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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