BANGALORE, India, June 24, 2020 /PRNewswire/ — Armored vehicles can be defined as vehicles that are fitted with complete or partial armor plating for protection against bullets, shell fragments, or any other projectiles.
The global armored vehicles market size was valued at USD 15.96 Billion in 2018 and is projected to reach USD 21.97 Billion by 2026, registering a CAGR of 4.2% from 2019 to 2026.
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TRENDS INFLUENCING THE ARMORED VEHICLES MARKET SIZE
- The introduction of unmanned fighting vehicles and the development of modular armored vehicles are expected to play a major role in the growth of Armored vehicle market size.
- The market has seen significant growth due to a growing emphasis on protecting soldiers from external and internal threats. Increasing awareness about commercial safety is also expected to drive the growth of Armored vehicle market size during the forecast period.
- Surge in militarization of law enforcement agencies, are expected to increase the Armored Vehicles Market size. Increased militarization encourages the use of military tactics and military equipment, which in turn stimulates market growth for the armored vehicles.
- Rising demand for bulletproof vehicles is expected to boost the armored vehicle market size. The rising security challenges originating from growing insurgent activity and crime rate are driving the demand for civilian armored vehicles. Additionally, with the number of public figures, and elite groups are adopting armored passenger vehicles for a greater sense of security, armored vehicles are gaining popularity.
- The development and deployment of unmanned armored vehicles offer remarkable potential for military operations since it can operate in a wide variety of high-risk situations. This widespread adoption for military operations is expected to increase the armored vehicles market size during the forecast period
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ARMORED VEHICLES MARKET SHARE ANALYSIS
Asia-Pacific is expected to witness the largest growth during the forecast period. Market growth in this region can be attributed to rising numbers of terrorist activities in this region and increasing expenditure on defense operations by emerging economies.
Countries like India and China have increased their budgets for defense and are purchasing advanced armored vehicles for military operations. This, in turn, is expected to drive the growth of the armored vehicle market in Asia Pacific during the forecast period.
By Region
- North America
- Europe
- Asia-Pacific
- LAMEA
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ARMORED VEHICLES MARKET SEGMENTATION
By Application
- Defense
- Commercial.
By Drive type
- Wheel
- Track.
By Vehicle Type
- Armored Personnel Carrier
- Infantry Fighting Vehicle
- Main Battle Tanks
- Tactical Truck
- Bus
- Limousine
- Sedan
- Other.
Key Companies
- Oshkosh Defense, LLC
- BAE Systems
- Rheinmetall AG
- General Dynamics Corporation
- International Armored Group
- Krauss-Maffei Wegmann GmbH & Co. (KMW)
- enco Industries, Inc
- Lockheed Martin Corporation
- STREIT Group
- INKAS Armored Vehicle Manufacturing
- Others.
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SIMILAR REPORTS
● Armoured Fighting Vehicle Market Report
The increasing political tension, terrorism, and hostile activities that are happening around the world are some of the significant factors that are expected to increase the growth of Armoured Fighting Vehicles Market size.
Because of decreasing orders for armored vehicles, the big players face a slowdown in revenue. Local manufacturing companies, however, have several orders and a backlog of at least five years of production in all of the developing countries. The increasing involvement of local companies changes the structure of the industry from a centralized industry to a competitive market.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-33P830/global-armoured-fighting-vehicles
● Military Armored Vehicles Market Report
The emergence of cross-border conflicts and the growing incidence of asymmetric warfare across the globe are key factors for the growth of Military Armored Vehicles Market size.
However, the absence of major armored vehicle OEMs in the Middle East and Asia Pacific region and the occurrence of mechanical, electrical and other forms of failure in armored vehicles are expected to hinder market growth.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-7W1053/global-military-armored-vehicles
● Infantry Fighting Vehicle Market Report
Infantry fighting vehicle (IFV), is a combat vehicle manufactured to carry troops into the battlefield and provide direct fire support.
The focus on enhancing battlefield situational awareness and rising incidences of asymmetric warfare are some of the significant factors driving the growth of Infantry fighting vehicle market size.
However, delays in procurement processes restrict the growth of the IFVs market to some extent. Nonetheless, the rise in defense spending, particularly in emerging economies, is anticipated to boost IFV market growth.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-36S862/global-infantry-fighting-vehicles
● Armored Car Market Report
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-25X1426/global-armored-cars
● Main Battle Tanks Market Report
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-34P798/global-main-battle-tanks
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