Armored Vehicles Market

Armored Vehicles Market Research, 2030

Armored Vehicles Market to surpass USD 32 Billion by 2030, which is valued at 16.65 billion in 2019 at a compound annual growth rate of 6.10%

Armored vehicles are those security vehicles that are used to transport armed security from one place to another. It is an armor-protected land vehicle that generally combines operational mobility with offensive and defensive capabilities. Depending on the type these armored vehicles can be wheeled or tracked. Armored vehicles were owned and used only by the military, law enforcement, and ministers, but prominent figures from the corporate world, VIPs, and celebrities have also contributed to the demand for these vehicles over the past few years. Technological advances and advancements in artificial intelligence have expanded the use of unmanned ground vehicles, virtual training, and equipment for survivability. These vehicles are used in a wide range of applications such as in defense as well as for commercial usage.

Market Highlights

Armored Vehicles Market is expected to project a CAGR of 6.10% during the forecast period, 2019-2030

The rising security threats stemming from increasing terrorist violence and crime rate are driving the demand for civilian armored vehicles. Furthermore, with the number of public figures, armored vehicles are gaining popularity, and elite groups are embracing armored passenger vehicles for a greater sense of protection. Increased militarization promotes the use of military tactics and equipment, which in turn propels the development of the demand for armored vehicles.

Armored Vehicles Market: Segments

The combat vehicle segment is anticipated to register XX% of the volume share and is expected to grow at the highest CAGR.

By platform, the global Armored Vehicles Market is segmented into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. Increasing demand across the globe for Armored Personnel Carriers (APCs) and Light Armored Vehicles (LAVs) is leading to market segment growth for combat vehicles. 

The armaments segment accounted for XX% of the global volume in 2019 and is anticipated to grow at the highest CAGR.

By system the market can be categorized into the engine, drive system, ballistic armor, turret drive, fire control system, armaments, ammunition handling system, countermeasure system, command, and control system, power system, a navigation system, observation, and display system, and frame. Increased demand for remote weapon stations, Anti-tank Guided Missile (ATGM) launchers, and other armaments across the globe is anticipated to increase the growth of the sector.

The unmanned technology segment accounted for XX% of the global volume in 2019 and is anticipated to grow at the highest CAGR.

By technology, the Armored Vehicles Market can be segmented into manned and unmanned technology. The unmanned technology dominates the segment due to its high usage in the military end usage and the increased commercialization of passenger drone technology globally in the Armored Vehicles Market. The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA.

Global Armored Vehicles Market: Market Dynamics

Restraint

High demand for armored vehicles and increasing terrorism increase the market growth

The rising security threats stemming from increasing terrorist violence and crime rate are driving the demand for civilian armored vehicles. Furthermore, with the number of public figures, armored vehicles are gaining popularity, and elite groups are embracing armored passenger vehicles for a greater sense of protection. Increased militarization promotes the use of military tactics and equipment, which in turn propels the development of the demand for armored vehicles. To meet this growing demand for armored vehicles, leading car manufacturers are introducing a wide range of bulletproof vehicles. The increase in demand for bulletproof vehicles is thus anticipated to fuel the growth of the market for armored vehicles

Budget deficits and rising prices of raw materials restraint the growth of the Armored Vehicles Market

Governments of different countries are cutting military spending and the national defense budget, which in turn hurts the growth of the global armored vehicle market. Rising prices of raw materials, components, vehicle assembly, and machining equipment are also expected to hinder the growth of the market for armored vehicles.

Global Armored Vehicles Market: Regions

The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA. The APAC region is expected to dominate the segment and hold the highest CAGR in the market. The rising political tensions between Pakistan, India, China, and Japan and the increase in terrorist activity are pushing these countries to reinforce and modernize their ground forces which in turn are increasing the growth of armed vehicles in the APAC. Asia Pacific manufacturers are also investing heavily in research and development activities to develop advanced and hybrid armored vehicles for increased maritime and border patrolling. Growing military spending and rising demand for medium-sized, light-armored vehicles for patrolling operations are also expected to fuel growth in the APAC region. North America is also expected to also show high growth among other regions. Market growth in this area can be attributed to the increasing investment made by area countries to build highly advanced and versatile armored vehicles with strong ballistic capabilities. The key drivers of these investments are the US, which is issuing contracts for the production and launch of new goods.

The armored Vehicles Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities-o-Y Growth, CAGR – the United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Global Armored Vehicles Market: Key Players

• General Dynamics Corporation

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent DevelopmentRegional Presence, SWOT Analysis

• Lockheed Martin
• Textron Inc.,
• The Raytheon Company
• Rheinmetall Defense
• International Armored Group
• BAE Systems
• INKAS Armored Vehicle Manufacturing
• STREIT Group American Legend Aircraft Co.
• Other prominent players

The armored Vehicles Market report also contains an analysis on:

Armored Vehicles Market Segments:

• By System: 
  • Engine
  • Drive System
  • Ballistic Armor
  • Turret Drive
  • Fire Control System (FCS)
  • Armaments
  • Ammunition Handling System
  • Countermeasure System
  • Command & Control System
  • Power System
  • Navigation System
  • Observation & Display System
  • Hull/Frame
• By platform: 
  • Combat Vehicles
  • Combat Support Vehicles
  • Unmanned Armored Ground Vehicles
• By technology:
  • Manned
  • unmanned 
• Armored Vehicles Market Dynamics
• Armored Vehicles Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Frequently Asked Questions (FAQ):