Armored Vehicle Market
Armored Vehicle Market (Technology - Active Protection System, Inter Operable Communication, Modular Ballistic Armor, Electric Armor, Situational Awareness System, Active Mine Protection, Vehicle Information Integration; Vehicle Type - Light Protected Vehicles, Infantry Fighting Vehicles, Armored Personnel Carriers, Armored Amphibious Vehicles, Main Battle Tanks, Mine Resistant Ambush Protected Vehicles; Application - Military, Law Enforcement, Commercial) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023
The demand within the global market for armored vehicle has been rising on account of advancements in the defense sector of multiple regions. The presence of several key entities within a nation’s defense sector necessitates the presence of improved weaponry and equipment. Several new and improved armored vehicles have been developed across key defense bases across the world. The need for improved battle intelligence has also created a plethora of opportunities within the global armored vehicle market. These vehicles play an integral role in strengthening the integrity of the military industries. Hence, it is safe to assert that armored vehicles are an indispensable part of national defense industries. National growth and development of a region is enshrined in the betterment of its defense sector. For this reason, governments have heavily invested in upgrading defense technologies across their territories. There is heavy demand for armored vehicles across multiple regions, and this factor has in turn aided the growth of the global market. Improved ties amongst regions for defense manufacturing have also led to the growth of the global armored vehicles.
The global market for armored vehicle is expected to grow at a steady CAGR of 5.2% from 2015 to 2023. Furthermore, the market for armored vehicle is projected to touch a value of US$35.49 bn in 2023, rising up from a value of US$22.73 bn in 2014.
This report preview by Transparency Market Research (TMR) on the global armored vehicle market is a representation of the various segments pertaining to this market. The demand dynamics for various armored vehicles have been enunciated herein. Moreover, the key reasons behind the rising demand for certain types of armored vehicles have also been included. The regional segments of the global armored vehicles market have also been elucidated.
Situational Awareness Systems to Attract Commendable Demand
On the basis of technology, the global market for armored vehicle can be segmented into inter operable communication, active protection system, modular ballistic armor, situational awareness system, electric armor, vehicle information integration, and active mine protection. Military intelligence plays a key role in improving the overall fettle of the defense sector. For this reason, the demand for situational awareness systems has been escalating to new heights over the past decade. The market for ballistic and electric armors is also projected to expand as military industries adopt cutting-edge technologies. Based on the type of vehicle, the market for armored vehicle can be segmented into infantry fighting vehicles, light protected vehicles, armored personnel carriers, main battle tanks, armored amphibious vehicles, and mine resistant ambush vehicles.
North America to Lead Market Growth
On the basis of geography, the global market for armored vehicle can be segmented into North America, Latin America, the Middle East and Africa, Europe, and Asia Pacific. The North American defense sector has been at the forefront of global defense growth. The state of the art technologies deployed in the defense industry of the US has aided the growth of the market for armored vehicle market in North America. The focus given on situational awareness across the US has aided the growth of the global armored vehicle market.
Some of the key vendors in the global armored vehicle market are INKAS Armored Vehicle Manufacturing, BAE Systems plc, Krauss-Maffei Wegmann GmbH & Co. KG., General Dynamics Corporation, and The Raytheon Company.
Technological Progress in Armored Vehicles to Drive Armored Vehicle Market
A rise in the demand for armored vehicles is ascribed to the increasing prevalence cross-border conflicts and cases of asymmetric warfare all over the world. However, there has been shortage of leading OEM manufacturers in the Asia Pacific and Middle East region is likely to restrain development of the global armored vehicle market in the near future. In addition, incidences of various types of failures, such as electrical, mechanical in armored vehicles are likely to hamper expansion of the global armored vehicle market in the near future.
The outbreak of global pandemic, COVID-19, has resulted in the multi-level impact on countries across the globe. The manufacturing of assembly lines, automotive components, and parts have been left with severe adverse impact due to the spread of pandemic. However, production of armored vehicles is of utmost importance yet its production has been severely affected by disruptions in the supply chain.
Demand to Thrive on the Back of Increased Asymmetric Warfare between Nations
Augmented defense budgets especially in regions, such as Asia Pacific is expected to foster development of the armored vehicle market in the region. The goodwill of the market participants is anticipated to play an important role in the securing contract allotments. Progress made in the sector, such as fuel efficiency and utilization of high-tech sensors are anticipated to foster expansion of the global armored vehicle market in the years to come.
