The armored vehicles global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Armored Vehicles Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The armored vehicles market size has grown strongly in recent years. It will grow from $12.78 billion in 2023 to $13.73 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to military conflicts, peacekeeping missions, terrorism and insurgency, border security, law enforcement.
The armored vehicles market size is expected to see strong growth in the next few years. It will grow to $16.86 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to urban warfare, asymmetric threats, cybersecurity and data protection, hybrid and electric propulsion, unmanned and autonomous features. Major trends in the forecast period include modular armor and upgrades, crew safety and comfort, lighter weight materials, riot control and crowd management, multi-role armored vehicles.
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Scope Of Armored Vehicles Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Armored Vehicles Market Overview
Market Drivers –
Increased military spending is expected to fuel the growth of the armored vehicle market over the forecast period. Countries around the world are investing in the military because of their conflicts and rivalries with other nations. Military expenditure covers operations, maintenance, arms acquisition, armored vehicles, and military research and development. For instance, in April 2022, according to the Stockholm International Peace Research Institute (SIPRI), a Sweden-based international research institute on arms control, arms transfers and non-proliferation, in 2021, total global military spending was expected to increase by 0.7% in real terms to $2113 billion, marking the seventh year in a row that spending increased. The United States was the largest spender, with military R&D funding of $801 billion in 2021. China was the world’s second-largest spender, allocating an estimated $292 billion to its military in 2022. Thus, increased military spending is driving the growth of the armored vehicle market.
Market Trends –
Major companies operating in the armored vehicle market are focusing on innovating products, such as armored light specialist vehicle, to provide reliable services to customers. A light specialist vehicle typically refers to a type of vehicle designed and equipped for specific specialized tasks or roles, often within military or emergency services contexts. For instance, in June 2023, Mahindra Defence Systems Limited, an India-based provider of innovative, armored solutions for the military and paramilitary forces, launched the Armoured Light Specialist Vehicle (ALSV). The Armoured Light Specialist Vehicle (ALSV) is a light-weight, four-wheel-drive, air-transportable tactical armored specialist vehicle. It is used for a variety of roles, including reconnaissance, patrol, and convoy escort. The vehicle is powered by a Steyr 3.2-liter, 6-cylinder turbo diesel engine which provides 215 hp at 3600 rpm with a peak torque of 500Nm. The ALSV’s variants include the 6 to 8-seater Armored Protection Vehicle for Security, Light Armored Ambulance, Command and Control Vehicle, Light Mortar 81/82mm Vehicle, and Ammunition Carrier for Light Weapons.
The armored vehicles market covered in this report is segmented –
1) By Vehicle Type: Armored Personnel Carrier, Infantry Fighting Vehicle, Main Battle Tanks, Tactical Truck, Bus, Others
2) By Platform: Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles
3) By System: Engine, Drive System, Ballistic Armor, Fire Control System (FCS), Armaments, Ammunition Handling System, Countermeasure System, Command And Control System, Others
4) By Mobility: Tracked, Wheeled, 4X4, 6X6, 8X8, Others
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Regional Insights –
Asia-Pacific was the largest region in the armored vehicles market in 2023. Western Europe is expected to be the fastest-growing region in the armored vehicles market during the forecast period. The regions covered in the armored vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the armored vehicles market include BAE Systems, Oshkosh Corporation, International Armored Group, General Dynamics Land Systems, Textron Inc., Rheinmetall AG, Lockheed Martin Corporation, Krauss-Maffei Wegmann GmbH & Co. KG, INKAS Armored Vehicle Manufacturing, Elbit Systems Ltd., IVECO S.p.A., Lenco Armored Vehicles Inc., Navistar – Navistar International Corporation, Thales Group, STREIT Group, UralVagonZavod Corporation, Ukroboronprom, NORINCO – China North Industries Group Corporation Limited (NORINCO), Bayerische Motoren Werke AG, Ford Motor Company, Raytheon Technologies Corporation, Mitsubishi Heavy Industries Ltd., Hyundai Motor Company, Nexter Group, Panhard General Defense SAS, Plasan Sasa Ltd., SABIEX International, Hanwha Defense Co.Ltd.
Table of Contents
1. Executive Summary
2. Armored Vehicles Market Report Structure
3. Armored Vehicles Market Trends And Strategies
4. Armored Vehicles Market – Macro Economic Scenario
5. Armored Vehicles Market Size And Growth
…..
27. Armored Vehicles Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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