“The requirement for effective and successful defense operations is the key factor influencing the growth of the armored vehicles market across the globe.”
The armored vehicles market is projected to grow from USD 14.3 billion in 2018 to USD 16.8 billion by 2023, at a CAGR of 3.25% from 2018 to 2023. Growing demand for armored vehicles due to rise in the instances of cross-border conflicts and increasing incidences of asymmetric warfare across the globe are expected to fuel the growth of the armored vehicles market across the globe. However, the absence of major OEMs of armored vehicles in the Middle East and Asia Pacific region and occurrence of mechanical, electrical, and other kinds of failure in armored vehicles are projected to hinder the growth of the market.
“The combat vehicles segment is projected to lead the armored vehicles market during the forecast period.”
Based on platform, the armored vehicles market has been segmented into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. The unmanned armored ground vehicles segment is projected to grow at the highest CAGR during the forecast period. Increasing demand for unmanned systems in battlefields is fueling the growth of this segment of the market.
“The wheeled segment is projected to grow at a higher CAGR as compared to the tracked segment from 2018 to 2023.”
Based on mobility, the market has been segmented into wheeled and tracked. The wheeled segment is projected to grow at a higher CAGR as compared to the tracked segment during the forecast period. Increased demand for 4x4 light armored vehicles by military forces to carry out Intelligence, Surveillance, and Reconnaissance (ISR) activities and transport defense personnel and equipment from one location to another is fueling the growth of this segment of the market.
“The Asia Pacific armored vehicles market is projected to grow at the highest CAGR during the forecast period.”
The Asia Pacific armored vehicles market is projected to grow at the highest CAGR from 2018 to 2023. The growth of the market in this region can be attributed to the rising number of terrorist activities in the Asia Pacific region and increasing spending of emerging economies on defense operations. Countries such as India and China have increased their defense budgets and are procuring advanced armored vehicles for their military operations. This, in turn, is expected to drive the growth of the Asia Pacific armored vehicles market during the forecast period.
Break-up of profiles of primary participants in this report:
• By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
• By Designation: C level – 35%, Director level – 25%, and Others – 40%
• By Region: Middle East - 45%, North America – 20%, Asia Pacific – 30%, and Europe – 5%
Key players profiled in the armored vehicles market include Oshkosh Corporation (US), UralVagonZavod (Russia), Ukroboronprom (Ukraine), General Dynamics Corporation (US), BAE Systems plc (UK), NORINCO (China), Rheinmetall AG (Germany), and Textron Inc. (US).
The study segments the armored vehicles market based on platform (combat vehicles, combat support vehicles, and unmanned armored ground vehicles), mobility (wheeled and tracked), system (engines, drive systems, ballistic armor, turret drives, fire control systems, armaments, countermeasure systems, Command & Control (C2) systems, power systems, navigation systems, observation & display systems, ammunition handling systems, and hulls/frames). It maps these segments and subsegments across 5 major regions, namely, North America, Europe, Asia Pacific, the Middle East, and Rest of the World (RoW). The report provides in-depth market intelligence regarding the major factors such as drivers, restraints, opportunities, and challenges influencing the growth of the armored vehicles market, along with an analysis of micromarkets with respect to individual growth trends, prospects, and their contribution to the overall market.
Reasons to Buy This Report:
From an insight perspective, this research report has focused on various levels of analysis — industry analysis (industry trends), market ranking analysis of top players, supply chain analysis, and company profiles. These insights together comprise and discuss basic views on the competitive landscape, emerging and high-growth segments of the armored vehicles market, high-growth regions, and market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on armored vehicles offered by top market players
• Market Sizing: The estimated size of the market in 2018 and its projection from 2018 to 2023
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the armored vehicles market
• Market Overview: Market dynamics and subsequent analysis of the associated trends as well as drivers, restraints, opportunities, and challenges prevailing in the armored vehicles market
• Market Development: Comprehensive information about lucrative markets – the report analyzes the markets for armored vehicles across different regions
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the armored vehicles market
• Regional Analysis: Factors influencing the growth of the armored vehicles market in North America, Europe, Asia Pacific, the Middle East, and Rest of the World (RoW)
• Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the armored vehicles market