Rise in illegal and harmful activities like incidences of terrorism and criminal activities have resulted in the prevalence of asymmetric warfare between several nations, which is estimated to support growth of the global armored vehicle market over the forecast timeframe. In addition, there has been augmented demand for highly effective, robust, compact, and lightweight armored vehicles to tackle these issues.
Restricted budget for spending on military activities in the regions of North America and Europe are anticipated to pose challenge for the overall expansion of the global armored vehicle market over the timeframe of analysis.
Military vehicles require robust capabilities to overcome threats from both internal damages and external sources. The deployment of military troops in extreme environmental scenarios has led to the investments in improving the vehicle competencies in terms of technology. Various rugged systems and devices are constantly being integrated in the military vehicles worldwide specific to different regional applications. Moreover, the development of landmines and other improvised explosive devices (IEDs), which pose major challenges to military vehicles, have amplified the concerns to protect the soldiers’ lives in the battleground. These factors boost the demand for armored vehicles from the military organizations globally. Additionally, the advent of technology and improvement of multirole vehicles have also influenced the demand for armored vehicles among various law enforcement agencies worldwide. Considering the aforementioned factors, the global armored vehicles market is estimated to be growing at a significant pace.
Furthermore, the security challenges across the globe have lead to the generation of demand for armored commercial vehicles from civilians. The market for commercial armored vehicles is currently growing at a steady pace, however, it is expected to undergo a substantial boost during the forecast period and lead to the expansion of the overall armored vehicles market. This factor is estimated to develop new opportunities for the global armored vehicles manufacturers. On the contrary, the market for armored vehicles encounters major hindrances such as lack of standardized regulatory norms in Asia Pacific (APAC) and Rest of World (RoW). However, the impact of this restraint is analyzed to contract over the forecast period as the governments in different countries are gradually establishing regulations for armored vehicle manufacturing in all applications sectors namely, military, law enforcement and commercial.
In this report on the global armored vehicles, the market has been segmented based on technology, type and geography. The study highlights current market trends and provides the market size of 2014 and forecast from 2015 to 2023. The report covers the current market scenario for armored vehicle and highlights future trends that could affect the demand for the same. The global armored vehicles market is analyzed to observe a steady growth from 2015to2023 at a decent CAGR.
Based on geography, the market has been segmented into North America, Europe, Asia Pacific and Rest of the World. On the basis of segmentation by type, the market has been categorized into light protected vehicles, infantry fighting vehicles, armored personnel carriers, main battle tanks, armored amphibious vehicles, mine resistance ambush protected (MRAP) vehicles and others. Additionally, the market has been segmented on the basis of technology which includes active protection system, inter operable communication, modular ballistic armor, electric armor, situational awareness, active mine protection and vehicle information integration. In addition to the market size of 2014, the forecasted market values from 2015 to 2023 have been provided in the report.
The report includes, analysis of macro and micro economic factors driving and restraining the growth of the global armored vehicles market. Moreover, the market attractiveness analysis provided in the report, highlights the major areas for future investments in the global armored vehicles industry. The report is intended to help armored vehicles suppliers and original equipment manufacturers in understanding the current and upcoming opportunities in the global armored vehicles market and formulating their business strategies accordingly. In addition, the report is expected to benefit the governments, military organizations and other buyer communities.
This study includes the profiles of 10 major players in the global armored vehicle market and the strategies adopted by them to sustain in the competition. The key participants in the global armored vehicles market include Oshkosh Corporation, BAE Systems plc, Rheinmetall Defence, Lockheed Martin Corporation, Elbit Systems Ltd., The Raytheon Company, Krauss-Maffei Wegmann GmbH & Co. KG, General Dynamics Corporation, INKAS Armored Vehicle Manufacturing, International Armored Group and STREIT Group among others.
Global Armored Vehicle Market, 2015 – 2023: By Technology
- Active Protection System
- Inter Operable Communication
- Modular Ballistic Armor
- Electric Armor
- Situational Awareness System
- Active Mine Protection
- Vehicle Information Integration
Global Armored Vehicle Market, 2015 – 2023: By Type
- Light Protected Vehicles
- Infantry Fighting Vehicles
- Armored Personnel Carriers
- Armored Amphibious Vehicles
- Main Battle Tanks
- Mine Resistant Ambush Protected Vehicles
Global Armored Vehicle Market, 2015 – 2023: By Application
- Law Enforcement
Global Armored Vehicle Market, 2015 – 2023: By Geography
- North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Rest of the World (RoW)
- Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
- Middle East and Africa (MEA)