Armoured Vehicle Market 2022, SWOT Analysis, Key Development Forecasts Till 2028

According to Precision Business Insights (PBI), the latest report, the armoured vehicle market is expected to be valued at USD 17.1 billion in 2022, growing at a 7.2% CAGR from 2022 to 2028. The primary driver of the expansion of the global vehicle armor market is the growing focus on soldiers for their protection from external and internal threats and rising terrorism and internal disputes globally.

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Main Battle Tanks Segment to Dominate the Armoured Vehicle Market:
The main battle tanks (MBTs) segment led the global market with a maximum share in past years. Governmental bodies initiatives and investments for strengthening the military forces across various regions propelling the market growth. With continuous advancement and development, this segment could have more efficiency and durability. Furthermore, with steady progression in products expand the market. Main Battle Tanks with the existence of technological advancement will meet the requirements on the battlefields of today. Unfortunately, terrorism and internal disputes could be increasing day by day thus, the market for main battle tanks would expand in upcoming years.

Asia Pacific Armoured Vehicle Market:
The Asia Pacific market is expected to increase in the global armoured vehicle market over the forecast period. The Asia Pacific held the highest share in past years and is predicted to increase readily in upcoming years. Strengthening the military powers with various government initiatives drives the demand for vehicle market growth. Manufacturers in the Asia Pacific are making huge investments in R&D activities to develop advanced armored vehicles to enhance their efficiency, which further gives opportunities to expand the market over time. Multilateral collaboration among organizations such as North Atlantic Treaty Organization (NATO) and the African Union (AU) to counter terrorism and uphold peace is expected to push the market growth.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global armoured vehicle market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In Jan 2021, Elbit Systems Ltd., an international high technology corporation involved in a wide range of regions' security, defence, and commercial applications, employed a tank and armored vehicle pact with the Asia Pacific government. The company will provide the Sabrah light tank, a tracked or wheeled light tank based on the tracked ASCOD platform, and the Pandur II eight-wheel drive vehicle as a leading contractor for the first three-year. In Nov 2021, HENSOLDT, a German multinational company focused on sensor technologies for protection and surveillance missions in the security, defence, and aerospace sectors, announced the modified version of its Multifunctional Self-Protection System (MSFS), a sensor-based system to counter threats. In March 2021, The Indian Defense Ministry signed an agreement with Mahindra Emirates Vehicle Armouring FZ LLC, a technologically innovative armored solutions supplier for the military and paramilitary forces.

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The armoured vehicle market is segmented based on vehicle type, technology, mobility, end user, and geography.
Based on the vehicle type, the market is segmented into the following:
• Armored Personnel Carriers
• Armored Amphibious Vehicles
• Light Protected Vehicles
• Infantry Fighting Vehicles
• Buses and Coaches
• Main Battle Tank
• Mine-Resistant Ambush Protected
• Tactical Vehicle
• SUVs
• Others

Based on the technology, the market is segmented into the following:
• Active
• Passive

Based on mobility, the market is segmented into the following:
• Wheeled Armored Vehicle
• Track Armored Vehicle

Based on the end user, the market is segmented into the following:
• Defence
• Commercial
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the armoured vehicle market report are BAE Systems, BMW AG, Daimler AG (Mercedes Benz), General Dynamics Corporation, Elbit Systems, International Armored Group, Ford Motor Company, INKAS Armored Vehicle Manufacturing, Rheinmetall AG, IVECO, Krauss-Maffei Wegmann GmbH & Co. (KMW), Lenco Industries, Inc., Navistar, Inc., Oshkosh Defense, STAT, Inc.

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