlaskaArizonaColoradoFloridaGeorgiaIndianaKansasMaineMassachusettsMinnesotaNew JerseyNorth CarolinaNorth DakotaOklahomaSouth DakotaTexasWyomingConnecticutMissouriWest VirginiaIllinoisNew MexicoArkansasCaliforniaDelawareDistrict of ColumbiaHawaiiIowaKentuckyMarylandMississippiMontanaNew HampshireNew YorkOhioOregonTennesseeUtahVirginiaWashingtonNebraskaSouth CarolinaIdahoNevadaVermontLouisianaRhode IslandAlabamaPennsylvaniaMichiganWisconsin

Military ground-vehicle manufacturing concentrates at the major combat-vehicle plants located in Wisconsin (Oshkosh), Michigan, Alabama, and Pennsylvania.

WisconsinMichiganAlabamaPennsylvania

U.S. Census Bureau, 2022 County Business Patterns (employment by state), NAICS 336992. Concentration shown by location quotient.

M&A deal context

Deal activityModerate

Who’s acquiring

  • Defense ground-systems primes
  • Allied & program acquirers
  • Supply-chain consolidators

What’s driving deals

  • Recapitalization and allied procurement.
  • Lessons of recent conflicts.
  • Unmanned-ground-system development.

Find Tactical Wheeled Vehicles acquisition targets

Search Acquisera’s index for companies classified under Tactical Wheeled Vehicles (5.1.8.3) and build a targeted deal pipeline.

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