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Armored Vehicle Market To Witness Considerable Hike At 5.4% CAGR By 2025 Based on Rising Focus on Safeguarding Soldiers From External And Internal Threats | Grand View Research, Inc.

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Armored Vehicle Market To Witness Considerable Hike At 5.4% CAGR By 2025 Based on Rising Focus on Safeguarding Soldiers From External And Internal Threats | Grand View Research, Inc.

May 13
07:10 2022
Armored Vehicle Market To Witness Considerable Hike At 5.4% CAGR By 2025 Based on Rising Focus on Safeguarding Soldiers From External And Internal Threats | Grand View Research, Inc.
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According to a new report published by Grand View Research, multilateral collaboration between countries such as North Atlantic Treaty Organization (NATO) and the African Union to counter terrorism and maintain peace is also expected to favor armored vehicle industry growth.

Armored Vehicle Industry Overview

The global armored vehicle market size was valued at USD 25.5 billion in 2018 and is expected to reach USD 36.4 billion by 2025, registering a CAGR of 5.4% over the forecast period.

The market has witnessed considerable growth owing to the increasing focus on safeguarding soldiers from external and internal threats. Growing awareness about commercial security is also expected to drive demand for various armored vehicles over the forecast period.

Multilateral collaboration between countries such as North Atlantic Treaty Organization (NATO) and the African Union to counter terrorism and maintain peace is also expected to favor market growth. The market is also anticipated to be driven by various governments opting for the latest machinery to counter emergencies caused by insurgencies and militant attacks. Moreover, increasing communal riots and organized crimes in regions such as the Middle East and Africa as well as Asia Pacific are expected to drive market demand.

Gather more insights about the market drivers, restrains and growth of the Global Armored Vehicle Market

Increasing defense budgets, particularly in Asia Pacific, is anticipated to boost the market growth. The goodwill of industry participants is expected to play a key role in contract allotments. Advancements such as increased fuel efficiency and the use of high-tech sensors are expected to drive the market over the next few years.

Increasing cross-border criminal activities and terrorism have triggered asymmetric warfare between different nations across the globe and this is expected to further increase product demand. The development of lightweight, robust, highly efficient, and compact armored vehicles suitable for defense operations is further expected to keep growth prospects upbeat.

Limited budget for military spending, particularly in the North American and European regions, may pose a challenge to industry growth over the forecast period. Additionally, rising prices of raw materials, components, vehicle assembly, and machining equipment are expected to hinder the growth of the market. 

U.S. Armored Vehicle Market size, by defense product, 2014-2025 (USD Billion)

 

Armored Vehicle Market Segmentation

Based on the Application Insights, the market is segmented into defense and commercial.

  • On the basis of application, the market is segmented into defense and commercial. The defense segment dominated the market in 2018 and was valued at USD 20.5 billion. Growing concerns for governments to safeguard soldiers’ lives during civil wars, riots, or domestic terrorism are anticipated to drive the defense segment over the forecast period.
  • Commercial applications of armored vehicles include VIP protection, armed convoys, and patrols. Rising demand for rental and leasing protected van services owing to increasing awareness about personal safety is also expected to favor the growth of the commercial segment over the forecast period.

 

Based on the Product Insights, the market is segmented into defense and commercial.

  • On the basis of product, the armored vehicle market is primarily bifurcated into defense and commercial.
  • The defense armored vehicle segment includes armored personnel carrier (APC), infantry fighting vehicle (IFV), light protected vehicle (LPV), main battle tank (MBT), and mine-resistant ambush-protected (MRAP), and a tactical vehicle. The commercial segment includes bus/van, limousine, sedan, and SUV.
  • The growing need to protect military personnel from mine attacks is expected to drive demand for mine-resistant ambush-protected automobiles over the coming years.
  • Tactical military carriers are designed primarily for use by military forces. Armored personnel carriers are primarily used for safer deployment of infantry on battlefields or high threat areas.

 

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

  • Asia Pacific generated the highest revenue of USD 7.9 billion in 2018. This can be attributed to government initiatives undertaken to strengthen military power to counter internal or external terrorism.
  • Countries such as India, South Korea, and China are making investments in procuring and developing advanced armored vehicles.
  • Manufacturers in Asia Pacific are also significantly investing in research and development activities to develop advanced and hybrid armored vehicles for enhanced maritime and border patrolling.
  • Increasing military expenditures and growing demand for medium-sized, light armored vehicles for patrolling operations is expected to boost regional growth over the next few years.

 

Browse through Grand View Research’s Automotive & Transportation Industry Research Reports.

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Market Share Insights:

  • May 2015: Rheinmetall AG, PolskaGrupaZbrojeniowa SA, Obrum, the company’s subsidiary, signed a cooperative agreement to develop a new amphibious 6X6 armed automobile for the Polish military.
  • April 2015: BAE Systems implemented an active damping system upgrade to the CV90 combat automobile, thus increasing its agility by reducing the automobile’s pitch acceleration by approximately 40%.
  • December 2014: BAE Systems, also announced that it received a contract worth USD 1.2 billion from the U.S. army for armored multi-purpose automobiles.

 

Key Companies Profile: 

Prominent players are emphasizing collaborating with companies engaged in manufacturing advanced systems and components to equip their products with cutting-edge technologies for better combat capabilities. Elbit Systems, one of the major component manufacturers, offers component upgrades such as fire control systems, autonomous systems, and Overhead Remote Controlled Weapon Stations (ORCWS) for better security. 

Some prominent players in the global armored vehicle market include

  • BAE Systems
  • BMW AG
  • Daimler AG (Mercedes Benz)
  • Elbit Systems
  • Ford Motor Company
  • General Dynamics Corporation
  • INKAS Armored Vehicle Manufacturing
  • International Armored Group
  • IVECO
  • Krauss-Maffei Wegmann GmbH & Co. (KMW)
  • Lenco Industries, Inc.
  • Lockheed Martin Corporation
  • Navistar, Inc.
  • Oshkosh Defense, LLC
  • Rheinmetall AG
  • STAT, Inc.
  • Textron, Inc.
  • Thales Group.
     

Order a free sample PDF of the Armored Vehicle Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com

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