Global Armored Vehicle Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
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May 2023
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This report was compiled by Correspondence Linkedin | Detailed Market research Methodology Our methodology involves a mix of primary research, including interviews with leading mental health experts, and secondary research from reputable medical journals and databases. View Detailed Methodology Page
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“Global Armored Vehicle Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global armored vehicle market report has been segmented on the basis of product, application, and region.
Global Armored Vehicle Market: Overview
An armored fighting vehicle is lightweight combat vehicle protected by strong armor. Armoured vehicle are military vehicle that is fitted with partial or complete armour plating for protection against bullets, shell fragments, etc.
Global Armored Vehicle Market: Dynamics
Increasing focus towards safeguarding soldiers from internal and external threats, and rising awareness of commercial security are major factors expected to drive growth of the global market over the forecast period.
In addition, rising demand for armored vehicles, owing to increasing incidence of cross-border conflicts and asymmetric warfare across the globe are other factors among some major factors expected to further fuel growth of the target market over the forecast period.
Furthermore, increasing technological advancements such as development of unmanned vehicles and multilateral collaboration between countries such as North Atlantic Treaty Organization (NATO) and African Union to counter terrorism and maintain peace are some other factors expected to boost growth of the target market over the forecast period.
Moreover, increasing government initiative towards considerable investments for technological advancements and development of defense sector across various countries is another factor expected to propel growth of the target market over the forecast period.
However, increasing prices of raw materials, vehicle assembly, machining equipment and components is a key factor expected to restrain growth of the global market over the forecast period.
Ongoing trend observed in the target market is increasing government focus towards investment for procuring and developing advanced armored vehicles by various countries such as India, South Korea, and China. These factors are expected to support growth of the target market over the forecast period. For instance, in February 2018, South Korea announced to establish a research center in order to develop navigation algorithms for unmanned armored vehicles and new technology such as AI-based smart object recognition and tracking technology.
Rising investment in research and development activities in order to develop advanced and hybrid armored vehicles by manufacturers operating in Asia Pacific region is expected to create potential revenue opportunities for players operating in the target market over the forecast period. In addition, increasing demand for medium-sized, robust, lightweight, and highly efficient armored vehicles, which are suitable for defense operations, and rising military expenditures across various countries are some other factors expected to support growth of the target market over the forecast period.
Global Armored Vehicle Market: Segment Analysis
Among the application segments, the commercial segment is expected to register highest CAGR over the forecast period, owing to rising adoption of commercial armored vehicle across various banks in order to transfer money. The defense segment is expected to dominate in the target market in terms of revenue over the forecasts period, owing to increasing governments concern to safeguard soldiers’ lives during civil wars, riots, or domestic terrorism.
Among the product segments, the mine-resistant ambush protected automobiles segment is expected to register significant share in terms of revenue over the forecast period, owing to increasing need to protect military personnel from mine attacks.
Global Armored Vehicle Market: Regional Analysis
The market in Asia Pacific is expected to dominate in the target market in terms of revenue over the forecast period, owing to increasing border or terrorism threats across various countries in this region and increasing defense budgets of countries such as India, China, and Russia. In addition, government initiatives towards strengthen military power to counter internal or external terrorism.
Global Armored Vehicle Market Segmentation:
Segmentation by product:
- Defense Armored Vehicle
- Armored Personnel Carrier (APC)
- Infantry Fighting Vehicles (IFV)
- Light Protected Vehicles (LPV)
- Main Battle Tanks (MBT)
- Mine-resistant Ambush Protected (MRAP)
- Tactical Vehicle
- Commercial Armored Vehicle
- Bus/Van
- Limousine
- Sedan
- SUV
Segmentation by application:
- Defense
- Commercial
Segmentation by region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn - Defense Armored Vehicle
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- BAE Systems plc
- Armored Vehicle
- Daimler AG
- Elbit Systems Ltd.
- Ford Motor Company
- General Dynamics Corporation
- Inkas Corporation
- International Armoured Group Fze
- IVECO S.p.A.
- Krauss-Maffei Wegmann GmbH & Co. KG