In terms of revenue, the Global Armored Vehicle market is expected to reach USD 108.5 Billion by 2030, growing at a CAGR (Compound Annual Growth Rate) of 30.1% from 2023 to 2030.
An armored vehicle is a cutting-edge automobile that may offer defense against firearms, bullets, and other dangerous projectiles. For both commercial and defense uses, these vehicles are built to combat challenging circumstances. Police personnel, soldiers, troops, well-known individuals, and even civilians can move with assurance in combat zones thanks to Armored Vehicle.
At the nation's boundaries and in the defense industry, Armored Vehicle are frequently utilized to increase security and survivability. An armored vehicle's typical components include armed plates, primary weapons, bulletproof glasses, a command and navigation system, an engine, a fire control system, an observation system, armaments, frames, and other ballistic materials. Major uses for Armored Vehicle include safety escorting, defending dignitaries, and self-defense.
Armed with full or partial armor plating to protect against projectiles like bullets and shell shards, Armored Vehicle can include passenger cars, commercial trucks, and even military vehicles. Defense forces' Armored Vehicle can either move along continuous tracks or wheels. They are essential to the logistics of the contemporary battlefield as well as frontline combat and reconnaissance.
Key Highlights from the Report
· By Platform, Combat vehicles segments are anticipated to dominate the Armored Vehicle market, with the biggest market share during the forecast period, The combat vehicle market is further broken down into battle tanks, armored personnel carriers, armored amphibious vehicles, weakly protected vehicles, and self-propelled howitzers. The segment with the greatest profit potential is armored personnel carriers.
· By Application, the defense segment is projected to dominate the Armored Vehicle market, Demand for Armored Vehicle in the defense industry has increased as a result of increased government spending on the defense industry to improve the military's operational capabilities.
· By Mobility, the wheeled segment is anticipated to dominate the Armored Vehicle Market, with the biggest market share during the forecast period, The wheeled armoured vehicles have improved road performance and fuel efficiency. Wheeled vehicles in the 4x4, 8x8, 10x10, and 12x12 sizes are further divided into the wheeled section.
· By Sales, The OEM segment is projected to dominate the Armored Vehicle market during the forecast period, Manufacturers guarantee the calibre of auto parts, and since these parts can only be obtained via a dealership, this increases the dependability of automobiles. Over the projection period, OEM involvement in the market is likely to be encouraged by the intense rivalry in the industry.
The Armored Vehicle market is being driven by the growing demand for VIP security to safeguard diplomats' lives. Political tensions within the boundaries are intensifying, and this has led to serious concerns for the safety and survivability of dignitaries such as legislators, government officials, and other dignitaries. In addition to primary weapons, ballistic goggles, protective plates, armored covering, G.P.S., and siren system, Armored Vehicle are made to provide excellent protection.
In general, armored vehicle are thought to provide greater protection, comfort, and privacy than normal automobiles. Demand for advanced armored cars is rising as a result of the effectiveness that Armored Vehicle offer for prominent individuals.
There are numerous potentials for businesses to expand in the global Armored Vehicle market as a result of the need for armored vehicle that are fuel-efficient due to shifting fuel prices. To save fuel consumption and improve performance, manufacturers are concentrating on developing hybrid or electric Armored Vehicle.
In the future years, the demand from end users in the commercial and defense sectors for armored vehicle with electric or hybrid engines will rise. The development of fuel-efficient armored vehicle will also be supported by growing government involvement and investment in advanced electric vehicles by providing players with lucrative prospects. For instance, the U.S. Army announced testing and analysis of electric armored vehicle using the Ultium Platform from General Motors in October 2022.
An armored vehicle's mechanical or electrical breakdown could be brought on by constant travel and logistical stress. Armored vehicle operation can be disrupted under challenging circumstances, such as on the battlefield, by a failing transmission system, a failing engine, and jammed components. The time it takes to fix and restore such problems is another factor.
The user may be seriously put in danger in these situations if supply vehicles are not available. Because of these mechanical and electrical breakdowns, the market's expansion is constrained. Nonetheless, the growing number of OEMs that guarantee the repair and warranty of components to eliminate such flaws is thought to lessen the incidence of mechanical failures.
The Global Armored Vehicle Market is Segmented as follows
- Combat Vehicles
- Combat Support Vehicles
- Unmanned Armored Ground Vehicles
- Drive System
- Ballistic Armor
- Turret Drives
- Ammunition Handling System
- Fire Control Systems (FCS)
- Countermeasure System
- Command & Control (C2) System
- Power System
- Navigation System
- Observation & Display System
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Armored Vehicle Market is
BAE Systems (UK), Denel SOC Ltd (South Africa), General Dynamics Corporation (U.S.), IVECO DEFENCE VEHICLES (Italy), Krauss-Maffei Wegmann GmbH & Co. KG (Germany), NORINCOGROUP.com Inc. (China), Oshkosh Defense - LLC An Oshkosh Corporation Company (U.S.), Otokar - A KOC Group Company (Turkey), Rheinmetall AG (Germany), Textron Systems (U.S.)
The Global Armored Vehicle Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|