Armored Vehicles Market Scenario:
Armored vehicles are security vehicles used to transport armed security. (Armored Vehicles Market) Armored vehicles were only owned and used by military, law enforcement, and ministers, but in the past few years prominent figures from the corporate world, VIPs and celebrities, have also been contributing to the demand for these vehicles. The continually increasing security challenges is the main reason for adoption of armed vehicles by the various government bodies and civilians.
Technological developments and improvements in artificial intelligence have increased the use and importance of unmanned ground vehicles, virtual training and survivability equipment. The demand for new, technologically advanced transmission equipment in armored vehicle, which are highly effective and secure, are critical in retaining an edge over extremist powers.
The growing challenges of tackling modern day security threats are stimulating the need for technological revolution in the market. Frequent investment in R&D activities, and development of highly advanced and innovative technologies, will be the core growth strategies in the upcoming years.
Armored Vehicles Market Segmentation:
The global armored vehicle market is classified into vehicle type, design, and geography. By vehicle type, the market is segmented into infantry fighting vehicles, main battle tanks, light protected vehicles, armored personnel carriers, armored amphibious vehicles, mine-resistant ambush protected and others. Rising need for safeguarding military workforces is anticipated to drive unmanned ground military carrier demand over the forecast period.
Tactical military carriers are designed primarily for use in by military in direct combat or tactical operations. Armored Personnel Carrier (APC) are mostly used for safer deployment of infantry to battle fields or high risk regions, and it can be distinguished from Infantry Fighting Vehicle (IFV) based on the weapons it carries.
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Global Armored Vehicles Market is estimated to witness a CAGR of more than 3% during the forecast period.
The need for reducing the weight and size of vehicles installed in the defense sector, and the demand for highly efficient, compact, and robust vehicles and weapons is a key driver for the armored vehicle market. Promising innovations in transmission medium, adaptability, navigation, surveillance, protection, and enhanced situational awareness are expected to boost the demand in the next few years.
The high costs associated with advanced armored vehicles is a major limitation for the global armored vehicles market. Fluctuating raw material costs, import expenses, and huge taxes levied by countries often result in increased cost of end products. If companies wish to expand their businesses of armored vehicles across emerging economies, the key challenge is keeping a balance between the base cost of products and their quality. Growing concern of protecting military workforce during civil wars, and the increasing need to protect the nation from difficult situations and scenarios ranging from natural disasters to acts of terrorism, is expected to drive the growth of security applications across the globe. This would lead to a rise in the demand for armored vehicles during the forecast period.
Rise in internal & external security threats, and increasing violence in countries such as Syria, Iraq and other regions in the world, are driving global armored vehicle market. The growth of the market is due to the rise in defense expenditure in emerging economies and increasing acceptance of rental & leasing of armored vehicles among civilians. However, lack of standardization in the operations of companies, government rules & regulations, and limited defense budgets, may hinder the growth of the market. Furthermore, necessity of light weight armored vehicles and growing demand from commercial sectors is expected to provide opportunities for market growth in the coming years.
The U.S. and the European nations were the largest consumers of armored vehicles for a considerable period of time. The multilateral partnership between North Atlantic Treaty Organization (NATO) and the African Union to counter terrorism is expected to further force the growth of global armored vehicles market during the forecast period.
The Asia Pacific region has witnessed increased defense expenditure from various countries including China, India, South Korea and Australia, which is expected to boost the demand for armored vehicles during the forecast period.
In most countries across Asia Pacific, lack of regulatory standards differentiating protection levels leads to high prices and an increased risk of fraudulence from manufacturers. These factors are also leading to the emergence of several unauthorized vehicle armoring companies in countries such as India, China, and Brazil; which is in turn challenging businesses of established companies to a certain extent.
The armored vehicles market is driven by innovation and technological growth. The other prominent feature of this market is the presence of few vendors, that mostly take contracts from government and commercial bodies. Most of the reputed vendors are present in North America and Europe. Defense sector is the key factor in the market’s overall development.
Armored Vehicles Market Key Players
The key players in global armored vehicles market are General Dynamics Corporation (U.S.), BAE Systems, Plc. (U.K), Textron Inc. (U.S.), Oshkosh Corporation (U.S.), Elbit Systems Ltd. (Israel), Thales Group (France), Lockheed Martin (U.S.), Rheinmetall AG (Germany), Denel Land Systems (South Africa), Sabiex International (Belgium), and Diehl Defense (Germany).
Table of Content:
- Executive Summary
- Scope of the Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
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