What’s driving the Armored Vehicles Market Size?| Key Players Are BMW AG, BAE Systems, Ford Motor Company, Daimler AG, General Dynamics Corporation, and International Armored Group
Asia Pacific is set to witness significant growth in the armored vehicles market size over the forecast period. This growth can be attributed to the increasing investments for developing and procuring advanced armored vehicles in major economies including China, South Korea, and India. For instance, in 2018, South Korea announced a major investment to develop and establish research centers for developing AI based autonomous weapons and advanced military vehicles.
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Increasing acceptance of leasing and rental armored vehicles among civilians has been instrumental in accelerating the armored vehicles market penetration over the projected timeframe. Governments across the globe are establishing strategic agreements and partnerships with industry players to develop advanced armored vehicles. For instance, in December 2018, the U.S. government announced a strategic contract with BAE Systems to design, develop, and manufacture mobile protected firepower (MPF) vehicles.
The armored vehicle offers superior levels of tactical and operation mobility and protection with the deployment of a wide range of sensors, weapon systems, and troops, thereby expanding the market size over the projected timeframe. However, higher costs associated with the development and testing of these vehicles may hinder the market share over the study timeframe. Moreover, probabilities of mechanical and electrical failures along with higher maintenance costs may further limit the market size significantly.
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North America will account for a substantial share in the armored vehicles market size over the projected time frame. This growth can be credited to the rising government investments to develop and procure highly scalable armored vehicles with robust ballistic capabilities. Rising defense budget in the U.S. is further supporting the regional share over the projected timeframe. For instance, in 2019, the U.S. defense budget accounted for around USD 686 billion, thereby supporting the industry share over the projected timeframe.
Armored Vehicles Market is expected to register significant CAGR over the projected timeframe owing to rising concerns on safeguarding soldiers during wars and improving national security. Rising cases of terrorism along with growing cross border tension among major economies are further expected to drive the market demand. The incorporation of advanced technologies including artificial intelligence along with IoT technologies provides positive outlook for the industry expansion.
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Based on platform, the armored vehicles market size is segmented into unmanned armored ground vehicles, combat support vehicles, and combat support vehicles. Unmanned armored ground vehicles will grow significantly over the projected timeframe. This can be attributed to the increasing requirement for armored vehicles without any driver presence, that are ideal for specialized combat missions. Moreover, the incorporation of advanced RADAR and LiDAR sensors along with advanced autonomous technologies further accelerates the segment share over the study timeframe.
Based on mobility, the armored vehicles market share is distinguished into wheeled and tracked. Wheeled armored vehicles is set to exhibit significant share during the study timeframe owing to its ability to travel across diversified terrains. Moreover, the higher efficiency of such vehicles, superior stability, along with superior engine configurations with enhanced torque and power output are further expanding the market size over the projected period.
Major players in the armored vehicles market size include BMW AG, BAE Systems, Ford Motor Company, Daimler AG, General Dynamics Corporation, and International Armored Group. Industry players are continuously upgrading their technologies in their armored vehicles to increase their market share. For instance, in 2015, BAE Systems introduced an advanced suspension system in its infantry fighting vehicle, with an aim of improving the vehicle’s speed and handling in the battlefield.
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