Armored Vehicle Market : Wheel Drive Type to Rise at CAGR 4.6% During 2019-2026 | AMR

The global armored vehicles market size was valued at $15.96 billion in 2018 and is projected to reach $21.97 billion by 2026, registering a CAGR of 4.2% from 2019 to 2026. Europe accounted for the highest share in 2018 and is anticipated to maintain its lead in the global market throughout the forecast period.

An increase in demand for armored vehicles due to militarization of law enforcement agencies and surge in demand for bulletproof vehicles have boosted the growth of the global armored vehicles market. On the contrary, reduction in the national defense budget hinders the market growth. However, the adoption of unmanned combat vehicles and the production of modular armored vehicles would unlock lucrative opportunities in the coming years.

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The global armored vehicle market is segmented on the basis of application, drive type, vehicle type, and geography. Based on the application, the market is divided into defense and commercial. The commercial segment is expected to manifest the fastest CAGR of 5.4% through 2026. However, the defense segment dominated in 2018, contributing more than four-fifths of the total revenue.

On the basis of drive type, the market is categorized into wheel and track. The wheel segment is expected to portray the largest CAGR of 4.6% during the study period and held the largest share in 2018. The segment contributed to more than three-fourths of the market.

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The global armored vehicle market report includes an in-depth analysis of the major market players such as BAE Systems, Oshkosh Defense, LLC, General Dynamics Corporation, Rheinmetall AG, Krauss-Maffei Wegmann GmbH & Co. (KMW), International Armored Group, Lockheed Martin Corporation, Lenco Industries, Inc., INKAS Armored Vehicle Manufacturing, and STREIT Group.

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