The mine-protected vehicles is used to provide ballistic and mine protection for armed forces working in threat environment. These vehicles has the capabilities to overcome threats from both external sources and internal damages.
Based on product, the mine-protected vehicles market is segmented into sedan, SUV, bus and others. Among various product, in 2016, the SUV segment dominated the mine-protected vehicles market and expected to be the same during the forecast period of 2017 – 2025. The growing demand for mine-protected SUV from commercial sector is one of the major factor boosting the market. Entrepreneurs, high ranking politicians and all categories of VIPs among others intend to use mine-protected vehicles or SUVs for official use. In addition, SUV segment is also anticipated to witness the highest growth in the coming years
Based on end user, the mine-protected vehicles market is segmented into homeland security, defense and commercial. Among various end user, in 2016, the defense segment dominated the mine-protected vehicles market followed by homeland and expected to be the same during the forecast period of 2017 – 2025. Military modernization initiatives in several developing countries such as India, China, Brazil and Saudi Arabia among others is one of the major factor boosting the demand of mine-protected vehicles in defense segment.
Increasing demand for armored vehicles for commercial segment is one of the major factor boosting the market for the mine-protected vehicles. In addition, Asia Pacific is anticipated to grow at a high CAGR during the forecast period of 2017 – 2025. Moreover, increase in research & development activities is further boosting the demand of mine-protected vehicles in the years to come. The mine-protected vehicles procurement in the commercial and defense segments have increased considerably over the past few years, mainly driven by the high number of wars against terrorist outfits, globally, especially in the Asia-Pacific and Middle East & Africa regions.
By geography, the mine-protected vehicles market has been segmented into five regions namely North America, Europe, Asia-Pacific, Middle East and Africa and Latin America. In 2016, North America holds the largest market share in the mine-protected vehicles followed by Europe, Asia Pacific, Latin America and Middle East & Africa and expected to be the same during the forecast period of 2017 – 2025. In 2016, the U.S. is the key market for the mine-protected vehicles in North America as well as globally. Rise in the investment for upgrading of the defense systems such as mine-protected vehicles and armored vehicles among others is the major factor driving the market. Europe is expected to grow at a healthy rate during the forecast period. Among various countries, the U.K. held the largest share for the mine-protected vehicles market in Europe in 2016 and expected to be the same in the coming years. Increase in military expenditure is one of the major factor boosting the mine-protected vehicles market in U.K. In addition, France is anticipated to grow at a high CAGR during the forecast period of 2017 – 2025. The APAC region is estimated to grow at a high CAGR during the forecast period. In 2016, China is anticipated to be the major market for Asia Pacific mine-protected vehicles market followed by Japan and expected to the same during the forecast period. It is also expected to experience healthy growth in the coming years.
Some of the major players in the mine-protected vehicles market include are BAE Systems (United Kingdom), General Dynamics Corporation (United States), Thales Group (France) and Lockheed Martin Corporation (United States). These key players are targeting the emerging economies and are applying several methods to increase their market share. In addition, some of the other major players Elbit Systems (Israel), Volkswagen AG (Germany), Textron Inc. (United States), Krauss-Maffei Wegmann GmbH & Co. KG (Germany), International Armored Group (United States) and INKAS Armored Vehicle Manufacturing (Canada) among others.
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