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Armored Vehicle Market Overview:
Armored Vehicle Market Size is estimated to attain USD 32.26 Billion by 2030, registering a CAGR of 6.35% during 2020-2030.
Armored vehicles, designed for secure military transportation, were traditionally limited to military, law enforcement, and clergy use. However, today, corporate executives, VIPs, and celebrities also employ these vehicles for safety and protection. Armored vehicles encompass various types, including battle tanks, armored cars, and armored personnel carriers. In recent years, there has been a substantial surge in global demand for armored vehicles. The Armored Vehicle Market growth is primarily attributed to an increased focus on safeguarding military personnel from both internal and external threats.
The market is expected to continue expanding in the coming years, driven by factors such as heightened cross-border conflicts, a rise in asymmetric warfare incidents, escalating security threats, technological advancements, and the adoption of Commercial Off-The-Shelf (COTS) components. However, challenges like the high cost involved, limited availability of key Original Equipment Manufacturers (OEMs) for armored vehicles and fluctuating raw material prices could potentially hinder market growth.
The Armored Vehicle Market is witnessing remarkable growth as the demand for secure military transportation and protection against various threats continues to rise. Originally limited to military, law enforcement, and select individuals, armored vehicles are now utilized by corporate executives, VIPs, and celebrities. These vehicles come in various forms, including battle tanks, armored cars, and armored personnel carriers. Over recent years, global demand for armored vehicles has surged significantly. A primary driver of this market’s growth is the heightened emphasis on ensuring the safety and security of military personnel in the face of both internal and external threats.
The future outlook for the armored vehicle market appears promising, driven by factors such as increasing cross-border conflicts, a rise in incidents of asymmetric warfare, growing security concerns, technological advancements, and the adoption of Commercial Off-The-Shelf (COTS) components. However, the market faces certain challenges, including the high cost associated with armored vehicles, limited availability of critical Original Equipment Manufacturers (OEMs) for these vehicles, and fluctuating raw material prices, which could potentially impede market expansion.
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Key Market Players:
Leading players in the global armored vehicle market include BAE Systems, PLC (UK), Lockheed Martin Corporation (US), Rheinmetall AG (Germany), International Armored Group (US), Krauss-Maffei Wegmann GmbH & Co. (Germany), Elbit Systems Ltd (Israel), General Dynamics Corporation (US), INKAS Armored Vehicle Manufacturing (Canada), Mitsubishi Heavy Industries, Ltd (Japan), Oshkosh Corporation (US), and Diehl Defence GmbH & Co. KG (Germany).
Market Segmentation:
The global armored vehicle market is segmented based on system components, including ballistic armor, fire control systems (FCS), armaments, turret drivers, ammunition handling systems, engines, drive systems, countermeasure systems, observation & display systems, command & control (C2) systems, navigation systems, power systems, and hulls/frames. The armaments category dominates the market, driven by the increasing use of remote weapon stations.
The market is further divided into commercial and defense segments based on product type. In the commercial armored vehicle segment, categories include bus/van, limousine, SUV, sedan, and others. The defense armored vehicle segment includes main battle tanks (MBT), infantry fighting vehicles (IFV), mine-resistant ambush-protected (MRAP) vehicles, armored personnel carriers (APC), tactical trucks, lightly protected vehicles (LPV), and others. The defense segment holds the largest share of the global market, driven by increased investment in military transport vehicle development and the need for enhanced security for defense personnel.
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Regional Analysis:
Geographically, the global armored vehicle market is divided into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa. North America currently leads the market, while the Asia Pacific region is expected to experience rapid growth due to increased defense spending in countries like China and India.
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