Armored Vehicles Market Expected to Grow at 16.8 Billion In Revenue by 2023

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The Armored Vehicles Market is projected to grow from US$ 14.3 Billion in 2018 to US$ 16.8 Billion by 2023, at a CAGR of 3.25% from 2018 to 2023.Growing demand for armored vehicles due to rise in the instances of cross-border conflicts and increasing incidences of asymmetric warfare across the globe are expected to fuel the growth of the armored vehicles market across the globe.

Based on platform, the armored vehicles market has been segmented into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. The unmanned armored ground vehicles segment is projected to grow at the highest CAGR during the forecast period. Increasing demand for unmanned systems in battlefields is fueling the growth of this segment of the market.

The Asia Pacific armored vehicles market is projected to grow at the highest CAGR from 2018 to 2023.The growth of the market in this region can be attributed to the rising number of terrorist activities in the Asia Pacific region and increasing spending of emerging economies on defense operations. Countries such as India and China have increased their defense budgets and are procuring advanced armored vehicles for their military operations.

Break-up of profiles of primary participants in this report:
• By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
• By Designation: C level – 35%, Director level – 25%, and Others – 40%
• By Region: Middle East - 45%, North America – 20%, AsiaPacific – 30%, and Europe – 5%

Report Highlights:
• To analyze the degree of competition in the market by mapping the contracts received and products and services offered by key market players

• To forecast the market size of various segments with respect to 5 major regions, namely, North America, Europe, Asia Pacific, the Middle East, and Rest of the World (RoW), along with respective key countries

• To define, describe, and forecast the size of the armored vehicles market based on platform, mobility, system, and region

• To identify and analyze key drivers, restraints, opportunities, and challenges influencing the growth of the armored vehicles market

• To identify industry trends, market trends, and technology trends currently prevailing in the armored vehicles market

• To strategically profile key market players and comprehensively analyze their market share and core competencies

• To track and analyze competitive developments such as contracts and new product launches in the armored vehicles market

• To identify detailed financial positions, key products, and unique selling points of leading companies in the market

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Top Companies profiled in the Armored Vehicles Market include are Oshkosh Corporation (US), UralVagonZavod (Russia), Ukroboronprom (Ukraine), General Dynamics Corporation (US), BAE Systems plc (UK), NORINCO (China), Rheinmetall AG (Germany), and TextronInc. (US).

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This release was published on openPR.