Trusted Business Insights presents the Latest Study on Armored Vehicle Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Abstract, Snapshot, Market Analysis & Market Definition: Global Armored Vehicle Market
The global armored vehicle market size was valued at USD 25.5 billion in 2018 and is expected to exhibit a CAGR of 5.4% from 2019 to 2025. The market has witnessed considerable growth owing to increasing focus on safeguarding soldiers from external and internal threats. Growing awareness about commercial security is also expected to drive demand for various armored vehicles over the forecast period.
Multilateral collaboration between countries such as North Atlantic Treaty Organization (NATO) and the African Union to counter terrorism and maintain peace is also expected to favor market growth. The market is also anticipated to be driven by various governments opting for the latest machinery to counter emergencies caused by insurgencies and militant attacks. Moreover, increasing communal riots and organized crimes in regions such as Middle East and Africa as well as Asia Pacific are expected to drive market demand.
Increasing defense budgets, particularly in Asia Pacific, is anticipated to boost market growth. The goodwill of industry participants is expected to play a key role in contract allotments. Advancements such as increased fuel efficiency and use of high-tech sensors are expected to drive the market over the next few years.
Increasing cross-border criminal activities and terrorism have triggered asymmetric warfare between different nations across the globe and this is expected to further increase product demand. Development of lightweight, robust, highly efficient, and compact armored vehicles suitable for defense operations is further expected to keep growth prospects upbeat.
Limited budget for military spending, particularly in the North American and European regions, may pose a challenge to industry growth over the forecast period. Additionally, rising prices of raw materials, components, vehicle assembly, and machining equipment are expected to hinder the growth of the market.
Market Segmentation, Outlook & Viewpoint: Global Armored Vehicle Market
Application Market Segmentation & Outlook (Volume, Thousand Units; Revenue, USD Million, 2014 – 2025)
Product Market Segmentation & Outlook (Volume, Thousand Units; Revenue, USD Million, 2014 – 2025)
Armored Personnel Carrier (APC)
Infantry Fighting Vehicles (IFV)
Light Protected Vehicles (LPV)
Main Battle Tanks (MBT)
Mine-resistant Ambush Protected (MRAP)
Key Players, Recent Developments & Regional Insights: Global Armored Vehicle Market
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On the basis of product, the armored vehicle market is primarily bifurcated into defense and commercial. The defense armored vehicle segment includes armored personnel carrier (APC), infantry fighting vehicle (IFV), light protected vehicle (LPV), main battle tank (MBT), mine-resistant ambush protected (MRAP), and tactical vehicle. The commercial segment includes bus/van, limousine, sedan, and SUV.
Growing need to protect military personnel from mine attacks is expected to drive demand for mine-resistant ambush protected automobiles over the coming years. Tactical military carriers are designed primarily for use by the military forces. Armored personnel carriers are primarily used for safer deployment of infantry in battlefields or high threat areas.
On the basis of application, the market is segmented into defense and commercial. The defense segment dominated the market in 2018 and was valued at USD 20.5 billion. Growing concerns for governments to safeguard soldiers lives during civil wars, riots, or domestic terrorism are anticipated to drive the defense segment over the forecast period.
Commercial applications of armored vehicles include VIP protection, armed convoys, and patrols. Rising demand for rental and leasing protected van services owing to increasing awareness about personal safety is also expected to favor the growth of the commercial segment over the forecast period. Additionally, owing to soaring crime rates across countries, organizations and banks are opting for protected trucks or vans to carry valuables, transfer money from banks to ATMs, and transfer cash collected at large commercial establishments to banks.
Asia Pacific generated the highest revenue of USD 7.9 billion in 2018. This can be attributed to government initiatives undertaken to strengthen military power to counter internal or external terrorism. Furthermore, various government bodies are making considerable investments to develop the defense sector across the region.
Countries such as India, South Korea, and China are making investments for procuring and developing advanced armored vehicles. These factors are expected to drive market demand over the forecast period. For instance, in February 2018, South Korea announced its decision to establish a research center to develop navigation algorithms for unmanned armored vehicles and AI-based smart object recognition and tracking technology.
Manufacturers in Asia Pacific are also significantly investing in research and development activities to develop advanced and hybrid armored vehicles for enhanced maritime and border patrolling. Additionally, increasing military expenditures and growing demand for medium-sized, light armored vehicles for patrolling operations is expected to boost regional growth over the next few years.
Armored Vehicle Market Share Insights
Key players in the market include BAE Systems; BMW AG; Daimler AG (Mercedes Benz); Elbit Systems; Ford Motor Company; General Dynamics Corporation; INKAS Armored Vehicle Manufacturing; International Armored Group; IVECO; Krauss-Maffei Wegmann GmbH & Co. (KMW); Lenco Industries, Inc.; Lockheed Martin Corporation; Navistar, Inc.; Oshkosh Defense, LLC; Rheinmetall AG; STAT, Inc.; Textron, Inc.; and Thales Group.
These players have been making investments in new product development to gain a competitive advantage. In 2014, Rheinmetall AG invested USD 242.28 million for research and development. In May 2015, Rheinmetall AG, PolskaGrupaZbrojeniowa SA, Obrum, the companys subsidiary, signed a cooperative agreement to develop new amphibious 6X6 armed automobile for the Polish military.
In April 2015, BAE Systems implemented an active damping system upgrade to CV90 combat automobile, thus increasing its agility by reducing the automobiles pitch acceleration by approximately 40%. In December 2014, the company also announced that it received a contract worth USD 1.2 billion from the U.S. army for armored multi-purpose automobiles.
Prominent players are emphasizing on collaborating with companies engaged in manufacturing of advanced systems and components to equip their products with cutting-edge technologies for better combat capabilities. Elbit Systems, one of the major component manufacturers, offers component upgrades such as fire control systems, autonomous systems, and Overhead Remote Controlled Weapon Stations (ORCWS) for better security.
Key Insights Covered: Global Armored Vehicle Market
1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Armored Vehicle industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Armored Vehicle industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Armored Vehicle industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Armored Vehicle industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Armored Vehicle industry.
Research Methodology: Global Armored Vehicle Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other
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