The demand within the global market for armored vehicle has been rising on account of advancements in the defense sector of multiple regions. The presence of several key entities within a nation’s defense sector necessitates the presence of improved weaponry and equipment. Several new and improved armored vehicles have been developed across key defense bases across the world. The need for improved battle intelligence has also created a plethora of opportunities within the global armored vehicle market. These vehicles play an integral role in strengthening the integrity of the military industries. Hence, it is safe to assert that armored vehicles are an indispensable part of national defense industries. National growth and development of a region is enshrined in the betterment of its defense sector. For this reason, governments have heavily invested in upgrading defense technologies across their territories. There is heavy demand for armored vehicles across multiple regions, and this factor has in turn aided the growth of the global market. Improved ties amongst regions for defense manufacturing have also led to the growth of the global armored vehicles.
The global market for armored vehicle is expected to grow at a steady CAGR of 5.2% from 2015 to 2023. Furthermore, the market for armored vehicle is projected to touch a value of US$35.49 bn in 2023, rising up from a value of US$22.73 bn in 2014.
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This report preview by Transparency Market Research (TMR) on the global armored vehicle market is a representation of the various segments pertaining to this market. The demand dynamics for various armored vehicles have been enunciated herein. Moreover, the key reasons behind the rising demand for certain types of armored vehicles have also been included. The regional segments of the global armored vehicles market have also been elucidated.
Situational Awareness Systems to Attract Commendable Demand
On the basis of technology, the global market for armored vehicle can be segmented into inter operable communication, active protection system, modular ballistic armor, situational awareness system, electric armor, vehicle information integration, and active mine protection. Military intelligence plays a key role in improving the overall fettle of the defense sector. For this reason, the demand for situational awareness systems has been escalating to new heights over the past decade. The market for ballistic and electric armors is also projected to expand as military industries adopt cutting-edge technologies. Based on the type of vehicle, the market for armored vehicle can be segmented into infantry fighting vehicles, light protected vehicles, armored personnel carriers, main battle tanks, armored amphibious vehicles, and mine resistant ambush vehicles.
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North America to Lead Market Growth
On the basis of geography, the global market for armored vehicle can be segmented into North America, Latin America, the Middle East and Africa, Europe, and Asia Pacific. The North American defense sector has been at the forefront of global defense growth. The state of the art technologies deployed in the defense industry of the US has aided the growth of the market for armored vehicle market in North America. The focus given on situational awareness across the US has aided the growth of the global armored vehicle market.
Some of the key vendors in the global armored vehicle market are INKAS Armored Vehicle Manufacturing, BAE Systems plc, Krauss-Maffei Wegmann GmbH & Co. KG., General Dynamics Corporation, and The Raytheon Company.
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