The global demand for Armored Vehicles Market is presumed to reach the market size of nearly USD 20.31 MN by 2028 from USD 12.82 MN in 2021 with a CAGR of 6.8% under the study period 2022 - 2028.
Armored vehicles are security vehicles used to transport armed forces safely and securely. Military armored vehicles were traditionally only possessed by military personnel, ministers, and law enforcement officers. The wheel section includes armored vehicles that move on wheels and are employed for transportation or warfare on the battlefield. Armored vehicles are armed combat vehicles with armor around them to defend them from IEDs, missiles, weaponry, shrapnels, bullets, projectiles, and weapon systems. The defense forces put artificial intelligence into their armored vehicles for seamless and effective operations in high-risk situations. Furthermore, track armored vehicles use a vehicle propulsion system in which two or more wheels drive a continuous band of track plates or threads.
Market Dynamics
The rising demand for armored vehicles is fueling the global market due to the militarisation of law enforcement agencies and increased demand for bulletproof cars. Furthermore, governments from various countries are investing in and purchasing armored vehicles from the market's leading players for defense forces, which is projected to drive the armored vehicles market forward. Many countries are focusing on developing armored vehicles for various purposes, including reconnaissance, infantry transport, fire support, medical evacuation, and others, which is moving the armored vehicle market forward. Additionally, the armored vehicles market will grow as demand for such military vehicles grows. As a result, the development and manufacture of modular armored vehicles represent a significant potential opportunity for global armored vehicle industry participants. However, the armored vehicles market's growth is stifling by shrinking national defense budgets.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of armored vehicles. The growth and trends of armored vehicles industry provide a holistic approach to this study.
Market Segmentation
This section of the armored vehicles market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Product Type
- Infantry Fighting Vehicles
- Light Protected Vehicles
- Main Battle Tanks
- Armored Personnel Carriers
- Armored Amphibious Vehicles
- Mine-Resistant Ambush Protected
By Technology
- Active Mine System
- Active Protection System
- Modular Ballistic Armor
- Situational Awareness System
- Inter Operable Communication
- Vehicle Information Integration
- Electric Armor
By Application
- Defense
- Commercial
- Media/Academic
- Government Organizations
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Armored Vehicles market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Armored Vehicles Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the armored vehicles market include Oshkosh Defense, LLC, BAE Systems, Rheinmetall AG, General Dynamics Corporation, International Armored Group, Krauss-Maffei Wegmann GmbH & Co. (KMW), Lenco Industries, Inc., Lockheed Martin Corporation, STREIT Group, INKAS Armored Vehicle Manufacturing, and others. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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