The new report by Expert Market Research titled, ‘Global Armoured Vehicle Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global armoured vehicle market, assessing the market based on its segments like Type, Technology used, Mobility, System, Application, and Regional market among others. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Note 1: For a snapshot of the primary and secondary data of the market (2016-2026), along with business strategies and detailed market segmentation, please click on the request sample report. The sample report shall be delivered to you within 24 hours.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): 28.6 billion USD
- Forecast CAGR (2021-2026): 5.8%
The sector has grown significantly as a result of the increased focus on safeguarding soldiers from both external and internal attacks. Over the forecast period, it is also expected that increased awareness of business security would fuel industry growth for armoured vehicles. An armoured vehicle is a fighting vehicle that is protected by armour and is often employed as a military combat vehicle.
Industry Definition and Major Segments
Armored vehicles are used for transit under armed guard or with bulletproof windows installed instead of regular ones. Military, police enforcement, corporate executives, VIPs, and celebrities are among the most frequent users of these cars. Armored vehicles are primarily employed to improve defence capabilities and protect national security. Homeland security helps to prevent terrorist attacks and reduces the country's susceptibility to terrorism. The use of sophisticated raw materials in the construction of armoured vehicles increases demand for high-performance armoured vehicles.
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On the basis of Type, armoured vehicle market is segmented into:
- Main Battle Tanks (MBT)
- Mine-Resistant Ambush-Protected (MRAP)
- Light Protected Vehicles (LPV)
- Armoured Personnel Carriers (APC)
- Amphibious Armoured Vehicles
- Unmanned Ground Vehicles (UGV)
- Others
Based on the Technology used, armoured vehicle market is divided into:
- Active Protection Systems
- Interoperable Communication Systems
- Modular Ballistic Armour Systems
- Electric Armour
- Situational Awareness
- Active Mine Protection Systems
- Vehicle Information Integration
Based on the Mobiility, armoured vehicle market is categorised into:
- Wheeled
- Tracked
Based on the System, armoured vehicle market is categorised into:
- Engines
- Drive System
- Ballistic Armor
- Turrets Drive
- Ammunition Handling System
- Fire Control System
- Armaments
- Countermeasure Systems
- Command & Control (C2) Systems
- Power Systems
- Navigation Systems
- Observation & Display Systems
- Hulls/Frames
Based on the Application, armoured vehicle market is divided into:
- Commercial Organisation
- Government Organisation
- Military
- Others
The major regional markets of armoured vehicle market are:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
The growing requirement for nations' military and security departments to combat increasing criminal activities and cross-border terrorism is driving the worldwide armoured vehicle market. The militarization of law enforcement, technical improvements in armoured cars, an increase in insurgencies, and the commercial usage of armoured vehicles are the main drivers driving the industry's expansion. Limitations for the armoured vehicle market include reduced domestic defence spending and growing usage of uncrewed cars, which may stifle expansion over the projected period. The majority of armed forces across the world are conducting modernization projects to replace old, armoured vehicles or to meet the need for new equipment to support new force formations. For example, large countries like the United States, Saudi Arabia, Russia, China, the United Kingdom, and others have aged fleets that need to be replaced.
Key Market Players
The major players in the market are Oshkosh Defense, LLC, Textron Systems Corporation, Denel Soc Ltd., Krauss-Maffei Wegmann GmbH & Co., FNSS Savunma Sistemleri A., General Dynamics Corporation, BAE Systems, Rheinmetall AG, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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