Fort Collins, Colorado, Oct. 03, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Armored Vehicle Market Size, Growth, Share, Statistics Report, By Platform (Combat, Combat Support, Unmanned), By Application (Commercial, Defense), By Mobility (Wheeled Vehicles, Tracked Vehicles), Forecasts, 2023-2032."
According to DataHorizzon Research, The armored vehicle market was valued at USD 19.3 Billion in 2022 and is expected to reach USD 27.9 Billion by 2032 over the forecast period with a CAGR of 3.8%. The global report offers a comprehensive market analysis and detailed insights at global and regional levels. The demand for armored vehicles has increased, particularly due to the militarization of law enforcement agencies and the need for bulletproof transportation. However, there is a challenge in the form of decreased national defense budgets, which has hindered the market's growth. Nonetheless, there are exciting opportunities for growth in the market, including the adoption of unmanned combat vehicles and the production of modular armored vehicles. These opportunities provide an excellent chance for players in the global market to expand and thrive.
Armored vehicles are equipped with full or partial armor plating to protect against projectiles such as bullets or shell fragments. Military, commercial, or passenger purposes can utilize these vehicles. They are essential in reconnaissance, frontline combat, and modern battlefield logistics. Armored vehicles are designed to provide advanced security measures for defense personnel, politicians, and VIP guests. These vehicles are equipped with high-tech sensors capable of detecting landmines from a safer distance, thereby preserving human lives and expanding the potential uses of these vehicles. Across many nations and even in conflict areas, armored vehicles are widely utilized in the defense sector due to their ability to minimize security threats.
The need for armored vehicles has recently increased due to the advancement in security measures across air, land, and sea domains. The military industry, in particular, has experienced a significant boost in demand, mainly due to the introduction of armored "All Terrain Vehicles" (ATVs). These vehicles can be manned or unmanned and have proven valuable in safeguarding soldiers and officials during asymmetric combat. As a result, the demand for armored vehicles has skyrocketed as governments and military forces seek to enhance their security measures and protect their personnel from harm.
Drones are crucial in military operations in difficult terrains due to their ability to minimize casualties. Remote weapon stations are increasingly being used, allowing personnel to carry more ammunition and backups, expanding vehicle space. Armored vehicles incorporate advanced technologies to enhance protection, mobility, and operational effectiveness. They are critical in safeguarding lives, resources, and operations, and their significance in today's security landscape cannot be overstated.
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Report Snapshot:
| Report Title | Armored Vehicle Market |
| Market Size in 2022 | USD 19.3 Billion |
| Market Size by 2032 | USD 27.9 Billion |
| CAGR from 2023 to 2032 | 3.8% |
| Largest Market | North America |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends, and Growth Factors |
| By Platform | Combat, Combat Support, Unmanned |
| By Application | Commercial, Defense |
| By Mobility | Wheeled, Tracked |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, Brazil, Mexico, UAE, Saudi Arabia, and South Africa etc. |
| Major Market Players | BAE Systems, Lockheed Martin Corporation, BMW AG, Lenco Armored Vehicles, General Dynamics Corporation, Rheinmetall AG, Navistar, Textron INC, Thales Group etc. |
Segmentation Overview:
The armored vehicle market is segmented based on platform, application, mobility, and geography, depending upon the use of the vehicles for transportation, rescue, and patrolling purposes.
Vehicles can be classified into two types based on their use: combat and unmanned. Combat vehicles are used in ground combat operations during wars and come in different forms, like armored, infantry fighting, and mobility vehicles. On the other hand, unmanned vehicles do not have human pilots and are remotely controlled. They are mostly used when human lives are at risk and require extra caution. For instance, unmanned aerial vehicles (UAVs) can function either partially or autonomously while remotely controlled by humans.
Armored vehicles have a wide range of applications, including both commercial and defense pursuits. They are typically used for defense to transport soldiers and military equipment. Additionally, these vehicles are frequently utilized during elections or political rallies to safeguard designated personnel. High-net-worth individuals, businesspeople, and other influential figures facing extremism threats often rely on commercial armored vehicles to ensure safety.
North America has the largest revenue share in the market. The United States government is also increasing its investment in research and development, improving the quality of these vehicles. Manufacturers are also focusing on providing innovative products in the market. As a result, there is a growing demand for various functions of unmanned armored vehicles in the region.
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Key Developments in the Armored Vehicle Market:
- Thales is participating in the London Women in Business and Tech Expo on October 18-19. Their team will showcase their dedication to promoting women in STEM and supporting their careers.
- Textron Systems Corporation's team, Team RIPSAW, has been chosen to participate in the U.S. Army's Robotic Combat Vehicle Phase I program. The team submitted a response to the competitive prototype project solicitation.
Armored Vehicle Market Report Highlights:
- The armored vehicle market is expected to reach USD 27.9 Billion over the forecast period with a CAGR of 3.8% by 2032. The demand for armored vehicles has increased due to the militarization of law enforcement agencies and the need for bulletproof transportation. While decreased national defense budgets present a challenge, adopting unmanned combat vehicles and modular armored vehicles provides exciting growth opportunities. Armored vehicles are essential in reconnaissance, frontline combat, and modern battlefield logistics, providing advanced security measures for defense personnel, politicians, and VIP guests. Advanced technologies enhance protection, mobility, and operational effectiveness, critical for safeguarding lives, resources, and operations in the recent security landscape.
- Vehicles are classified as combat or unmanned. Combat vehicles are used in ground operations during wars, while unmanned vehicles are remotely controlled and used when human lives are at risk. Examples of unmanned vehicles include UAVs that can function autonomously while remotely controlled by humans.
- Armored vehicles have various uses, from transporting military equipment and personnel to providing security during political events. High-profile individuals and businesspeople also rely on them for protection against extremist threats.
- North America dominates the market with increasing investment in research and development, and manufacturers are providing innovative unmanned armored vehicles to meet the growing demand in the region.
- Some of the prominent players in the global armored vehicle market report include BAE systems, Lockheed Martin Corporation, BMW AG, Lenco Armored Vehicles, General Dynamics Corporation, Rheinmetall AG, Navistar, Textron INC, and Thales Group.
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Armored Vehicle Market Report Segmentation:
Armored Vehicle Market, By Platform (2023-2032)
- Combat
- Combat support
- Unmanned
Armored Vehicle Market, By Applications (2023-2032)
- Commercial
- Defense
Armored Vehicle Market, By Mobility (2023-2032)
- Wheeled
- Tracked
Armored Vehicle Market, By Region (2023-2032)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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