Key Develeopments in Armoured Vehicle Market - Global Forecast to 2023
It has been projected that the global armored vehicles market size will grow from USD 14.3 billion in 2018 to USD 17.9 billion by 2025 at a CAGR of 3.3% from 2018 to 2025. One of the significant factors for the armored vehicles industry growth is the steady increase in demand for unmanned systems for warfare tasks.
Based on the armored vehicle’s mobility, the market has been divided into wheeled and tracked. Out of the two, the 4X4 light armor wheeled vehicles by the military for ISR, transportation, and other warfare tasks are more popular. This is leading to a substantial increase in its procurement and resulting in the growth of combat platforms in the armored vehicles market from 2018-2025.
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Some major contracts for ammunition in 2019 impacting the armored vehicles market are:
● BAE Systems dealing with low-rate initial production of the Armoured Multi-Purpose Vehicle (AMPV) has been awarded a dual contract modification worth up to USD 575 million by U.S. Army.
● An approval of USD 1.93 billion for procurement of 464 Russian-made T-90MS main battle tanks (MBTs) from Rosoboron export, Russia has been signed by the Indian Ministry of Defence.
● Nexter Systems has been awarded a contract to supply 62 TITUS 6x6 armored vehicles by the Czech Republic.
It is projected that North America will be the armored vehicles market leader in the procurement of armored vehicles during the forecasted tenure from 2018-2025 due to US’ incessant involvement in various conflicts worldwide. This huge demand is directly related to the increase in investments to develop sophisticated and modern armored vehicles with strong ballistic capabilities.
The US is channelizing its investments on research and development of new products and is mainly looking towards a complete up-gradation of its fleet of battle tanks, light armored vehicles, and armored fighting vehicles with lethal capabilities. Some of the armored vehicles market leaders are Northrop Grumman (Orbital ATK Inc.) (US), General Dynamics Corporation (US), Olin Corporation (US), BAE Systems (UK), Nammo AS (Norway), RUAG (RUAG Ammotec) (Switzerland), Nexter (France), Vista Outdoor Inc. (US), and Rheinmetall AG (Germany), among others.
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