Surge in cross-border conflicts boosts demand in Global Armored Vehicle Market
The global armored vehicle market was calculated to be $ 15.96 billion in 2020 and is foreseen to arrive at a valuation of $ 21.97 billion by 2025, garnering a CAGR of 4.2% from 2020 to 2025.
An armored fighting vehicle is a combat vehicle and has strong armor to protect it. It is generally secured and possesses capabilities such as operational mobility, and it is defensive and offensive tactical. A civilian armored vehicle in the UK is used for security purposes in which the standard vehicle glass is replaced by bullet proof glass and layers of armor plates are inserted into the body panels.
Germany Rheinmetall and British firm BAE Systems initiated their military vehicle joint venture in the UK, after proper approval from British government.
Market Drivers and Restraints:
The increasing demand for armored vehicles due to the increase in cases of cross-border conflicts and the increasing frequency of asymmetric warfare around the world are the main factors driving the growth of the global armored vehicle market. However, the absence of major armored vehicle OEMs in the Middle East and Asia Pacific and the emergence of mechanical, electrical and other failures in armored vehicles are supposed to hamper market growth.
Impact of COVID-19:
The coronavirus pandemic has had a multi-layered impact on economies around the world. The global manufacturing of components and assembly lines has been severely affected. Although the production of armored vehicles is of the utmost importance, disruptions in the supply chain have delayed their manufacture for now. Resuming armored vehicle manufacturing and deliveries depends on the level of COVID-19 exposure a country faces, the level at which manufacturing operations are in place, and import and export regulations, among others. Although companies continue to receive orders, delivery times may not be fixed.
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Report is segmented as:
The defense segment dominated the market in 2018 and was valued at $ 20.5 billion. Increasing concern by governments to save soldiers' lives during civil wars, riots or internal terrorism is expected to boost the defense segment during the outlook period.
By Drive type
By Vehicle Type
- Armored Personnel Carrier
- Infantry Fighting Vehicle
- Main Battle Tanks
- Tactical Truck
The armaments segment is expected to dominate the armored vehicle market from 2019 to 2025. The growth in this segment can be attributed to increased demand for ranged weapons stations, anti-tank guided missile (ATGM) launchers and other weapons around the world.
Based on geography, the global armored vehicle market is divided into regions of Asia Pacific, Latin America, North America, Europe, the Middle East and Africa. Among these regions, Asia-Pacific generated the highest revenue of USD 7.9 billion in 2018. This can be attributed to government initiatives taken to develop military power to combat internal or external terrorism. In addition, various government agencies are investing in this area to promote developments in the defense sector.
Key market players:
Prominent players in the market are BAE Systems; BMW AG; Daimler AG (Mercedes Benz); Elbit Systems; Ford Motor Company; General Dynamics Corporation; INKAS Armored Vehicle Manufacturing; International Armored Group; IVECO; Krauss-Maffei Wegmann GmbH & Co. (KMW); Lenco Industries, Inc.; Lockheed Martin Corporation; Navistar, Inc.; Oshkosh Defense, LLC; Rheinmetall AG; STAT, Inc.; Textron, Inc.; and Thales Group.
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Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.
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