The global market for armored vehicles is increasing at a rapid pace. According to a recent study report published by the Market Research Future, The global market of armored vehicles will grow at a rapid pace over the forecast period. The market is forecasted to witness a slow but steady growth by 2023, which will be a surplus growth at a moderate CAGR during the projected period (2017 -2023).
An armored fighting vehicle is combat and has a strong armor that guards it. It is generally armed with arms and has abilities such as operational mobility. The vehicles can be tracked or wheeled. An armored civilian car in the U.K is used for security purposes in which the standard vehicle window glass is changed with bulletproof glasses and layers of armor plates are surrounded into the body panels.
The global armored vehicle market is classified into vehicle type, design, and geography. By vehicle type, the market is segmented into infantry fighting vehicles, main battle tanks, light protected vehicles, armored personnel carriers, armored amphibious vehicles, mine-resistant ambush protected and others. Rising concern to safeguard military workforces is anticipated to drive unmanned ground military carrier demand over the forecast period. Tactical military carriers are designed primarily for the usage in the field of military in direct connection with combat or tactical operations. Armored Personnel Carrier (APC) are mostly used for safer deployment of infantry to battle fields or high risk regions and it can be distinguished from Infantry Fighting Vehicle (IFV) based on the weapons it carries.
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Major key Players
General Dynamics Corporation (U.S.),
BAE Systems, Plc. (U.K),
Textron Inc. (U.S.),
Oshkosh Corporation (U.S.),
Elbit Systems Ltd. (Israel),
Thales Group (France),
Lockheed Martin (U.S.),
Rheinmetall AG (Germany),
Denel Land Systems (South Africa),
Sabiex International (Belgium),
According to MRFR, The Global Armored Vehicles Market is estimated to witness a CAGR of more than 3% during the forecast period.
The high costs of advanced armored vehicles are also a major limitation for the global armored vehicles market. Fluctuating raw material costs, import expenses, and a huge taxes levied by countries often result in increased costs of end products. If companies wish to expand their businesses of the global armored vehicles across emerging economies, the key challenge is keeping a balance between the base cost of products and their quality. Growing concerns to protect military workforces during civil wars and the increasing need to protect the nation from a difficult situations and scenarios, ranging from natural disasters to acts of terrorism, is expected to drive security applications across the globe. This would result in, rise in the demand for armored vehicles during the forecast period
The U.S. and the European nations were the largest consumers of armored vehicles for a considerable period of time. The multilateral partnership between North Atlantic Treaty Organization (NATO) and the African Union to counter terrorism is expected to further force the growth of global armored vehicles market during the forecast period.
The Asia Pacific region has witnessed increased defence expenditure from various countries including China, India, South Korea and Australia, which is expected to boost the demand for armored vehicles during the forecast period.In most countries across Asia Pacific, lack of regulatory standards differentiating protection levels leads to high prices and an increased risk of fraudulence from manufacturers. These factors are also leading to the emergence of several unauthorized vehicle armor companies in countries such as India, China, and Brazil, challenging businesses of established companies to a certain extent.
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