Armored Vehicle Industry Overview
The global armored vehicle market size was valued at USD 25.5 billion in 2018 and is expected to reach USD 36.4 billion by 2025, registering a CAGR of 5.4% over the forecast period.
The market has witnessed considerable growth owing to the 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 the Middle East and Africa as well as Asia Pacific are expected to drive market demand.
Gather more insights about the market drivers, restrains and growth of the Global Armored Vehicle Market
Increasing defense budgets, particularly in Asia Pacific, is anticipated to boost the market growth. The goodwill of industry participants is expected to play a key role in contract allotments. Advancements such as increased fuel efficiency and the 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. The 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.
Armored Vehicle Market Segmentation
Based on the Application Insights, the market is segmented into defense and commercial.
Based on the Product Insights, the market is segmented into defense and commercial.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
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Market Share Insights:
Key Companies Profile:
Prominent players are emphasizing collaborating with companies engaged in manufacturing 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.
Some prominent players in the global armored vehicle market include
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