Armored Vehicle Market - Industry Analysis, Growth, Size, Manufacturers, and Forecast to 2023

Military vehicles require robust capabilities to overcome threats from both internal damages and external sources. The deployment of military troops in extreme environmental scenarios has led to the investments in improving the vehicle competencies in terms of technology. Various rugged systems and devices are constantly being integrated in the military vehicles worldwide specific to different regional applications.

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Moreover, the development of landmines and other improvised explosive devices (IEDs), which pose major challenges to military vehicles, have amplified the concerns to protect the soldiers’ lives in the battleground. These factors boost the demand for armored vehicles from the military organizations globally. Additionally, the advent of technology and improvement of multirole vehicles have also influenced the demand for armored vehicles among various law enforcement agencies worldwide.

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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.

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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.

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