Military Armoured Vehicle market is projected to grow at a CAGR of 3.6% by 2034: Visiongain


Visiongain has published a new report entitled Military Armoured Vehicle Market Report 2024-2034: Forecasts by Point of Sale (Original Equipment Manufacturer (OEM), Retrofit), by Category (Combat Vehicles (Main Battle Tanks (MBTs), Infantry Fighting Vehicles (IFVs), Armoured Personnel Carriers (APCs), Armoured Amphibious Vehicles (AAVs), Mine-resistant Ambush Protected (MRAP), Light Protected Vehicles (LPVs), Self-propelled Howitzers (SPHs), Air Defence Vehicles, Other Combat Vehicles), Combat Support Vehicles (Armoured Supply Trucks, Armoured Command & Control Vehicles, Repair and Recovery Vehicles, Bridge-laying Tanks, Mine Clearance Vehicles, Other), Unmanned Armoured Vehicles) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.

The military armoured vehicle market was valued at US$36,123.6 million in 2023 and is projected to grow at a CAGR of 3.6% during the forecast period 2024-2034.

The Autonomous Segment in UGVs Will Certainly See the Highest Growth in the Defence Sector

In the past decade, unmanned ground vehicle technology has made major research breakthroughs by introducing autonomous systems for both defence and commercial sectors. Also, demand for UGVs vehicles has increased worldwide owing to their growing use by military forces across several nations, including US, Germany, France, Italy, and Spain for carrying out intelligence, surveillance & reconnaissance (ISR) and combat operations. Technological advancements continue to reshape the landscape of warfare, autonomous UGVs emerge as a critical component offering enhanced capabilities, efficiency, and strategic advantages. Also, these UGVs vehicles either operate in contested or hazardous areas where human involvement may be impractical or risky. Moreover, autonomous UGVs contribute to force multiplication, enabling military forces to achieve more with fewer resources.

Download Exclusive Sample of Report
https://www.visiongain.com/report/military-armoured-vehicle-market-2024/#download_sampe_div

How has COVID-19 had a Significant Negative Impact on the Military Armoured Vehicle Market?

In the wake of COVID-19 pandemic situation, the military sector has been moderately affected globally. For instance, according to Center for Strategic & International Studies, the military personnel have an infection rate about 15% below that of U.S. society overall. In addition, the infection rate for all Department of Defense (DoD) personnel including military, dependents, and contractors is nearly 40%, based on the measurement by cumulative cases from the beginning of the pandemic.

Furthermore, countries such as Serbia, Russia, and France have accelerated the delivering of protective equipment in South Africa, Spain, and Italy. Also, blended civil-military responses, minimal technical military support, and military-led responses are some of the major factors anticipated to boost the military armoured vehicle market growth. Moreover, armoured vehicle manufacturers are experiencing decline in demand for custom or standard hardware system.

How will this Report Benefit you?

Visiongain’s 343-page report provides 127 tables and 195 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the military armoured vehicle market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for military armoured vehicle market. Get financial analysis of the overall market and different segments including point of sale, category, combat vehicles, and combat support vehicles and capture higher market share. We believe that there are strong opportunities in this fast-growing military armoured vehicle market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the Current Market Drivers?

The Increasing Prevalence of Urban Warfare

The increasing prevalence of urban warfare has become a driving force behind the growth of military armoured vehicles. As global conflicts increasingly shift towards densely populated urban areas, traditional warfare strategies are being redefined, necessitating the development and deployment of specialized equipment. Armoured vehicles play a crucial role in providing protection to military personnel against the unique challenges posed by urban environments, such as ambushes, improvised explosive devices (IEDs), and close-quarters combat.

The need for enhanced mobility, firepower, and survivability in complex urban terrains has prompted defence forces worldwide to invest in modern armoured vehicles. For instance, in September 2023, the Brazilian Government invested US$11 billion for the development of armoured vehicles from Italian manufacturer Iveco Defence, the Astros missile system from Avibrás Indústria Aeroespacial, and more.

Focus on Survivability and Lethality is Paramount in the Design and Enhancement of Military Armoured Vehicles

Survivability is a paramount consideration in the design and development of military armoured vehicles. These vehicles are often exposed to a range of threats, including ballistic projectiles, improvised explosive devices (IEDs), and chemical, biological, radiological, and nuclear (CBRN) hazards. As a result, the demand for advanced armour technologies, such as composite materials and modular protection systems, has surged.

Over the last few decades, urban combat has tarnished the reputation of Main Battle Tanks, with significant losses in Iraq, Syria, Afghanistan, and Ukraine giving stark lessons about the utility of armoured vehicles in urban warfare. As a result, many countries are attempting to improve the effectiveness of heavy armour in urban battle while keeping the capacity to engage peer targets from a distance. By developing a strategy based on the last conflict, you risk not having the correct approach for the next fight. the tank's traditional duty was to support infantry, but more recently, its primary mission has shifted to neutralise other armoured threats.

Get Detailed ToC
https://www.visiongain.com/report/military-armoured-vehicle-market-2024/

Where are the Market Opportunities?

Integration of Advanced Technologies Such as Artificial Intelligence and Autonomous Systems

Artificial intelligence (AI) has become a reality in today’s world with the rise of the 4th industrial revolution, especially in the armed forces. It is also increasing combat systems’, self-regulation, self-control, and self-actuation. It is used in almost every military application, and increased research and development support from military research agencies to develop new and advanced AI technologies is expected to drive the widespread demand for AI-driven armoured vehicles in the military across the globe.

The integration of AI and autonomous systems is driving a paradigm shift in military doctrines and strategies. Armoured vehicles equipped with these advanced technologies can operate more efficiently, adapt to dynamic battlefield conditions, and contribute to a more agile and responsive military force. As technology continues to advance, the military armoured vehicle market is likely to witness further innovations, leading to the development of next-generation platforms that are smarter, more capable, and better equipped to address the challenges of modern warfare.

Competitive Landscape

The major players operating in the military armoured vehicle market are Arquus Defense, BAE Systems Plc, Denel SOC Ltd, Elbit Systems Ltd., General Dynamics Corporation, Hanwha Group, Iveco Defense Vehicle, L3Harris Technologies, Inc., Lockheed Martin Corporation, Mitsubishi Heavy Industries Ltd, Nexter Group, Northrop Grumman Corporation, Paramount Group, Raytheon Technologies, Rheinmetall AG, Textron Inc, Thales SA. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, agreement, regional business expansion, and new product launch.

Recent Developments

  • On 28th November 2023, General Dynamics Land Systems secured US$15.9 million upgradation contract from the Army Contracting Command, Detroit Arsenal, MI, to provide contractor logistics support services for the M1A1SA Abrams Main Battle Tank and the M88 recovery vehicle
  • On 14th September 2023, Paramount Group, Inc. entered into a manufacturing partnership with India based firms Bharat Forge Ltd and Kalyani Strategic Systems, to produce a wider range of armoured vehicles in country

To access the data contained in this document please email contactus@visiongain.com. Avoid missing out by staying informed – order our report now.

To find more Visiongain research reports on the Defence sector, click on the following links:

Do you have any custom requirements we can help you with? Any need for a specific country, geo region, market segment or specific company information? Contact us today, we can discuss your needs and see how we can help: contactus@visiongain.com

About Visiongain

Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.

Contact

Visiongain Reports Limited
Telephone: +44 (0) 20 7336 6100
Email: contactus@visiongain.com
Web: www.visiongain.com