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Explore Industry Insights by Global Armored Vehicles Market Size, Share, Development, Growth and Demand Forecast to 2023

Armored Vehicles Market

Armored Vehicles Market

As per the research, the global market for armored vehicles is likely to grow from USD24.8 billion in 2016 to USD36.6 billion by 2023. With increasing security concerns in the Asia-Pacific region and rising political disputes across the globe, the demand for armored vehicles is expected to gain traction during the forecast period.

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As per the findings of research, the defense sector emanated the largest demand for armored vehicles. The segment is expected to exhibit similar trends during the forecast period. Active mine system is the largest segment in armored vehicles market, by technology; while active protection system is expected to exhibit the fastest growth in the global armored vehicles market, by technology.

Europe accounted for the largest region in the global armored vehicles market, where Germany contributed to the largest revenue. The U.S. was the major market for armored vehicles in North America, whereas Japan contributed to the largest revenue in Asia-Pacific region. Saudi Arabia generated the largest revenue for armored vehicles in the Middle East and Africa; whereas Brazil is expected to lead the global market for armored vehicles during the forecast period.

The factors driving the growth of the global armored vehicles market include rising applications in the commercial sectors, increasing civilian use of armored vehicles for self-defense or protection and increasing defense budgets. Another factor that is expected to drive the growth of global armored vehicles market is the rise in violence and the increasing availability of rental and leasing of armored vehicles worldwide.

The companies involved in the global armored vehicles market are increasingly investing in to R&D activities for the development of advanced armored technologies. This is expected to increase the demand for armored vehicles during the forecast period. Additionally, the rising trend of militarization has resulted in huge demand for armored vehicles from law enforcement agencies worldwide.

The increasing government initiatives to adopt advanced technologies and the growing need for modernizing and upgrading the military sector in the U.S. has significantly boosted the demand for armored vehicles over the past few years; however, the withdrawal of troops from Afghanistan and Iraq by the U.S. and their allies hindered the market at a considerable level thereby resulting in a steady decline in the North American region.

Major players have stronghold in the global armored vehicles market Some of the key players in the global armored vehicles market include General Dynamics Corporation, Lockheed Martin Corporation, BAE Systems plc, Elbit Systems Ltd., Oshkosh Corporation, Textron Inc., International Armored Group (IAG), Denel Land Systems, Rheinmetall AG, Thales Group and INKAS Armored Vehicle Manufacturing.

Explore Research Report At: https://www.psmarketresearch.com/market-analysis/armored-vehicles-market

Product launches and strategic expansion plans by key players have been the major recent developments in the global armored vehicles market. Companies are increasingly investing in R&D activities and focusing on strategic partnerships and contracts to strengthen their market presence across the globe.

About P&S Market Research

P&S Market Research is a market research company, which offers market research and consulting services for various geographies around the globe. We provide market research reports, industry forecasting reports, business intelligence, and research based consulting services across different industry/business verticals.

As one of the top growing market research agency, we’re keen upon providing market landscape and accurate forecasting. Our analysts and consultants are proficient with business intelligence and market analysis, through their interaction with leading companies of the concerned domain. We help our clients with B2B market research and assist them in identifying various windows of opportunity, and framing informed and customized business expansion strategies in different regions.

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