Armored Vehicle Market (By Type: Infantry Fighting Vehicles, Light Protected Vehicles, Main Battle Tanks, Armored Personnel Carriers; By Technology; By Application, By Geography) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024
Global Armored Vehicle Market is estimated to reach $39 billion by 2024; growing at a CAGR of 4.7% between 2016 and 2024. Armored vehicles are defensively covered vehicles used to transport with a high level of security. Such vehicles are mainly used by military, law enforcement, ministers and diplomates.
Technological advancements have also influenced the demand for armored vehicles from the defense sector. In the recent years, there has been shift in the preference, as armored vehicles are being used by prominent corporate people, VIPs and celebrities as well owing to increasing internal terrorism or riots. Manufacturers of armored vehicles use globally recognized standards such as American Standard and Euronorm Standards. Moreover, the drivers of these vehicles need specialized training in strategic driving due to its high weight and difficulty in handling.
Expanding defense budgets in emerging economies and availability of armor cars on rental & leasing basis support the growth of the armored vehicle market. Rising internal & external security threats and increasing violence among neighboring countries and other regions in the world also fuel the demand for the market. Additionally, rising demand from commercial sectors and need for light weight armor vehicles would provide market opportunities in the coming years.
However, lack of regulatory standardization may limit the growth of the market.
The global armored vehicle market is categorized on the basis of type, technology, application and geography. By type, the market is segmented into light protected vehicles, infantry fighting vehicles, armored personnel carriers, armored amphibious vehicles, main battle tanks, mine-resistant ambush protected and others. Technology segment is categorized into inter operable communication, active protection systems, electric armor, situational awareness, modular ballistic armor, active mine protection and vehicle information integration. Furthermore, by application, the market is segmented into military, law enforcement and commercial.
By geography the armored vehicle market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Canada and Mexico are covered under North America wherein Europe covers Russia, U.K., Germany, France, Italy and others. Asia-Pacific covers China, India, Japan and others. RoW covers South America, Middle East and Africa.
Key players in the armored vehicle market include Lockheed Martin, International Armored Group, General Dynamics Corporation, Thales Group, Denel Land Systems, BAE Systems, Oshkosh Defense, Elbit Systems Ltd., INKAS Armored Vehicle Manufacturing, and Rheinmetall Landsysteme GmbH, among others.
The key takeaways from the report:
- The report will provide detailed analysis of Armored Vehicle Market with respect to major segments such as type, technology and application
- The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Armored Vehicle Market has been included in the report
- Profile of the key players of the Armored Vehicle Market, will be provided, which include key financials, product & services, new developments and business strategies
Scope of Armored Vehicle Market
- Infantry Fighting Vehicles
- Light Protected Vehicles
- Main Battle Tanks
- Armored Personnel Carriers
- Armored Amphibious Vehicles
- Mine-Resistant Ambush Protected
- Inter Operable Communication
- Vehicle Information Integration
- Active Protection Systems
- Modular Ballistic Armor
- Electric Armor
- Situational Awareness
- Active Mine Protection
- Law Enforcement
- North America
- South America
- Middle East