The global armored vehicle market size is expected to reach USD 27.83 billion by 2028, exhibiting a CAGR of 6.36% during the forecast period. The introduction of next-generation vehicles with reactive armor technology and active protection systems will have an outstanding effect on the armored vehicle market, states Fortune Business Insights, in a report, titled “Armored Vehicle Market, 2021-2028.” The market size stood at USD 17.57 billion in 2020.
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Inflated Demand for Next-Generation Combat Vehicles to Intensify Market
There has been an increase in conflicts, criminal attacks, and conflicts around the world in recent years. Several countries have modernized their current security systems in response to increasing conflict and cross-border activities between Asian countries and other regions.
Policy makers are fielding modern main battle tanks (MBTs), light protecting vehicles (LPVs), infantry fighting vehicles (IFVs), and other vehicles to defend and reinforce their defensive powers. As a result, it boosts the armored vehicle market growth over the study period.
Based on the platform, the market is classified into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. The combat vehicle segment is expected to hold the largest share during the forecast period due to the rising demand for armored personnel carriers (APCs) and light armored vehicles (LAVs) around the world.
Based on mobility, the market is divided into wheeled and tracked. The wheeled segment is expected to hold a significant market share. The growth is attributed to the growing demand for 4X4 LAVs by the military for intelligence, surveillance, and reconnaissance (ISR) and transportation.
Based on the system, the market is separated into an engine, ballistic armor, turret drives, drive system, ammunition handling system, armaments, fire control system (FCS), countermeasure system, command & control (C2) system, navigation system, observation, and display system, power system, and hull/frames.
Based on geography, global market is segmented into North America, Europe, Asia-Pacific, the Middle East, and the rest of the world.
What Does the Report Include?
The report is fixed at delivering a comprehensive description of the market dynamics and structure by identifying and providing information regarding the key market segments. It also focuses on an all-encompassing analysis of leading market players by financial position, product, product portfolio, price, growth strategies, and regional presence. It offers PORTER’s analysis and SWOT analysis to record the question of shareholders and highlights the investment potential in the upcoming future. It also showcases what procedures and strategies; companies are currently implementing in the market. It further examines the ways and components convincing armored vehicle market expansion, growth patterns, restricting factors, and market strategies.
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Robust Defense Spending to Augment Growth in North America
In 2020, North America led the industry and was worth USD 6.12 billion. The United States’ supremacy in this area can be traced to the government’s largest defense spending on combat vehicle acquisition and modernization. Important stakeholders such as General Dynamics Corporation, Textron Systems, Oshkosh Defense, and others drive business growth in North America. India, China, South Korea, Japan, and other countries are increasing their military spending. In Asia, rising terrorism, cross-border problems, and political instability have resulted in warfare circumstances that have fueled the market’s expansion. The Indian Ministry of Defense signed a USD 144.79 million deal with Mahindra Defence Systems Ltd (MDSL) in March 2021 to provide 1,300 light specialist vehicles to the Indian Army.
Prominent Companies Focus on Innovative Military Equipment to Establish Strong Presence
Since many companies are engaged in designing and producing military equipment, the industry is fragmented. OEMs are concentrating their efforts on manufacturing technologically innovative goods and forging close relationships with governments in both developed and developing countries.
February 2021: Paramount Group, a major producer of armored and mine protected vehicles and state-of-the-art camp systems, announced its collaboration with Bharat Forge Limited to launch Kalyani M4 Armored Vehicles in India. The M4 delivers ballistic and blast protection – up to 50kg TNT side blast or IED/roadside bombs, and quick mobility in rough terrain.
The Report Lists the Key Players in the Armored Vehicle Market:
- BAE Systems (U.K.)
- Denel SOC Ltd (South Africa)
- General Dynamics Corporation (U.S.)
- IVECO DEFENCE VEHICLES (Italy)
- Krauss-Maffei Wegmann GmbH & Co. KG (Germany)
- NORINCOGROUP (China)
- Oshkosh Defense, LLC An Oshkosh Corporation Company (U.S.)
- Otokar, a KOC Group Company (Turkey)
- Rheinmetall AG (Germany)
- Textron Systems (U.S.)
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