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.
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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.
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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Technological Progress in Armored Vehicles to Drive Armored Vehicle Market
A rise in the demand for armored vehicles is ascribed to the increasing prevalence cross-border conflicts and cases of asymmetric warfare all over the world. However, there has been shortage of leading OEM manufacturers in the Asia Pacific and Middle East region is likely to restrain development of the global armored vehicle market in the near future. In addition, incidences of various types of failures, such as electrical, mechanical in armored vehicles are likely to hamper expansion of the global armored vehicle market in the near future.
The outbreak of global pandemic, COVID-19, has resulted in the multi-level impact on countries across the globe. The manufacturing of assembly lines, automotive components, and parts have been left with severe adverse impact due to the spread of pandemic. However, production of armored vehicles is of utmost importance yet its production has been severely affected by disruptions in the supply chain.
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Demand to Thrive on the Back of Increased Asymmetric Warfare between Nations
Augmented defense budgets especially in regions, such as Asia Pacific is expected to foster development of the armored vehicle market in the region. The goodwill of the market participants is anticipated to play an important role in the securing contract allotments. Progress made in the sector, such as fuel efficiency and utilization of high-tech sensors are anticipated to foster expansion of the global armored vehicle market in the years to come.
Rise in illegal and harmful activities like incidences of terrorism and criminal activities have resulted in the prevalence of asymmetric warfare between several nations, which is estimated to support growth of the global armored vehicle market over the forecast timeframe. In addition, there has been augmented demand for highly effective, robust, compact, and lightweight armored vehicles to tackle these issues.
Restricted budget for spending on military activities in the regions of North America and Europe are anticipated to pose challenge for the overall expansion of the global armored vehicle market over the timeframe of analysis.
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