The global Armored Vehicle Market is projected to gain momentum from the rising political tensions and security challenges over borders in several countries. Fortune Business Insights™ published this information in an upcoming study, titled, “Armored Vehicle Market Size, Share and Global Trend By Product type (Armored Personnel Carrier (APC), Infantry Fighting Vehicle (IFV), Main Battle Tank (MBT), Mine Resistant Ambush Protected (MRAP)), By Mobility (Wheeled, Tracked), By End-User (Defense, Commercial) and Geography Forecast till 2026.”
The study further mentions that technological advancements, such as the introduction of automation and robotics, mine-resistant ambush-protected (MRAP) vehicles, and AI-driven vehicles would affect the market positively. Besides, the increasing adoption of sensors equipped with video surveillance and cameras for 360- degree field of vision is expected to drive the armored vehicle market growth during the forthcoming years.
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List of the most renowned organizations present in the armored vehicle market. They are given below:
- Krauss-Maffei Wegmann GmbH & Co.
- Oshkosh Corporation
- Textron, Inc.
- Rheinmetall AG
- Lockheed Martin Corporation
- Lenco Industries, Inc.
- BAE Systems plc
- The Kalyani Group
- General Dynamics Corporation
- Diehl Defense GmbH & Co. KG
- Thales Group
- Navistar, Inc.
- Elbit Systems Ltd.
- Other key market players
Highlights of the Report
- Extensive analysis of the armored vehicle market trends, growth drivers, barriers, opportunities, and challenges.
- Detailed information about all the segments present in the market.
- In-depth data about the competitive landscape, such as joint ventures, innovative product launches, contracts, agreements, and acquisitions.
Rising Investments in R&D Activities to Favor Growth in Asia Pacific
In terms of geography, the market is fragmented into South America, North America, the Middle East and Africa, Asia Pacific, and Europe. Amongst these, Asia Pacific is anticipated to exhibit the highest CAGR on account of the increasing investments in research and development activities in countries, namely, India and China, for defense operations.
Also, rising terrorist activities would propel growth in this region. Apart from that, the ongoing development to design technologically advanced armor vehicles is likely to drive growth. Lastly, many industry giants present in the region, namely, Hyundai Rotem (South Korea), Shaanxi Baoji Special Vehicles Manufacturing Co., Ltd. (China), and JCBL Armoring Solutions (India) would fuel growth.
Europe, on the other hand, is expected to showcase a significant growth backed by higher expenditure on the defense sector for enhancing security by adopting land force vehicles. North America is projected to experience considerable growth in the coming years because of the development of highly advanced armored vehicles equipped with strong ballistic capabilities. Additionally, the governments of this region are investing huge sums in the defense sector. The U.S. also houses various renowned manufactures, such as Oshkosh Corporation, Textron Inc., and General Dynamics Corporation. They would also contribute to the growth of the armored vehicle market size in this region.
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Key Industry Developments
The market consists of several small, medium, and large enterprises. They are constantly striving to gain the maximum armored vehicle market share in the coming years. Many countries are also participating in launching armored vehicles to tighten security. Below are a couple of the latest industry developments:
- December 2019: Finland, Latvia, and Estonia announced that they have signed an agreement to prospect the possibility of jointly developing an armored wheeled vehicle platform. It was signed by Latvian Defence Minister Artis Pabriks, Estonian Defence Minister Jüri Luik, and Finnish Defence Ministry Secretary-General Jukka Juusti. The development of a common armored vehicle platform would also surge the security of supply, interoperability, and value for money.
- May 2019: China introduced its latest armored vehicle at the Beijing Civil-Military Integration Expo 2019. It can fire 12 suicide drones to conduct reconnaissance operations and launch attacks on targets. Beijing Zhongzi Yanjing Auto Co Ltd. designed the 4×4, 2.4 meter-wide, 5.7 meter-long off-roach vehicle. It is capable of adapting to the changing demands of highly mobile troops with a maximum speed of 125kmph. It can operate in harsh terrains, including mountains and jungles. It is equipped with the ‘missile-vehicle integrated technology’ and carries 12 pneumatic launch tubes.
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