Armored Vehicles Market Share, Size, Growth Insight, Ongoing Trends & Recent Developments and Competitive Analysis By Major Key Players Like General Dynamics Corporation, BAE Systems, Textron, Oshkosh Corporation, Elbit Systems, Thales Group, Lockheed Mar

Armored Vehicles Market by End User (Commercial (SUV, Sedan, Limousine, Bus/Van, Others) & Defense (Wheeled Armored, Tracked Armored)), Technology (Active, Passive), by Region (North America, Europe, Middle East & Africa, South America)- Forecast till 2023

Global Armored Vehicles Market is estimated to witness a CAGR of more than 3% during the forecast period till 2023

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).

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Armored Vehicles Market Scenario

Armored vehicles are security vehicles used to transport armed security. 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.

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.

The high costs of advanced armored vehicles is also a major limitation for the global armored vehicles market. Fluctuating raw material costs, import expenses, and a huge taxes levied by countries often result in increased costs of end products. If companies wish to expand their businesses of the global armored vehicles across emerging economies, the key challenge is keeping a balance between the base cost of products and their quality. Growing concerns to protect military workforces during civil wars and the increasing need to protect the nation from a difficult situations and scenarios, ranging from natural disasters to acts of terrorism, is expected to drive security applications across the globe. This would result in, rise in the demand for armored vehicles during the forecast period

Armored Vehicles Industry/ Innovation/ Related News:

April, 2018: BAE Systems supplied all five variations of its Armored Multi-Purpose Vehicle to the U.S. Army for testing.

March, 2018: INKAS Armored Vehicle Manufacturing Company released its INKAS Sentry “Civilian Edition” armored.

Feb, 2018: Iveco Defence Vehicles provided final tranche of Light Armoured Vehicles to the Norwegian Army.

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