Armored Vehicles Market Size 2023, Industry Share, Developing Technologies, and Forecast by Regions till 2029 | Northrop Grumman Corporation, Lockheed Martin Corporation, Bae Systems

Global Armored Vehicles Market Report

The global armored vehicles market is experiencing significant growth due to the increasing emphasis on protecting soldiers from external and internal threats, as well as a growing awareness of commercial security. According to a recent study by Report Ocean, the global armored vehicles market was valued at USD 19.4 billion in 2022. It is projected to grow at a steady CAGR of 6.3% during the forecast period from 2023 to 2029, reaching a value of USD 29.75 billion by 2029. Two key factors expected to drive the growth of the armored vehicles market are the militarization of law enforcement organizations and increased customer demand for bulletproof vehicles. The market expansion is fueled by the rising emphasis on protecting soldiers from both internal and external threats, as well as the increased awareness of the need for enterprise security.

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Global Armored Vehicles Market - Overview:
Armored vehicles are military, commercial, and passenger vehicles that are equipped with armor plating to provide defense against projectiles such as bullets and shell shards. They can be tracked or wheeled, and are crucial for logistics, frontline combat, and reconnaissance on the modern battlefield.

Global Armored Vehicles Market - By Mode of Operation:
The global armored vehicles market is segmented into Manned and Unmanned categories based on the mode of operation. Unmanned armored vehicles are an emerging trend in the market. Military organizations worldwide are experimenting with unmanned armored vehicles to better understand their potential and how to integrate them into existing power structures. For example, the Indian Army has shown interest in SOORAN, the first unmanned armored vehicle capable of remote operation, operation via a mobile control station, and autonomous operation. SOORAN is an artificial intelligence-powered multi-terrain vehicle designed for battlefield operations.

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Competitive Landscape:
The global armored vehicles market is highly competitive, with major players including Northrop Grumman Corporation, Lockheed Martin Corporation, Bae Systems, Rheinmetall AG, General Dynamics Corporation, Thales Group, L3harris Technologies, St Engineering, Elbit Systems, Mitsubishi Heavy Industries, Oshkosh Corp., Textron Inc., Hanwha Corporation, Paramount Group, and Nexter Group. These companies employ various strategies such as increased investments in research and development, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product releases to strengthen their positions in the global market.

Conclusion:
The global armored vehicles market is witnessing significant growth driven by the need to protect soldiers and the increasing awareness of commercial security. The market is projected to reach USD 29.75 billion by 2029, growing at a CAGR of 6.3%. The militarization of law enforcement organizations and the demand for bulletproof vehicles are key drivers of market expansion. The use of unmanned armored vehicles is an emerging trend in the market, with military groups exploring their potential and integration into existing defense strategies. The market is highly competitive, with major players employing various strategies to enhance their market positions. The detailed analysis provided in the report can assist decision-makers in understanding market dynamics and making informed strategic decisions.

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This release was published on openPR.