Global Armored Vehicles Market Size By Drive Type(Track, Wheel), By Application(Commercial, Defense), By Vehicle Type(Infantry Fighting Vehicle, Armored Personnel Carrier, Tactical Truck), By Geographic Scope And Forecast
Global Armored Vehicles Market Size By Drive Type(Track, Wheel), By Application(Commercial, Defense), By Vehicle Type(Infantry Fighting Vehicle, Armored Personnel Carrier, Tactical Truck), By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Armored Vehicles Market size was valued at USD 17.89 billion in 2021, it is expected to reach USD 31.76 billion by the end of 2030, growing at a CAGR of 3.6% from 2023 to 2030.
This market is driven by various factors including military modernization all across the globe, increasing investment in defense, and the development of scalable and modular armored vehicles. The Global Armored Vehicles Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Armored Vehicles Market Definition
The armored vehicles market is essentially a global business focused on designing, building, and selling tough, customized vehicles with extra protection. Think of it as providing mobile fortresses designed to keep military personnel, equipment, and crucial supplies safe from bullets, explosions, and other dangers. You can find everything from tanks to armored personnel carriers out there, all used in a variety of military operations. What's fueling this market? Well, rising global tensions, beefed-up defense budgets, and the need to upgrade or replace older military vehicles are all playing a big role. The main players are the big defense contractors and manufacturers, as well as specialized companies dedicated solely to creating and building these armored beasts.
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Armored Vehicles Market Overview
The COVID-19 pandemic had merely an insignificant effect on the armored vehicle industry, however, it caused significant distribution networks and manufacturing process disruptions. However, due to ongoing upgrade initiatives and political instability, the demand for armored vehicles as a whole continued steadily.
Okay, so here's the dealthe armored vehicle market is set to explode in the next few years. Think about it – with all the international tension and countries trying to modernize their militaries, there's going to be a bigger need for advanced armored vehicles. Plus, countries are spending more on their military stuff, especially the developing ones, which means new opportunities for companies in the business. Don't forget that everyone wants better border protection, especially developing nations, and that's driving demand, too. And of course, things are always getting better – we're talking lighter, stronger armor, all thanks to cool technological advancements. So yeah, expect growth!
While the armored car market is predicted to expand, it might face some roadblocks. For example, some countries or smaller military groups with limited budgets might find these vehicles too expensive to design and build. Also, strict export rules from various countries could slow down global market growth. Plus, if drones and other autonomous tech become more common in the military, the demand for human-operated armored vehicles could drop. And finally, ongoing demilitarization and the decommissioning of military equipment in some areas could further dampen the armored vehicle market's rise.
Sure, the armored vehicle market isn't always easy, but there's some really cool stuff on the horizon! Think about unmanned ground vehicles (UGVs) – these remotely controlled robots are super popular for all sorts of military and safety jobs, and their potential is huge. Plus, we might see hybrid and electric armored vehicles that are easier on gas and the environment. Companies are also putting a lot of money into research and development, which means we'll likely get even more advanced armored cars with awesome features like better stealth, survivability, and networked communication. And don't forget, there's a growing demand for armored vehicles in law enforcement and personal security, which opens up even more opportunities for the market to grow!
Armored Vehicles MarketSegmentation Analysis
The armored vehicles market is segmented by Drive Type, Application, vehicle type, and geography.
Armored Vehicles Market, By Drive Type
• Track• Wheel
The wheel drive type segment is dominating the armored vehicles market globally and is expected to sustain its dominance in the forecast period. Besides this, the track drive type is also projected to grow with a healthy CAGR in the coming years.
Armored Vehicles Market, By Application
• Commercial• Defense
It can be observed that defense applications hold the largest share in the market. the armored vehicles market is mainly attracted by defense purposes due to which its demand is increasing in this segment as compared to the commercial applications.
On the basis of Vehicle Type, the Armored Vehicles Market is segmented into Infantry Fighting Vehicle, Armored Personnel Carrier, Tactical Truck, Sedan,Main Battle Tanks and Others.
Armored Vehicles Market, By Geography
• North America• Europe• Asia Pacific• Latin America• Middle East and Africa
Asia Pacific region is leading the armored vehicles market globally. This is due to the rapidly increasing geopolitical instability in the countries such as India, China, South Korea, and Australia. Besides this, significant investment in this market is also supporting the armored vehicles market in this region.
Key Players
The key players in the armored vehicles market are BAE Systems, INKAS Armored Vehicle Manufacturing, General Dynamics Corporation, STREIT Group, Rheinmetall AG, International Armored Group, Oshkosh Corporation Inc., Lenco Armored Vehicles, Krauss-Maffei Wegmann GmbH & Co., Patria Group.
Key Developments
• In October 2021, the Nigerian Army received VP-1 Tracked Armored Personnel Carriers which were manufactured in China. They can strengthen the army during wars and also control local crimes.
• In September 2021, the Czech Ministry of Defense got 3 offers to acquire 210 Infantry Fighting Vehicles for aiding the land forces of the country.
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2019-2030
BASE YEAR
2022
FORECAST PERIOD
2023-2030
HISTORICAL PERIOD
2019-2021
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
BAE Systems, INKAS Armored Vehicle Manufacturing, General Dynamics Corporation, STREIT Group, Rheinmetall AG, International Armored Group, Oshkosh Corporation Inc., Lenco Armored Vehicles, Krauss-Maffei Wegmann GmbH & Co., Patria Group.
SEGMENTS COVERED
By Drive Type, By Application, By Vehicle Type, and By Geography
CUSTOMIZATION SCOPE
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Reasons to Purchase this Report
We'll take a deep dive into the Market, looking at both the numbers and the qualitative aspects, breaking it down by different segments based on economic and non-economic factors. You'll get hard data – Market value in USD Billion – for each segment and sub-segment. We'll pinpoint which region and segment are poised for the biggest growth and Market leadership. Our geographical analysis will highlight product/service consumption, showing what's driving the Market in each area. Plus, we'll map out the competitive landscape, ranking major players and covering their new launches, partnerships, expansions, and acquisitions over the last five years, including detailed company profiles with overviews, insights, product comparisons, and SWOT analysis. You'll get a clear picture of the industry's current and future outlook, including growth opportunities, drivers, and challenges in emerging and developed regions. We'll also provide an in-depth analysis using Porter’s five forces and a breakdown of the Value Chain. Finally, we'll outline the Market dynamics and growth opportunities expected in the coming years, and offer 6 months of post-sales analyst support.
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