A new research report on the global armored vehicles market has recently been added to the vast research study database of Report Ocean. The study is titled “Global Armored Vehicles Market Size study, By Application (Defense and Commercial), By Drive Type (Wheel and Track), By Vehicle Type (Armored personnel carrier, Infantry fighting vehicle, Main battle tanks, Tactical truck, Bus, Limousine, Sedan and Others), and Regional Forecasts 2020-2027” and is prepared after thorough assessment of this market.
As per the research study, the global armored vehicles market reached a valuation of US$11.05 bn in 2019. The market is expected to rise at a CAGR of more than 5.70% over the forecast period of 2020-2027 and offer opportune conditions to participants for further growth.
Continued Expansion in Global Defense Industry Propels Market Growth
Thanks to the continued expansion in the defense industry, the global armored vehicles market has registered significant gains. The market is marked by the increasing need for improved combat intelligence and the leading armour vehicle manufacturers are cashing on this trend. They have focused on launching new and advanced armored vehicles, which is boosting the global market substantially.
Since armored vehicles are an important component of the defence industry, any change in the latter directly influence the former. Every economy’s growth and prosperity depends on how strong its defense mechanism is and, therefore, governments invest extensively in the development of their respective defense sector, using advanced defense systems and technologies. All these impact the armored vehicles market on the regional level and, eventually, on the global level.
Currently, there is a strong demand for armored vehicles in various economies, especially in those, where border tension and terrorist activities are relatively higher. In addition, the improving trade relations between countries involved in selling and purchasing of arms and ammunitions is reflected on this demand in positive, providing a considerable support to the worldwide armored vehicles market. However, the absence of large armored vehicles OEMs in Asia Pacific and the Middle East and the high occurrence of electrical and electronic failures in these vehicles are expected to slow down the growth of this market in the years to come. Nonetheless, the increase in defence budget in various countries may balance out the shortcoming over the long run.
North America Leads Global Armored Vehicles Market
The global armored vehicles market is spread across Asia Pacific, North America, Europe, Latin America, and the Rest of the World. At the forefront of this industry has been the North America armored vehicles market for the last few years, thanks to presence of a massive ammunition market in the US. The increasing implementation of state-of-the-art defense technologies is likely to keep boosting this regional market over the next few years.
Impact of Covid 19 on Global Armored Vehicles Market
The disruption in supply chain systems, owing to the lockdown imposed due to Covid 19 pandemic, across a number of countries, impacted the global armored vehicles market considerably. However, with situation gradually getting under control, the market is likely to return to its normal self soon.
- Manufacturers are focusing on launching new and advanced products.
- Increasing defense budget in many countries is likely to support the global armored vehicles market.
- North America has surfaced as the global market leader.
The global armored vehicles market is segmented into:
By Drive Type
By Vehicle Type
- Armored personnel carrier
- Infantry fighting vehicle
- Main battle tanks
- Tactical truck
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- BAE Systems
- Elbit Systems Ltd.
- General Dynamics Corporation
- INKAS Armored Vehicle Manufacturing
- International Armored Group
- Krauss-Maffei Wegmann GmbH & Co.
- Lenco Industries, Inc.
- Lockheed Martin Corporation
- Navistar, Inc.
- Oshkosh Defense, LLC
- STAT Inc.
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