Armored Vehicle Market Top Trends, Present, History, Future and Forecast 2031
The armored vehicle market has been expected to grow at a noteworthy pace during the forecast period. These growth opportunities in the industry are owing to the rising demand for armored vehicles around the world. This rising demand for vehicles has been attributed to rising instances of cross-border conflicts. In addition to this, growing incidences related to asymmetric warfare around the world have also been contributing to revenue generation opportunities in the armored vehicle market.
On the flip side, the absence of prominent OEMs of the armored vehicles in the Asia Pacific and the Middle East & Africa region along with the occurrence of electrical, mechanical, and other kinds of failures in these vehicles are likely to limit the expansion opportunities in the armored vehicle market in the coming years.
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Armored Vehicle Market: Key Trends
Asymmetric warfare generally refers to warfare in which opposite nations or parties have unequal military resources. Further, the weaker opponents in this warfare use unconventional tactics and weapons in order to exploit the vulnerabilities of their targeted enemies. Over the past decade, there has been a noteworthy increase in the count of asymmetric warfare around the world owing to socio-cultural, economic, religious factors, and political instability. These increasing instances of asymmetric warfare have resulted in the adoption of combat vehicles by government agencies for defense and self-protection against insurgent or terrorist attacks. Along with this, these vehicles come with turret gun systems that are mounted on them in order to carry out counter-insurgency operations. So, growing instances of warfare have resulted in the increased procurement of armored vehicles around the world and thus bolstered sales avenues in the respective market.
The rising use of unmanned systems by military forces of various nations in order to carry out Intelligence, combat operations, Surveillance, and ISR (Reconnaissance) is likely to increase the demand for these systems across the globe. Furthermore, a decline in the defense budget among advanced economies, for example, France, Germany, Spain, Italy, and the UK has been estimated to serve as revenue generators in the armored vehicle market.
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Armored Vehicle Market: Competitive Dynamics and Key Developments
On the basis of nature, the armored vehicle market is fragmented. In addition to this, the prominent players who are dealing across the market have been incorporating new initiatives in order to bolster novel demand avenues in the market. The market players need to concentrate on the adoption of various growth strategies. Some of these strategies encompass product upgrades, mergers and acquisitions, expansion of company footprints around the world, novel product launching, portfolio diversion, and expansion of the distribution network or platform. Along with these initiatives, a noteworthy increase in the market investment by players across different R & D activities to ensure improved and effective services to the end-users has also been stimulating growth impetuses in the market.
The key players in the armored vehicle market are:
General Dynamics Corporation
BAE Systems Plc.
Armored Vehicle Market: Regional Assessment
The armored vehicle market has been divided majorly into five regions that include North America, the Middle East & Africa, Asia Pacific, Europe, and the Rest of the World. The Asia Pacific region has been estimated to grow at a significant speed in the market in the forthcoming years. This rapid regional growth is owing to the increasing count of terrorist activities in the region. In addition to this, rising expenditure by emerging economies on defense operations has also been bolstering growth avenues in the market. Further, the regional countries, for instance, China and India have also increased their budget in the defense field and have been procuring some advanced armored vehicles for respective military operations. These factors are further expected to contribute to sales avenues in the armored vehicle market.
Frequently Asked Questions
What are the diverse growth parameters influencing the Armored Vehicle market?
The growth impetuses in the armored vehicle market are owing to the rising demand for armored vehicles around the world.
Which regions will contribute largely to the growth of the Armored Vehicle market?
North America, the Middle East & Africa, Asia Pacific, Europe, and the Rest of the World
What are the recent innovations and technological advancements in the Armored Vehicle market?
Linkless feed systems for the ammunition, reactive armor, and active protection systems are some noticeable technological advancements that are taking place in the armored vehicle market.
What are the emerging trends across the Armored Vehicle market?
Increasing incidences of asymmetric warfare across the globe is likely to attract trends in the armored vehicle market.
How has COVID-19 affected the Armored Vehicle market?
The manufacturing of assemble lines, components, and automotive parts has been impacted during pandemic. Production of these armored vehicles has been of utmost importance, but disruption across supply chain is likely to impact manufacturing services in the armored vehicle market.
What will be the post-pandemic scenario of the Armored Vehicle market?
The removal of restrictions on different business and routine activities has been predicted to generate novel growth avenues in the armored vehicle market.
What are the major threats that will dent the growth prospects of the Armored Vehicle market?
High development cost of the advanced technologies for the main battle tanks is likely to limit the expansion opportunities in the armored vehicle market, especially in emerging economies.
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