WASHINGTON, May 19, 2023 (GLOBE NEWSWIRE) -- The Global Armored Vehicle Market is valued at USD 17.2 Billion in 2022 and is projected to reach a value of USD 108.5 billion by 2030 at a CAGR (Compound Annual Growth Rate) of 30.1% over the forecast period 2023-2030.
Market Overview
The greater emphasis on defending soldiers from inside and outside dangers is anticipated to fuel market expansion. The market for crew Armored Vehicles is anticipated to be driven by the growing awareness of business security. Rising security spending is expected to fuel market expansion. Over the projected period, innovations, including improved fuel efficiency and cutting-edge sensors in Armored Vehicles, are anticipated to boost market expansion.
We forecast that the combat vehicle in Armored Vehicle market sales will account for more than 53% of total sales by 2030. Armoured cars, armoured personnel cars, infantry fighting vehicles, infantry mobility vehicles, MRAPs, and tanks can fall under the designation of "combat vehicle" due to its broad definition. Combat vehicles also include improvised weapons, such as technical. Most of today's combat vehicles feature Armor, offensive or defensive weapons, and enough room to transport people, goods, or other cargo.
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Market Dynamics
Rising Technological Advancement Support Market Expansion
Market expansion is anticipated to be fuelled by the increased emphasis on defending the military from external and internal dangers. The need for armoured personnel vehicles is anticipated to increase as commercial security becomes a more pressing issue. It is projected that rising defence spending will propel market expansion. Technological advancements like improved fuel efficiency and the usage of sophisticated sensors in Armored Vehicles are anticipated to fuel market expansion.
Rising Demand for V.I.P. Security Drives Market Growth
The market for Armored Vehicles is driven by the increased demand for V.I.P. security to safeguard diplomats' lives. Rising political tensions within the boundaries have made the security and survivability of politicians, government officials, and other dignitaries a major concern. With primary guns, ballistic goggles, protective plates, armoured covering, G.P.S., and a siren system, Armored Vehicles are made to provide exceptional protection. Compared to normal cars, military vehicles are typically known to provide greater comfort, privacy, and defence. The efficacy Armored Vehicles offer for prominent people is driving the demand for cutting-edge armoured cars.
Top Players in the Global Armored Vehicle Market
- BAE Systems (UK)
- Denel SOC Ltd (South Africa)
- General Dynamics Corporation (U.S.)
- IVECO DEFENCE VEHICLES (Italy)
- Krauss-Maffei Wegman GmbH & Co. KG (Germany)
- NORINCOGROUP.com Inc. (China)
- Oshkosh Défense, LLC An Oshkosh Corporation Company (U.S.)
- Ottobar - a KOC Group Company (Turkey)
- Rheinmetall AG (Germany)
- Textron Systems (U.S.)
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Top Trends in the Global Armored Vehicle Market
- One trend that Vantage Market Research (V.M.R.) expects to see in the Armored Vehicle industry is the growing demand for unmanned vehicles. Autonomous Armored Vehicles can function in dangerous settings without a crew member present. Unmanned Armored Vehicles will surely be essential in the future defence industry. The thinning and spraying procedure also uses unmanned vehicles. They could also be used to monitor the well-being of farm animals and crops. One of the key sectors that benefited from autonomous ground vehicles is agriculture.
- Another trend that V.M.R. predicts will continue in the Armored Vehicle industry is its increasing Development of fuel-efficient Armored Vehicles. There are numerous potentials for businesses to expand in the global Armored Vehicle market due to the need for fuel-efficient Armored Vehicles due to shifting fuel prices. Manufacturers are concentrating on developing hybrid or armoured electric vehicles to save fuel consumption and improve performance. In the future years, the demand from end users in the commercial and defence sectors for Armored Vehicles with electric or hybrid engines will rise. The advancement of fuel-efficient Armored Vehicles will also be supported by growing government involvement and investment in advanced electric vehicles by providing players with lucrative prospects. The growing need for V.I.P. security to preserve diplomats' lives
Top Report Findings
- Based on the Form, most of the Armored Vehicle market's Revenue is controlled by the Combat Vehicle category. Combat vehicles are built with missile defence systems and operation mobility for combat activities. Mounted cavalry, armed carriers, armoured amphibious vehicles, weakly protected vehicles, and a personality howitzer are further divided into the combat vehicle category.
- Based on Mobility, the Wheeled category controls most of the Armored Vehicle market's Revenue. Wheeled Armored Vehicles are better suited for various military and security purposes due to their increased speed, flexibility, and adaptability. Among other things, these vehicles are employed for security operations, border patrol, and recon. The necessity for border security, developing internal conflicts, rising terrorists, and the increased demand for new military equipment are some of the drivers driving the wheeled segment. Wheeled Armored Vehicles are becoming increasingly popular due to their adaptability and capability to operate in various environments, including urban settings.
