Newark, NJ, Aug. 25, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global armored vehicles market is expected to grow from USD 16.93 billion in 2019 and to reach USD 26.37 billion by 2027, growing at a CAGR of 5.7% during the forecast period 2020-2027.
The improvements in technology, coupled with the growing usage of artificial intelligence, have increased the application of armored vehicles in defense and commercial applications. Also, the growing concern for commercial safety has resulted in high demand for armored vehicles. Further, the rise of asymmetric warfare has called for the adoption of more advanced equipment, which will help during any insurgent attacks.
Armored vehicles are the means of transport which carry armed securities. The vehicle is protected by the armour plating with the combination of defensive capacity, tactical offensive capability, and operational mobility. The armed vehicles are significantly used in frontline combat, battlefields and reconnaissance.
In recent times, these vehicles are increasingly being used in commercial applications, but formerly these vehicles were used only in the military applications. These vehicles are equipped with turret gun systems that enable it to carry insurgency operations. The growing tensions between different regions owing to parallel economic and political interests have increased the possibility of certain destructive events. Thus, the majority of countries are focusing on strengthening the surveillance and intelligence operations, which is proving to be beneficial for the market growth. However, the manufacturing of these armored vehicles is costly and requires advanced technology, which is restricting the production of these vehicles to a certain region. Further, the deployment of advanced technologies is also costly, which is hindering the market growth.
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Key players operating in the global armored vehicles market include Elbit Systems, Ford Motor Company, General Dynamics Corporation, Lockheed Martin Corporation, Krauss-Maffei Wegmann GmbH & Co., BAE Systems, Daimler AG, BMW AG, INKAS Armored Vehicle Manufacturing, Rheinmetall AG, International Armored Group, Navistar Inc., Thales Group, IVECO, Oshkosh Defense, Lenco Industries Inc., Textron Inc., STAT Inc., and others. The manufacturers are opting for expansion strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership, so as to gain the significant market share in the global armored vehicles market and strengthen their position Ford Motor Company and BMW AG industries are some of the biggest manufacturers and suppliers of armored vehicles in the global market.
- In March 2019, Land Rover, a leading luxury car manufacturer, launched the 2020 Range Rover Sentinel, which contains a ballistic steel plate and armored glass plate inside the body.
Defense armored vehicles segment dominated the market and held the largest market share of 63.98% in the year 2019
On the basis of the product type segment, the global armored vehicles market includes defense armored vehicles and commercial armored vehicles. The defense armored vehicles segment includes personnel carriers, light protected vehicles, infantry fighting vehicles, main battle tanks, and others. The commercial armored vehicles segment includes limousine, vans, bus, sedan, SUV, and others. Defense armored vehicles dominated the market and held the largest market share of 63.98% in the year 2019. The market share can be attributed to the growing adaption of surveillance and intelligence needs of the defense sector in many regions. Moreover, the growing concern for safety has resulted in the market growth of the segment.
Armaments segment dominated the market and held the largest market share of 24.72% in the year 2019
On the basis of the system, the global armored vehicles market includes drive systems, ballistic armor, fire control systems, armaments, C2 systems, navigation systems, and others. Armaments dominated the market and held the largest market share of 24.72% in the year 2019. The increased demand for armaments equipment such as weapon stations and anti tank guide missiles in many regions has resulted in the market growth of the segment.
The tracked segment dominated the market and held the largest market share of 56.03% in the year 2019
On the basis of the mobility segment, the global armored vehicles market includes wheeled and tracked. Tracked segment dominated the market and held the largest market share of 56.03% in the year 2019. Tracked vehicles have greater mobility, even in difficult terrain. Apart from this, the tracked vehicles have huge payload capacity and survival capacity.
Defense segment dominated the market and held the largest market share of 67.33% in the year 2019On the basis of the application segment, the global armored vehicles market is categorized into defense and commercial applications. Defense dominated the market and held the largest market share of 67.33% in the year 2019. The armored vehicles have greater applicability in the defense sector. These vehicles are specially designed with customized features that are required in the defense applications. The growing safety concerns have pushed the government to strengthen the military base. Thereby, boosting the global armored vehicles market growth.
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Regional Segment Analysis of the Armored Vehicles Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global armored vehicles market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region accounted for the major market share of 31.03% in the year 2019. The growth of the region can be attributed to the presence of manufacturers and raw materials. Further, the growing use of AI is resulting in more advance technology for the deployment of the vehicles. However, Asia-Pacific is projected to grow at a rate of 6.7% during the forecast period. The increased spending of the countries on the defense operations due to growing security threats is the primary driver of the market growth in the region.
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About the report:
The global armored vehicles market is analyzed on the basis of value (USD Billion), volume (Units), export (Units), and import (Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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