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The latest research study“ armored vehicles market : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2029 ” by Market Intelligence Data, finds that the global armored vehicles market size reached US$ 16.9 Billion in 2023. Looking forward, Market Intelligence Data expects the market to reach US$ 24.0 Billion by 2029, exhibiting a growth rate (CAGR) of 5.78% during 2023-2029.
Armored vehicles refer to automobiles specially designed with partial or complete armor plating to withstand attacks and explosions. Common variants include private carriers, main battle tanks, tactical trucks, buses, infantry fighting vehicles, limousines, and sedans. Armored vehicles provide high protection against basaltic threats, such as bullets, missiles, and improvised explosive devices (IEDs). They are also used in transporting military personnel and valuable items, including money and jewelry. Armored vehicles are usually fitted with weapons and a protective shell manufactured from various plates of corrosion-resistant steel, alloys, or unique composite materials. They also offer enhanced performance and higher reliability and durability to withstand attacks. As a result,
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The Prominent Players in the Global Armored Vehicles Market: General Dynamics Corporation (US),BAE Systems Plc. (UK),Textron Inc.(US),Oshkosh Corporation (US),Elbit Systems(Israel),Thales Group (France),Lockheed Martin (US),Rheinmetall AG (Germany),Denel Land Systems (South Africa),Sabiex International (Belgium),Di
Recent Developments
In April 2022, The British Ministry of Defence awarded Rheinmetall a contract for its Robotic Platoon Vehicles (RPV) program. The British Army ordered four Rheinmetall Mission Master SP – Surveillance Autonomous Armored vehicles (A-UGV) in an intelligence, surveillance, target acquisition, and reconnaissance (ISTAR) configuration and three Rheinmetall Mission Master SP – Cargo vehicles for a total of seven new A-UGVs. The UK had procured a total of eight Mission Master vehicles in previous phases of the program. The Rheinmetall Mission Master SP is part of the Autonomous Unmanned Ground Vehicle (A-UGV) family developed by Rheinmetall Canada. In March 2020, BAE Systems received a contract from the US Army for the production of 48 vehicle sets of the M109A7 self-propelled howitzer (SPH) and its companion, the M992A3 carrier, ammunition, tracked vehicle; and includes post-delivery support and spare parts.
Armored Vehicles Market Trends and Drivers:
The escalating product demand for frontline combat, armed escorting, surveillance, and goods transportation on battlefields is among the primary factors driving the armored vehicles market. Besides this, the elevating requirement for these automobiles for self and family protection, safeguarding public figures, and securing valuable materials, owing to the rising insurgent activities and threat levels, is further augmenting the market growth. Moreover, the integration of an active protection system (APS) that uses launchers, sensors, tracking radar, and countermeasure munitions to automatically detect and counteract incoming threat projectiles is also catalyzing the global market. Apart from this, the growing popularity of unmanned variants in defense forces to carry out intelligence, surveillance, and reconnaissance (ISR) and combat operations is acting as another significant growth-inducing factor. Furthermore, the increasing incidences of asymmetric warfare across the globe, inflating military modernization, and the launch of several policies by the government bodies toward strengthening the armed forces are expected to bolster the armored vehicles market in the coming years.
Based on Types, the Armored Vehicles Market is segmented into:
Armored Personnel Carrier (APC)
Infantry Fighting Vehicle (IFV)
Mine-resistant Ambush Protected (MRAP)
Main Battle Tank (MBT)
Other Types
Based on Application, the Armored Vehicles Market is segmented into:
Military
Commercial
Armored Vehicles Market Region Coverage (Regional Status, Demand & Trend Forecast by Countries, etc.):
North America, Europe, China, Japan, Southeast Asia, India.
North America (USA, Canada, and Mexico).
Europe (Germany, France, UK, Russia and, Italy).
Asia-Pacific (China, Japan, Korea, India and, Southeast Asia).
Asia Pacific is expected to dominate the market during the forecast period. The rising spending on the defense sector in India and China is considered to fuel the market's growth. The demand for new armored vehicles in Asia Pacific is growing on the note of replacing the aging armored vehicles and deploying advanced armored vehicles in the military. Furthermore, the rising capacities of local manufacturing companies in India, China, and Japan are observed to propel the market's growth.
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Key Segments Covered in this Market:
– Market Forecast Analysis for 2023-2029
– Growth Drivers and Barriers, Market Trends, Market Opportunities, Porter's Five Forces Analysis
– Armored Vehicles Market Overview, Industry Development, Market Maturity, Value Chain Analysis
– Regional & Country Level Analysis
– Market Segment Trend and Forecast
– Armored Vehicles Market Analysis and Various Recommendations
– Key Market Driving Factors.
This study provides in-depth quantitative assessments of the Armored Vehicles market and makes suggestions for developing strategies to support market success and growth. Market thoroughly assesses the essential market elements while taking into account the current status of the sector, customer preferences, participant business plans, and probable future developments from a range of angles. With the industry's continual expansion, the market is changing quickly. Technology development has given today's firms a variety of benefits that are causing everyday economic changes. Therefore, in order to effectively plan its strategies, a corporation must understand the trends in market movement. An effective strategy gives businesses an advantage over rivals and a head start on planning.
Browse Full Report for TOC and Description:
Customization of the Report: This report will be customized as per your needs for extra data up to 5 companies or 5 countries or nearly 40 analyst hours.
NOTE :- Armored Vehicles Market report is based on studies on 2017-2023 and provides forecast from 2023 till 2029.
Table of Contents:
Chapter 1: Global Armored Vehicles Market Overview
Chapter 2: Economic Impact on Industry
Chapter 3: Market Competition by Manufacturers
Chapter 4: Production, Revenue (Value) by Region
Chapter 5: Supply (Production), Consumption, Export, Import by Regions
Chapter 6: Production, Revenue (Value), Price Trend by Type
Chapter 7: Market Analysis by Application
Chapter 8: Manufacturing Cost Analysis
Chapter 9: Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 10: Marketing Strategy Analysis, Distributors/Traders
Chapter 11: Market Effect Factors Analysis
Chapter 12: Research Conclusions of Global Armored Vehicles Market
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