Armored Vehicle Market - by Product (Defense Armored Vehicle and Commercial Armored Vehicle), System (Drive Systems, Engine, Ballistic Armor, Ammunition Handling Systems, Turret Drives, Fire Control Systems (FCS), Countermeasure Systems, Armaments, Command & Control (C2) Systems, Observation & Display Systems, Hulls/Frames, Navigation Systems and Power Systems), End User (Commercial and Defense) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Industry Forecast 2027
|ID: VPR/A&T/1026||Publishing Year: September 2021||Pages: 126||Format:|
Armored Vehicle Market Overview:
The Armored Vehicle Market is projected to grow from USD 12 billion in 2020 to reach USD 18 billion by 2027; it is expected to grow at a CAGR of 5.96% from 2020 to 2027.
The European region, which includes countries such as France, Spain, Poland, and the United Kingdom, is expected to fuel demand for Armored Vehicle Market. The North American region will be the second largest internationally, with a CAGR of 5.24 percent throughout the forecast period. In the face of current challenges, major Armed Forces around the world are undergoing modernization operations to replace obsolete platforms. Over the next decade, these activities will help the market grow.
With a revenue share of 34.8 percent, Europe is predicted to lead the Worldwide Armored Vehicle Industry. During the pandemic, most European markets raised their defence budgets and attempted to maintain this level.
Key players including Oshkosh Defense, LLC, BAE Systems, Rheinmetall AG, General Dynamics Corporation, International Armored Group, Krauss-MaffeiWegmann GmbH & Co. (KMW), Lenco Industries, Inc., Lockheed Martin Corporation, STREIT Group, INKAS Armored Vehicle Manufacturing, and others holds Major Armored Vehicles Market Share.
The breakout of the COVID-19 pandemic has a multi-level influence on the Armored Vehicle Market various economies. Automotive component, part, and assembly line producers have all been adversely affected. Due to the pandemic scenario, manufacture of the Armored Vehicle has also stalled.
The leading competitors in the Armored Vehicle Market are increasingly employing a variety of tactics and strategies in order to resurrect production and boost demand for the vehicles. During the forecast years, the market will rise significantly because to the combined efforts of the major armored vehicle manufacturers and government initiatives.
Asymmetric warfare occurs when opposing parties or states have unequal military resources, and weaker opponents deploy unusual weaponry and tactics to exploit their adversaries' vulnerabilities. Political instability, religious, economic, and socio-cultural issues have all contributed to an increase in asymmetric warfare during the last decade. As asymmetric warfare has become more common, government agencies have begun to deploy combat vehicles for self-defense and defence against terrorist or rebel attacks, as armored vehicles provide protection against both ballistic and explosive strikes. Furthermore, these vehicles are equipped with turret gun systems for counter-insurgency missions. India, for example, employs Armored Trucks in its anti-Naxalite operations in east India. As a result, rising instances of asymmetric warfare are likely to result in higher purchase of Armored Vehicles around the world, propelling the Armored Vehicles Market forward over the forecast period.
Because of the presence of big OEMs like as BAE Systems, General Dynamics, Rheinmetall, and Nexter Systems in these countries, the Armored Vehicle Industry is heavily concentrated in North America and Europe. However, due to poor domestic Armored Vehicle production in these countries, the Armored Vehicle Market in the Middle East and Asia Pacific is still developing. As a result, countries like Saudi Arabia, the United Arab Emirates, India, the Philippines, and Qatar rely on foreign OEMs for Armored Vehicles. As a result, Armored Vehicle procurement becomes more expensive, resulting in a decline in total demand.
The expanding use of unmanned systems by military forces from many countries for intelligence, surveillance, and reconnaissance (ISR) and combat operations has increased demand for unmanned systems around the world in recent years. Furthermore, as defence budgets in industrialised economies such as the United Kingdom, Italy, Spain, Germany, and France have shrunk, unmanned systems have become more popular as a replacement for defence personnel, requiring vast amounts of equipment and logistic support.
The design and development of main battle tanks necessitates a significant amount of time, money, and technical knowledge. Propulsion systems are installed on main battle tanks to allow them to move toward their objectives. Infantry men use them to provide fire support. The greater expense of main battle tanks is due to their unique qualities, which include high lethality and improved agility. The high costs of developing modern technologies for main battle tanks are a major impediment to the Armored Vehicle Market's Expansion, particularly in growing economies like India and China. A main battle tank unit costs roughly USD 6.0 million on average. The cost of these tanks rises as the advanced specifications of the weaponry put on them rise. As a result, manufacturers prefer prototyping weapons and their components prior to development, depending on global demand for main battle tanks, as failure of produced models results in significant losses.
Application, Drive Type, Vehicle Type, and Region are used to segment the Worldwide Armored Vehicles Market. The Market is classified into two categories based on Application: defence and commercial. It is divided into two types of Drive: wheel and track. The market is divided into armored personnel carriers, infantry combat vehicles, main battle tanks, tactical trucks, buses, limousines, sedans, and others based on Vehicle Type. It is divided into four regions: North America, Europe, Asia-Pacific, and LAMEA.
The Armored Vehicle Market is divided into five regions: Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. The Armored Vehicle Market in North America is the largest in the world.
Due to increases in military expenditure in nations like as India and China, the Asia Pacific area is expected to develop rapidly over the forecast year.
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