Armored Vehicle Market To Reach US$ 33.7 Billion By 2030

The global armored vehicle market size is estimated to display strong growth by reaching USD 33.7 billion by 2030. Global Market Vision in its report titled "Armored Vehicle Market Growth, Size, Share & Russia-Ukraine War Impact Analysis, By Platform (Combat Vehicle, Combat Support Vehicle, and Unmanned Armored Ground Vehicles), By Propulsion (Conventional and Electric), By Mobility (Wheeled and Tracked), By System (Drive Systems, Structures & Mechanisms, Weapons & Ammunition Control Systems, Countermeasure Systems, Command & Control Systems, Navigation Systems, Observation & Display Systems, and Others), By Solution (Line Fit and Retrofit), and Regional Forecasts, 2023-2030" observes that the market size in 2022 stood at USD 19.5 billion and is expected to reach USD 22.2 billion in 2023. The market is expected to witness a strong CAGR of 6% during 2023-2030. Introduction of new age upgraded vehicles with reactive armor technology, programmable ammunition, sophisticated autoloaders, and other features is driving market growth. Rising demand for light-protected mobility, increasing investment in lighter, cheaper, and more accurate active protection systems for Main Battle Tanks (MBTs) drive market growth.

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The Russian-Ukraine war crisis changed the dynamics of the defense industry of European countries in 2022. The conflict between Russia and Ukraine prompted the increased vehicle use across Europe, particularly among NATO members. For war action and border defense, the army increased deploying military vehicles. In addition, according to Ukraine Security Assistance Initiative (USAI), Ukraine will demand additional armor capabilities, including MBTs, if it's to reacquire territory taken by Russia in the east of the country, with hints that Kyiv is seeking around 300 MBTs.

Adoption of electric technology in armored vehicles is predicted to drive the market growth. The hybrid electric drive systems allow silent mobility while providing possible military advantages by decreasing noise and boosting stealth capability. Hybrid technology decreases the dependency on fossil fuels and will also bring technological and operational improvements.
However, military vehicles are vulnerable to the mechanical strain caused by their movement on uneven terrains and logistical strain caused by various operations, which is expected to create mechanical failures in vehicles.

The research also offers a thorough analysis of the key market components, including drivers, challenges, opportunities, restrictions, risks, and micro and macroeconomic factors. The next section, which focuses on industry trends, discusses market drivers and major market trends. The research provides production and capacity analysis that takes into account marketing pricing trends, industry capacity, production, and production value. This study examines the market in addition to its primary geographies, market segments, and recent industry trends. The report's thorough SWOT analysis, Porter's Five Forces analysis, feasibility analysis, and investment return analysis are all meant to assist the reader in deftly developing corporate growth strategies. In order to strengthen their financial position in the industry, established market players can benefit from strategic recommendations.

Major Market Players Profiled in the Report include:
• BAE Systems (U.K.)
• General Dynamics Corporation (U.S.)
• Rheinmetall AG (Germany)
• Krauss-Maffei Wegmann GmbH (Germany)
• Denel SOC ltd (South Africa)
• IVECO DEFENCE VEHICLES (Italy)
• NORINCOGROUP.com Inc. (China)
• Oshkosh Defense, LLC An Oshkosh Corporation Company (U.S.)
• Otokar, a KOC Group Company (Turkey)
• Textron Systems (U.S.)

Global Armored Vehicle Market Segmentation:
The global market is segmented on the basis of type, application and region. Growth between market segments can help the user/investor analyze niche market growth points, go-to market strategies, and differentiate between core application areas and target markets.

Armored Vehicle Market by Platform:
• Combat Vehicles
o Main Battle Tank
o Infantry Fighting Vehicle
o Armored Personal Carriers
o Armored Amphibious Vehicles
o Mine-Resistant Ambush Protected Vehicles
o Light Armored Vehicles
o Self-Propelled Howitzers
o Air Defense Vehicles
o Armored Morter Carriers
• Combat Support Vehicles
o Armored Supply Trucks
o Armored Command and Control Vehicles
o Repain and Recovery Vehicles
o Armored Engineering Vehicles
o Armored Ambulance Vehicles
o Armored Ammunition Carrier Vehicles
• Unmanned Armored Ground Vehicles
o Combat UAGV
o Combat Support UAGV
o Reconnaissance UAGV
o ISR UAGV
o Explosive Ordnance Disposal UAGV

Armored Vehicle Market by System:
• Drive Systems
• Structures & Mechanisms
• Weapons & Ammunition Control Systems
• Countermeasure Systems
• Command & Control Systems
• Navigation Systems
• Observation & Display Systems
• Others

The report provides precise information about each Armored Vehicle market's key players and upcoming competitors. Their global standing, economic activity, plans, product launches, R&D activities, as well as SWOT analysis, revenue share, and contact information are shared in this analysis report. The business strategies of important players and recent market entrants, such as collaborations, mergers and acquisitions, joint ventures, and partnerships, are thoroughly examined.

The report reveals a growing opportunity for manufacturers who are ready to spend on developing new and innovative goods. Businesses can position themselves for success in this dynamic and ever-changing market by keeping up with the most recent trends and innovations in the sector. For better understanding, the insights in the report are presented through a graphical representation of the figures in the form of bar graphs, statistics, and pie charts.

What Armored Vehicle Market Report Provides:

➥ The report provides key statistics on the market status of the Armored Vehicle manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.

➥ The report provides a basic overview of the industry including its definition, applications, and manufacturing technology.

➥ The report presents the company profile, product specifications, capacity, production value, and market shares for key vendors.

➥ The total market is further divided by company, country, and by application/type for the competitive landscape analysis.

➥ The report estimates the market development trends of the Armored Vehicle industry.

➥ Analysis of upstream raw materials, downstream demand and current market dynamics is also carried out

➥ The report makes some important proposals for a new project in Armored Vehicle Industry before evaluating its feasibility.

This Market Report Lets you:
1. Understand the market
2. Identify target audience
3. Evaluate competition
4. Assess market demand
5. Identify opportunities and risks
6. Support decision-making
7. Monitoring industry trends
8. Justify Investments

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The final report will add the analysis of the Impact of Covid-19 in this report Armored Vehicle Market.
Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 pandemic on the global Armored Vehicle Market is included in the present report. The influence of the novel coronavirus pandemic on the growth of the Armored Vehicle Market is analyzed and depicted in the report.

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