Vehicle Armour Market Revenue, Industry Growing Demand, Top Companies, Regional Outlook Up to 2028

The global vehicle armour market is anticipated to grow at a considerable CAGR of 4.4% during the forecast period (2022-2028).

The vehicle armor is a protective layer of various materials that are applied to the vehicles, such as main battle tanks (MBTs), light protection vehicles (LPVs), infantry fighting vehicles (IFVs), and others for several purposes, including defense, protection, and others. The major factor attributing to the growth of the global vehicle armour market includes the increasing defense expenditure and procurement programs. According to a report published by the Stockholm International Peace Research Institute (SIPRI) in 2021, the global defense expenditure was around $1,981 billion in 2020 representing around a 2.6% increase from the previous year 2019. Among these, the US, China, India, Russia, and the UK are the major countries spending highest in the defense sector by contributing around 62% of global defense expenditure. The US alone allocated around $778 billion for the defense sector in 2020 representing a 4.4% increase from the previous year. Thus, increasing the demand for vehicle armor for military vehicles.

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The application of vehicle armor is also increasing in military vehicles due to the increasing adoption of the Active Protection System (APS). For instance, in January 2021, the US army received "Trophy Active Protection System (APS)" units for its main battle tank "M1 Abrams". The Trophy APS is jointly developed by Rafael and Leonardo DRS that will enhance the survivability of the M1 Abrams against the large-caliber projectile attacks. Thus, propelling the growth of the global vehicle armor market.

The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instances-

• In April 2021, Israel Aerospace Industries (IAI) signed a contract with the Ministry of Defense (MOD) of Israel. According to the contract, Israel Aerospace Industries (IAI) will manufacture and supply 9 units of Z-MAG all-terrain vehicles with an option to add up to 21 more units to order for Israel's Ministry of Defense (MOD).

• In April 2021, L3Harris Technologies in partnership with Rheinmetall AG signed an agreement with the US army. Under this agreement, both the companies will work on the development of Optionally Manned Fighting Vehicles (OMFVs) to replace Bradley Infantry Fighting Vehicles.

Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Material Type
o By Application

• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape- Kaiser Aluminium Corp., CoorsTek Inc., DuPont de Nemours Inc., American Tank & Fabricating Co., and INKAS Armored Vehicle Manufacturing, among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Vehicle Armour Market Report by Segment

By Material Type
• Metallic Material
• Nanomaterial
• Special Material

By Application
• Military Vehicles
• Spacecrafts
• Others

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This release was published on openPR.