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Armored Vehicles Market Segmentation by Technology, Application, Geography, Growth Drivers, Trends, Growth Restraints and Competitive Landscape by 2023
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Global armored vehicles market worth USD24.8 billion in 2016
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. The increasing demand for light or medium-sized armored vehicles for combat operations has resulted in the widespread adoption of wheeled-type armored vehicles. This is expected to further propel the demand for armored vehicles during the forecast period.
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Europe stands as the largest armored vehicles market
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.
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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. Additionally, in the recent years, the U.S. and European nations witnessed a decline in the defense budgets, which is expected to further hamper the growth of global armored vehicles market during the forecast period.
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.
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.
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