Global Armored Vehicle Market Size & Growth Report, 2027

 

Armored Vehicles Market

The Armored Vehicles Market is anticipated to expand at a robust CAGR over the forecast period (2020-2027).

The factors driving the growth of growth of Armored Vehicles Market includes increasing cross-border terrorism around the world, advancements in asymmetric warfare and emerging need to upgrade armored vehicles in the military sector. According to Global Terrorism Index, the terrorist attacks across the globe increased to 5,226 in 2021 and the maximum terrorist attacks were reported in Myanmar, with the death tolls in Myanmar reaching to 521 during the same year. Moreover, the increasing Government expenditure on defense budget, intergovernmental agreements for developing advanced armored vehicles, are some of the additional factors supplementing the Armored Vehicle Market share. As per Macro Trends, the Philippines military budget has significantly increased from USD 2.84 billion to USD 3.47 billion in 2019, showing a 22.13% increase, and the military budget by the Government of Philippines values around USD 4.39 billion, which is considered as the largest ever defense budget in the history of Philippines.

However, the growth of Armored Vehicles Market is hindered due to increasing cases of electrical and mechanical failures in the armored vehicles.

The prominent players operating in the market are Denel SOC Ltd., FNSS Savunma Sistemleri AS, Hanwha Corporation, BAE Systems PLC, Oshkosh Corporation, General Dynamics Corporation, Rheinmetall AG, Otokar Otomotive Ve Savunma Sanayi, Textron Inc., Arquus and Krauss-Maffei Wegmann among others.

Platform: Segment Analysis

Based on Platform, the Combat Vehicle segment is projected to expand at remarkable CAGR over the forecast period due to growing demand for combat vehicles and Light Armored Vehicles (LAVs) by the military sector.

System: Segment Analysis

Based on System, the Armaments segment is projected to grow at a higher CAGR during the forecast period attributed to increasing induction of anti-tank guided missile (ATGM) launchers by the armed forces.

Regional: Segment Analysis

Based on region, Asia-Pacific is predicted to capture sizeable market share during the forecast period. The increasing number of terrorism activities, significant growth in defense expenditure, rise of the terrorist organization such as Al Qaeda, Afghan Taliban and Islamic State and growing defense manufacturing are some of the important factors, expanding the Armored Vehicles Market size in the Asia-Pacific region.

Market Segmentation:

Global Armored Vehicles Market by Platform    

  • Combat Vehicles
    • Main Battle Tanks (MBTs)
    • Infantry Fighting Vehicles (IFVs)
    • Armored Personnel Carriers (APCs)
    • Armored Amphibious Vehicles (AAVs)
    • Mine-Resistant Ambush Protected (MRAP)
    • Light Armored Vehicles (LAVs)
    • Self-Propelled Howitzers (SPHS)
    • Air Defense Vehicles
    • Armored Mortar Carriers
  • Combat Support Vehicles
    • Armored Supply Trucks
      • Armored Fuel Trucks
      • Armored Ammunition Replenishment Vehicles
      • Armored Ambulances
    • Armored Command and Control Vehicles
    • Repair and Recovery Vehicles
    • Others
  • Unmanned Armored Ground Vehicles

Global Armored Vehicles Market by Mobility     

  • Wheeled
    • 4×4
    • 6×6
    • 8×8
    • Others
  • Tracked

Global Armored Vehicles Market by System         

  • Engines
    • Diesel Engines
    • Turbine Engines
  • Drive Systems
    • Power Transmission Drives
    • Suspension & Braking Systems
    • Tracks and Wheels
  • Ballistic Armor
    • Composite Armor
    • Explosive Reactive Armor (ERA)
    • Electric Armor
    • Homogenous Armor
    • Depleted Uranium Armor
    • Add-On Armor
    • Others
  • Turret Drives
  • Ammunition Handling Systems
  • Fire Control Systems (FCS)
  • Armaments
  • Countermeasure Systems
  • Command & Control (C2) Systems
  • Power Systems
  • Navigation Systems
  • Observation & Display Systems
  • Hulls/Frames

Global Armored Vehicles Market by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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