Armored Vehicle Market is to grow at a significant rate in upcoming years with General Dynamics Corporation, Elbit Systems Ltd, Lockheed Martin

Armored Vehicle Market is estimated to reach USD XX billion by 2028

Armored vehicles are used for safe transport and battlefield combat roles. Armored vehicles are only used in the defense sector. VIPs, politicians, law enforcement agencies, etc., have, however, also started using armored vehicles for transport for a few years.Armored vehicles can either be wheeled or tracked according to form and use. Some of its categories include combat vehicles, military help aircraft such as tanks, armoured ambulances and unmanned armored vehicles.

According to the latest report by Quince Market Insights, the Armored Vehicle Market is expected to offer impressive growth in recent years due to growing demand for defense from lawmakers, VIPs etc. Increasing demand from end-use industries like defense and commercialize expected to propel the growth of the armored vehicle market. Major companies such as General Dynamics Corporation, Elbit Systems Ltd, Lockheed Martin, Rheinmetall AG and others with a focus on organic as well as inorganic growth strategies have witnessed several key developments on this market. Developing regions including Asia Pacific and Middle East were among the high-potential, high-growth markets in some key economies.

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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. General Dynamics Corporation
2. Diehl Defense
3. Elbit Systems Ltd
4. Lockheed Martin
5. Rheinmetall AG
6. Denel Land Systems
7. Sabiex International

Segmentation for better understanding of this market and its growth prospects:

Demand for armored vehicles has increased because of increasing policy risks to national security and defense budgets. Counter-terrorism collaborates with the North Atlantic Treaty Organization (NATO) countries and the African Union which is expected to drive the armored vehicle market.In addition, the battle tanks have dominated the armored vehicle market due to the large procurement of battle tanks by countries such as France, Russia, Germany, the United States, etc.

Important Factors Impacting Market Growth:
o Increasing threat to national security threat
o Growing security demand by politicians, VIPs, etc

Regional fragmentation to understand growth patterns:

The Armored Vehicle market by region has been segmented by North America, Western Europe, Asia Pacific, Eastern Europe, Middle East, and Rest of the World. The rest of the World includes Africa and South America. With the involvement of major manufacturers and a high market demand, North America and the European region have been conventional regions for the aerospace & defense market. In addition, these regions have been progressive in terms of technological and research advances. This is one of the key factors that control the demand for the market for armored vehicles over the forecast period.Major economies in these regions include US, France, UK, Germany, Italy, Russia, Canada, and So on. This sector is one of the major contributors to the economies in the region.

It is projected that Asia Pacific is the fastest growing region, with increased spending on defense and space research. With the emergence of some of the fastest growing economies like India and China, this region is expected during the forecast period to be a major market for the armored vehicles. South Korea, Japan and Australia are also key countries in the region.During the forecast period, the Middle East region pledges high potential demand for the armored vehicle market. The region's major countries include the UAE, Saudi Arabia, Iran, Israel and others. The rest of the world, during the forecast period, is an emerging market for an armored vehicle with demand from countries like South Africa, Brazil, Argentina, Nigeria and others.

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Significant Development:

o BAE Systems has secured a contract worth USD 376.0 million from the US Government for Mobile Protected Firepower (MPF) vehicle research, development and manufacturing (EDM).
o KMW has received a USD 832,0 million contract from the German Government to upgrade its Leopard 2 Battle Tank 104
o Oshkosh Corporation has secured a USD 1.69 billion contract from the US Army to supply more than 6,000 armored vehicles.

Market Segmentation:

By Application:
o Combat Vehicles
o Combat Support Vehicles
o Unmanned Armored vehicles
o Others

By End-Use Industry:
o Defense
o Commercial

By Mobility:
o Wheeled
o Tracked

By Region:

o North America
o By Country (US, Canada, Mexico)
o By Application
o By End-Use Industry
o By Mobility

o Western Europe
o By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
o By Application
o By End-Use Industry
o By Mobility

o Eastern Europe
o By Country (Russia, Turkey, Rest of Eastern Europe)
o By Application
o By End-Use Industry
o By Mobility

o Asia Pacific
o By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
o By Application
o By End-Use Industry
o By Mobility

o Middle East
o By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
o By Application
o By End-Use Industry
o By Mobility

o Rest of the World
o By Region (South America, Africa)
o By Application
o By End-Use Industry
o By Mobility

Quince Market Insights
Ajay D. (Knowledge Partner)
Office No- A109,
Pune, Maharashtra 411028
Phone: +91 - 9850603687 / 7972869557
Email: sales@quincemarketinsights.com
Web: www.quincemarketinsights.com

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This release was published on openPR.