Increasing defense budgets, particularly in asia pacific, is anticipated to drive growth. Goodwill of the industry participants is expected to play a key role in contract allotments. Advancements such as increased fuel efficiency and efficient armor material are expected to fuel industry growth over the next seven years. Limited budget for military spending particularly in north america and europe may pose a challenge to the armored vehicle industry over the forecast period.
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Rising concerns regarding security from insurgent groups and terrorist attacks in countries across asia pacific have highlighted the need for modernization of military groups, pressing government bodies to allot more funds to the defense sector in the past few years. Countries such as india, china, and south korea are focusing on the procurement of enhanced armored vehicles, driving the global market. Developed nations such as uae, israel, saudi arabia, iran, and turkey are also substantially increasing their military budgets and increasing the numbers of technologically advanced armored vehicles in their military troops.
The demand for integration of technologically advanced electrical, photonic, and efficient and highly secure communication components in armored fleet to maintain an edge over extremist powers is gaining strength, stimulating the need for technological transformation for the market. In the next few years, continual investment in R&D activities, development of highly advanced, and innovative technologies will be the core of growth strategies adopted by key vendors, including Oshkosh Corporation, Elbit Systems Ltd., BAE Systems plc, Lockheed Martin Corporation, and Rheinmetall Defence.
Armored Vehicles Market is expected to rise to US$ 35490 Million by 2023
The need for reducing the weight and size of vehicles deployed in the defense sector, and the demand for highly efficient, compact, and robust vehicles and weapons is also a key driver of the global armored vehicle market. Promising advancements on fronts such as communication medium, adaptability, navigation, surveillance, protection, and enhanced situational awareness are expected to appeal to an extended set of clients in the next few years.
By geography the global armored vehicle market is segmented into north america, europe, asia-pacific and rest of the world (row). The u.s., canada and mexico are covered under north america wherein europe covers russia, u.k., germany, france, italy and others. Asia-pacific covers china, india, japan and others. Row covers south america, middle east and africa.
The key players in the armored vehicle market include international armored group, lockheed martin, thales group, general dynamics corporation, bae systems, denel land systems, oshkosh defense, rheinmetall landsysteme gmbh, elbit systems ltd. And inkas armored vehicle manufacturing, among others.