Military vehicles require robust capabilities to overcome threats from both internal damages and external sources. The deployment of military troops in extreme environmental scenarios has led to the investments in improving the vehicle competencies in terms of technology. Various rugged systems and devices are constantly being integrated in the military vehicles worldwide specific to different regional applications.
Moreover, the development of landmines and other improvised explosive devices (IEDs), which pose major challenges to military vehicles, have amplified the concerns to protect the soldiers’ lives in the battleground. These factors boost the demand for armored vehicles from the military organizations globally. Additionally, the advent of technology and improvement of multirole vehicles have also influenced the demand for armored vehicles among various law enforcement agencies worldwide. Considering the aforementioned factors, the global armored vehicles market is estimated to be growing at a significant pace.
Furthermore, the security challenges across the globe have lead to the generation of demand for armored commercial vehicles from civilians. The market for commercial armored vehicles is currently growing at a steady pace, however, it is expected to undergo a substantial boost during the forecast period and lead to the expansion of the overall armored vehicles market. This factor is estimated to develop new opportunities for the global armored vehicles manufacturers.
On the contrary, the market for armored vehicles encounters major hindrances such as lack of standardized regulatory norms in Asia Pacific (APAC) and Rest of World (RoW). However, the impact of this restraint is analyzed to contract over the forecast period as the governments in different countries are gradually establishing regulations for armored vehicle manufacturing in all applications sectors namely, military, law enforcement and commercial.
In this report on the global armored vehicles, the market has been segmented based on technology, type and geography. The study highlights current market trends and provides the market size of 2014 and forecast from 2015 to 2023. The report covers the current market scenario for armored vehicle and highlights future trends that could affect the demand for the same. The global armored vehicles market is analyzed to observe a steady growth from 2015to2023 at a decent CAGR.
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Based on geography, the market has been segmented into North America, Europe, Asia Pacific and Rest of the World. On the basis of segmentation by type, the market has been categorized into light protected vehicles, infantry fighting vehicles, armored personnel carriers, main battle tanks, armored amphibious vehicles, mine resistance ambush protected (MRAP) vehicles and others. Additionally, the market has been segmented on the basis of technology which includes active protection system, inter operable communication, modular ballistic armor, electric armor, situational awareness, active mine protection and vehicle information integration. In addition to the market size of 2014, the forecasted market values from 2015 to 2023 have been provided in the report.
The report includes, analysis of macro and micro economic factors driving and restraining the growth of the global armored vehicles market. Moreover, the market attractiveness analysis provided in the report, highlights the major areas for future investments in the global armored vehicles industry. The report is intended to help armored vehicles suppliers and original equipment manufacturers in understanding the current and upcoming opportunities in the global armored vehicles market and formulating their business strategies accordingly. In addition, the report is expected to benefit the governments, military organizations and other buyer communities.
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This study includes the profiles of 10 major players in the global armored vehicle market and the strategies adopted by them to sustain in the competition. The key participants in the global armored vehicles market include Oshkosh Corporation, BAE Systems plc, Rheinmetall Defence, Lockheed Martin Corporation, Elbit Systems Ltd., The Raytheon Company, Krauss-Maffei Wegmann GmbH & Co. KG, General Dynamics Corporation, INKAS Armored Vehicle Manufacturing, International Armored Group and STREIT Group among others.