Armored Vehicle Market is Forecasted to Reach US$ 39.58 Billion in 2028, Says Stratview Research

The global armored vehicle market is projected to witness a growth rate of 5.80% annually from 2023 to 2028, with an anticipated size of US$ 39.58 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global armored vehicle market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/2921/armored-vehicle-market.html#form

Report Highlights:
Market Size in 2028: US$ 39.58 billion
Growth (CAGR): 5.80% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 5
Number of Tables & Graphs: 100+

Segment Insights on the Armored Vehicle Market:

The global Armored Vehicle market is segmented based on Mode of Operation type, Platform type, Mobility type, Type, and Region.

Based on mobility type - The market is segmented as tracked and wheeled. The wheeled segment accounts for the largest market share of more than 65% in 2022, & is expected to dominate the market during the forecast period.

The increasing demand for 4x4 armored vehicle transportation and ISR. For instance, In May 2020, China North Industries Group Corporation developed airdrop capable four-wheeled armored vehicle.

At the same time, the tracked segment is expected to experience the highest growth during the forecast period. The high growth is mainly attributed to the rising adoption of combat vehicles and tanks utilized in rough terrain.

Based on platform type - The market is bifurcated into combat, combat support vehicles, and unmanned armored ground vehicles. Combat vehicles accounted for a market share of more than 60% in 2022 & are expected to remain the biggest market for armored vehicles in the forecast period.

These vehicles are frequently used for vehicles by the military to ensure safety in case of an ambush or attack. Moreover, with the increasing terror threats and border disputes, the demand for armored vehicles is expected to intensify.

To know the most attractive segments, visit:
https://www.stratviewresearch.com/2921/armored-vehicle-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

Asia Pacific accounted for a share of more than 30% in 2022 & is expected to witness the fastest growth in the market during the forecast period. The key factors responsible for the growth are the increasing number of terrorist movements in countries and the rising spending on defense operations by emerging economies.

Countries such as China and India have risen defense budgets and are obtaining advanced armored vehicles. This, in turn, is expected to drive the growth of the Asia Pacific armored vehicles market during the forecast period.

North America is likely to grow at a significant CAGR in the market throughout the forecast period. This is mostly due to the high defense budget and spending to strengthen the armed forces.

The spending is mainly for the procurement of advanced defense vehicles and the modernization of defense fleets. Furthermore, the presence of major market players is also contributing to the growth.

Armored Vehicle Market Drivers:
Some of the key drivers listed in the report are given below.
• A substantial increase in asymmetric combat worldwide over the past decade because of political instability and sociocultural, economic, and religious factors.
• The increase in asymmetric combat has guided government organizations to embrace combat vehicles for defense and self-protection against insurgent or terrorist attacks, as armored vehicles extend security against blasts and ballistic attacks.
• Furthermore, such vehicles have turret gun systems fitted to counteract insurgent operations.
• For example, India is utilizing armored vehicles in eastern India for the execution of anti-Naxalite operations.
• The bilateral partnership between countries such as the African Union (AU) and the North Atlantic Treaty Organization (NATO) to deal with terrorism and sustain peace.
• Furthermore, numerous governments are deciding on the most recent machinery to deal with emergencies such as militant attacks and insurgencies.
• In recent years increased demand for unmanned systems globally because of their increasing usage by military forces of several countries for conducting combat operations and Intelligence, Surveillance, and Reconnaissance (ISR).
• Furthermore, the diminishing defense budgets of developed economies for example France, Germany, Spain, Italy, and the UK, have guided the improved procurement of unmanned systems to restore defense personnel, that utilize large volumes of logistic and equipment support.

Top Companies in the Armored Vehicle Market:
Stratview Research has identified the following companies as the top market players.
• Oshkosh Corporation
• Krauss-Maffei Wegmann
• Bae Systems Plc
• China North Industries Corporation (Norinco)
• Denel Soc Ltd.
• General Dynamics Corporation
• Hanwha Corporation
• Hyundai Rotem
• Mitsubishi Heavy Industries
• Nexter Group
• Ordnance Factory Board
• Otokar Otomotive Ve Savunma Sanayi
• Rheinmetall Ag
• Textron Inc.
• Ukroboronprom
Note: The above list does not necessarily include all the top players in the market.

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the Armored Vehicle Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

400 Renaissance Center, Suite 2600,
Detroit, Michigan, MI 48243
United States of America

Website: www.stratviewresearch.com
Mail Us: sales@stratviewresearch.com
Press: media@stratviewresearch.com

Call Us: +13133074176

Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.