Armored Vehicle Market (By Drive type: Wheel, Track; By Vehicle Type: Armored Personnel Carrier, Infantry Fighting Vehicle, Main Battle Tanks, Tactical Truck, Bus, Limousine, Sedan, Other; By Application: Defense, Commercial) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027

Category : ICT | Delivery Format : PDF | Status: Published | Pages : 190

The global armored vehicle market is expected to grow at a CAGR of around 5.3% from 2020 to 2027 and expected to reach the market value of around US$ 34,721.6 Mn by 2027.

An armored vehicle is a vehicle protected with armor to combine operational mobility with defensive capabilities. Armored vehicles are either wheels or tracked and have major usage across military operation for the protection and defense activities. Additionally, used for transferring large quantities of money especially in banks and other retail companies.

Market Dynamics

The increasing demand for armored vehicles due to the rise in the instances of cross-border conflicts as well as increasing defense budget is some economies that are driving the market value. The rising incidences of asymmetric warfare worldwide are supporting the market value. The technological advancements in armored vehicles coupled with the growing commercial uses of armored vehicles are further supporting the market value. Furthermore, military modernization plans across the globe, increasing the adoption of unmanned combat ground vehicles by defense forces of different countries as well as the development of modular and scalable armored vehicles are some of the factors projected to create potential opportunities over the forecast period from 2020 to 2027.

On the other hand, the occurrence of mechanical, electrical, and other kinds of failure in armored vehicles, and increasing usage of unmanned vehicle in some major economies is projected to hinder the growth over the estimated period.

Defense segment accounted for the major share in the global armored vehicle market

By application, the defense segment is leading the market with a major share in 2019. The application segment is also projected to maintain its dominance over the forecast period from 2020 to 2027. The increasing defense budget simultaneously increasing terrorist activities across the globe is driving the market value. The ongoing research and development activities by major players along with government support are further supporting the market value.

The market research study on “Armored Vehicle Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027”, offers a detailed insight into the global Armored Vehicle market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights into the global armored vehicle market, its drive type, vehicle type, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global armored vehicle market size and volume, and segment markets by drive type, vehicle type, application, and geography along with the information on companies operating in the market. The Armored Vehicle market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.

Asia Pacific region is leading the market with major share

In 2019, Asia Pacific accounted for the major share in the global market, and the region is also projected to experience the fastest growth over the forecast period due to increasing military budget. The major economies of the region including China, South Korea, and India are strengthening their military operations is supporting the market value. The increasing internal or external terrorism activities are further accelerating the market value. Additionally, rising investments in research and development activities to develop advanced and hybrid armored vehicles for enhanced maritime and border patrolling is further propelling the growth in the regional market.

The players profiled in the report include BAE Systems plc (UK), Elbit Systems Ltd., General Dynamics Corporation, INKAS Armored Vehicle Manufacturing, International Armored Group, Krauss-Maffei Wegmann GmbH & Co. KG, Lockheed Martin, NORINCO (China), Oshkosh Corporation (US), Rheinmetall AG (Germany), STREIT Group, Textron Inc. (US), The Raytheon Company, Ukroboronprom (Ukraine), and UralVagonZavod (Russia).

Market Segmentation

Market By Drive type

  • Wheel
  • Track

Market By Vehicle Type

  • Armored Personnel Carrier
  • Infantry Fighting Vehicle
  • Main Battle Tanks
  • Tactical Truck
  • Bus
  • Limousine
  • Sedan
  • Other

Market By Application

  • Defense
  • Commercial

Market By Geography

North America

  • U.S.
  • Canada

Europe

  • UK
  • Germany
  • France
  • Spain
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East & Africa

  • GCC
  • South Africa
  • Rest of Middle East & Africa


Frequently Asked Questions

An armored vehicle is a vehicle protected with armor to combine operational mobility with defensive capabilities. Armored vehicles are either wheels or tracked and have major usage across military operation for the protection and defense activities.

According to Acumen Research and Consulting, the armored vehicle market is expected to reach the market value of around US$ 34,721.6 Mn by 2027.

The market for armored vehicle is expected to grow at a CAGR of around 5.3% from 2020 to 2027.

The defense is the leading segment by application in the armored vehicle market.

The increasing demand for armored vehicles, rising incidences of asymmetric warfare worldwide, technological advancements in armored vehicles, growing commercial uses of armored vehicles are some of the prominent factors driving the market value.

BAE Systems plc (UK), Elbit Systems Ltd., General Dynamics Corporation, INKAS Armored Vehicle Manufacturing, International Armored Group, Krauss-Maffei Wegmann GmbH & Co. KG, Lockheed Martin, NORINCO (China), Oshkosh Corporation (US), Rheinmetall AG (Germany), STREIT Group, Textron Inc. (US), The Raytheon Company, Ukroboronprom (Ukraine), and UralVagonZavod (Russia) are some of the prominent players in the market.

Asia Pacific region held the highest market share in the armored vehicle market.

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