Pune, India, 26th June 2020 – The global armored vehicle market is anticipated to showcase a remarkable growth in the coming years on account of the development of scalable and modular armored vehicles. An armored vehicle is a military combat vehicle used for the protection purposes such as shrapnel, IED weapons, missiles, and other weapon systems. As per a recent report by Fortune Business Insights, titled, “Armored Vehicle Market Size, Share and Industry Analysis, By Platform (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles), By Mobility (Wheeled, Tracked), By System (Engine, Drive Systems, Ballistic Armor, Turret Drives, Ammunition Handling Systems, Others) and Regional Forecasts, 2019-2026,” the market value stood at USD 17.18 billion in 2018 and is expected to rise at a CAGR of 5.36% to reach a value of USD 26.12 billion by the end of 2026. The forecast period is set between 2019 to 2026.
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What are the Highlights of the Report?
- A comprehensive overview of the market.
- Factors aiding to the growth of the market and challenging it.
- Major segments of this market and name of the leading segment with attributed factors.
- Current trends prevalent in the market and the other interesting insights into the market.
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Drivers & Restraints-
Development of Scalable Vehicles to Add Impetus to Market
Frequent cases of cross-border conflicts worldwide are a crucial factor in promoting the armored vehicle market growth. This, coupled with the rising adoption of unmanned combat ground vehicles by the military and defense sector and law enforcement agencies, is expected to aid in the expansion of the market in the coming years.
On the flip side, armored vehicles are yet to be upgraded, implying that there are more chances of mechanical failures, or engine part jamming, power failures, or others. This may hamper the market in the coming years. Nevertheless, the increasing investment in research and development of scalable and modular armored vehicles will create lucrative growth opportunities for the market in the forecast period.
Combat Vehicles Segment to Hold Highest Share Accountable to its Fire Assistance Features
The global armored vehicle market is dominated by the combat vehicles sub-segment of the platform segment. This is attributed to the increasing demand for armored personnel carriers (APCs) and light armored vehicles (LAVs). However, in 2018, the unmanned armored ground vehicles sub-segment earned 11% of the armored vehicle market share.
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North America Covered Largest Share Accountable to Heavy Investments in Advance Manufacturing Capabilities
Geographically, North America earned the highest armored vehicle market share in 2018, with a revenue of USD 6.61 billion. This is accountable to the increasing investments in the research and development of advanced and upgraded manufacturing units. In addition to that, the government of the United States is emphasizing on their national defense system and trying to strengthen it by investing massively on infrastructural development of defense systems. However, Asia Pacific is expected to rise rapidly in the forecast duration on account of the increasing investments on emerging nations, namely, China and India and their defense systems.
Companies Focusing on Adoption of Collaborative Strategies to Aim for Top Position
The global market for armored vehicle is fragmented in nature on account of an estimated ten players holding significant shares. Most of the players are engaging in collaboration for gaining a prominent position in the market competition. The others are investing in developing AI-based tracking technology and object recognition for standing out in the crowd and gain a competitive edge in the market.
Major Industry Developments of the Market for Armored Vehicle include:
December 2019 – A contract worth USD 803.9 million was awarded to Oshkosh Defense by the U.S. Army for the delivery of 2,721 Joint Light Tactical Vehicles (JLTVs). These vehicles will help various corporations serving the defense sectors of the U.S., namely army, navy, marine and air force corporations, to organize missions for supporting the national defense strategy.
Some of the Key Players of the Armored Vehicle Market include:
- IVECO DEFENCE VEHICLES (Italy)
- Ukroboronprom (Ukraine)
- Krauss-Maffei Wegmann GmbH & Co. KG (Germany)
- Rheinmetall AG (Germany)
- UralVagonZavod (Russia)
- NORINCO (China)
- Oshkosh Corporation (the U.S)
- General Dynamics Corporation (the U.S.)
- Otokar, a KOC Group Company (Turkey)
- Textron Inc. (the U.S.)
- Denel SOC Ltd (South Africa)
- BAE Systems plc (the U.K.)
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