Brandessence Market Research has published a new report title and According to Study Armored Vehicles Market is valued at USD 15.35 Billion in 2021 and expected to reach USD 21.25 Billion by 2028 with a CAGR of 4.76% over the forecast period.
Armored Vehicles Market: Global Size, Trends, Competitive, Historical & Forecast Analysis 2022-2028: Increasing Defense expenditure in various countries is the key driving factor for the global armored vehicles market
Armoured vehicle is an armed combat vehicle generally used in military and defense application. It is widely used by army for the defense and transporting purpose. Armored vehicles are also used by ministers and law enforcement but from the last decade VIPs, corporate world and celebrities are contributing the demand for these vehicles. Various government organization and civilians are adopting armored vehicles due to the continually increasing security challenges in various countries. Over the few decades, the comparative weighting parameters like overall weight, power to weight ratio, silhoute, average ground speed etc. have gradually improved in armored vehicle with significant sophistication in its technical aspects. The global armored vehicles market is witnessing a positive growth due to increased demand from military and several commercial end users.
Armored vehicles market is segmented on the basis of technology, type, application and region. Based on technology the market is divided in to active protection system, inter operable communication, modular ballistic armor, electric armor, situational awareness system, active mine protection and vehicle information integration. By type the armored vehicles market is classified in to light protected vehicles, infantry fighting vehicles, armored personnel carriers, armored amphibious vehicles, main battle tanks, mine resistant ambush protected vehicles and others. Based on application the market is segmented in military, law enforcement and commercial.
Increasing defense expenditure especially in developing countries and increasing awareness about armored vehicles among the people is expected drive the growth of armored vehicles market. The defense expenditure from different countries is increasing every year as the national security is first priority for any country. The military expenditure varies from developing countries and developed country. The United States was leading in defense expenditure in 2017 followed by China. China ranked second in spending, as it has done since 2008. Increasing armed violence and terrorist attacks in various countries are some other major reasons behind the strong defense infrastructure. However, high cost of armored vehicles is hampering the growth of market. Several technological advancements and ongoing R&D activities are expected to accelerate growth of the armored vehicles market in the forecast period. Military vehicles require more energy for operating different equipment’s which require more energy. Several manufacturers are designing innovative high energy power source which may offer considerable opportunities in forecast preion.
Asia Pacific Was the Fastest Growing Region projected to Show Rapid Growth in Near Future
Asia Pacific was the fastest growing region in market share in armored vehicles 2018. The growth in the region was mainly due to the presence of rapidly growing economies like India and China. China is now the third biggest global arms exporter in Africa and other Asian countries. China is one of the major suppliers of armored vehicles. Increasing defense expenditure for the security of people of country is expected to propel the growth of the armored vehicle market. Middle East and Africa is anticipated to present significant growth in forecast period. The region is growing at a significant pace due to increasing military expenditure from the countries like Israel, Turkey.
The Regions Covered in this Armored Vehicles Market Report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Armored Vehicles Market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 15.35 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||4.76%|
|Market Size Expected in 2028:||USD 21.25 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||Rockwell BAE Systems, BMW AG, Elbit Systems, Ford Motor Company, General Dynamics Corporation, Lockheed Martin Corporation, Mercedes-Benz, Oshkosh Defense, Textron Inc., Volkswagen AG and others.|
|Segments Covered||By Technology, By Type, By Application|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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