- Based on the System, the Armaments category controls most of the Armored Vehicle market's Revenue. The rising demand for contemporary military hardware and technological improvements are the main drivers of this expansion. The Armored Vehicle market's armaments section contains vehicles with cutting-edge armament systems, including weapons, mortars, and other weaponry. These vehicles are employed in various military tasks and are built with offensive and defensive capabilities. The desire for advanced military equipment, the rise of internal conflicts and terrorism, and the requirement for border enforcement are some factors driving the market for weaponry in Armored Vehicles. The ability of Armored Vehicles with modern weapon systems to engage and eliminate enemy targets with greater accuracy and precision is another factor driving the rising demand for them.
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Recent Developments in the Global Armored Vehicle Market
- In January 2023, U.S. officials revealed that a US-made Abrams tank would be sent to Ukraine i. The United States will send 31 Abrams tanks and more Armored Vehicles. Also, according to U.S. officials, the nation is developing a plan to send Ukraine the fuel and tools necessary for maintaining these vehicles.
- In January 2023, the Finnish Ministry of Défense announced a $20.32 million (19.1 million Euro) investment in Armored Vehicles. A local defence company, Oy Sisi Auto, will sell 25 G.T.P. 4x4 armoured cars to the ministry. These armoured trucks will assist in patrolling and troop mobility.
- April 2021: Israel Aerospace Industries (IAI) has signed a contract with Israel's Ministry of Defense (MOD) to manufacture and deliver nine Z-MAG all-terrain vehicles to the Israel Defense Forces (IDF), with an option to order an additional 21 units.
- April 2021: L3Harris Technologies and American Rheinmetall Vehicles, a subsidiary of Rheinmetall AG, have agreed to collaborate to develop the United States Army's new Optionally Manned Fighting Vehicle (OMFV), which will replace the Bradley Infantry Fighting Vehicle.
- February 2021: Bharat Forge, an engineering and technology company, collaborated with the international aerospace and technology conglomerate Paramount Group to combine skills, technologies, and expertise to develop Armored Vehicle in India.
Combat Vehicles Category of the Platform Segment of the Armored Vehicle Market Forecast to Generate More than Half the Global Revenue
For better understanding, based on the Platform, the Armored Vehicle market is divided into Combat Vehicles, Combat Support Vehicles and Unmanned Armoured Ground Vehicles.
The Combat vehicles market was the largest by application and is anticipated to hold the top spot during the projected period. Combat vehicles are created and developed, emphasizing offensive and defensive qualities for use in military activities. The growing necessity for national security and the desire for high-tech military equipment drive the market for combat vehicles. To strengthen their militaries and safeguard their borders, governments worldwide are making significant investments in creating combat vehicles. Increased combat vehicle usage in contemporary warfare is another factor fuelling industry expansion.
On the other hand, the Combat Support vehicles category is anticipated to grow significantly. The component of combat support vehicles is further divided into service and salvage cars, armoured military vehicles, armoured command and control vehicles, and cross tanks. There are a lot of requirements for armoured delivery trucks.
Asia Pacific Region in Armored Vehicle Market Anticipated to Generate A Major Proportion of the Total Global Revenue
The Asia Pacific region is anticipated to do so in the coming years. The region's market expansion can be attributed to the government's growing efforts to bolster its military might to fight terrorism. Numerous government organizations are prioritizing the growth of the defence sector. Many nations, including China, South Korea, and India, are investing in buying and creating cutting-edge Armored Vehicles. Developing sophisticated and hybrid Armored Vehicles for improved marine and border patrolling is being heavily funded by manufacturers in the Asia Pacific region. Also, rising military spending and the need for medium-sized, light-Armored Vehicles for patrolling missions are anticipated to fuel market expansion in the area over the projection period.
The North America regional market is projected to grow the fastest in the Armored Vehicle market. Significant manufacturers and sizeable military budgets in the U.S. have aided North America's market expansion. Also, the U.S. military ministry is concentrating on using armoured electric vehicles for effective operating capabilities; this feature is noted to increase the market's growth throughout the anticipated period.
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on Armored Vehicle Market Forecast Report (2023-2030).
Global Armored Vehicle Market Segmentation
By Platform
- Combat Vehicles
- Combat Support Vehicles
- Unmanned Armoured Ground Vehicles
By Mobility
- Wheeled
- Tracked
By System
- Engine
- Drive System
- Ballistic Armor
- Turret Drives
- Ammunition Handling System
- Fire Control Systems (FCS)
- Armaments
- Countermeasure System
- Command & Control (C2) System
- Power System
- Navigation System
- Observation & Display System
- Hulls/Frames
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 17.2 Billion |
| Revenue Forecast by 2030 | USD 108.5 Billion |
| CAGR | 30.1% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | BAE Systems, Denel SOC Ltd, General Dynamics Corporation, IVECO DEFENCE VEHICLES, Krauss-Maffei Wegmann GmbH & Co. KG, NORINCOGROUP.com Inc., Oshkosh Defense - LLC An Oshkosh Corporation Company, Otokar - A KOC Group Company, Rheinmetall AG, Textron Systems |
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