The global armored vehicle market is majorly driven by high internal and external security threats coupled with increased violence in countries such as Syria, Iraq and other regions in the world.
Global Armored Vehicle Market Report, published by Variant Market Research, forecast that the global market is expected to reach $39 billion by 2024 from $26 billion in 2016; growing at a CAGR of 4.7% from 2016 to 2024.
Armored vehicles are the security vehicles which are used for transportation under armed security or by exchanging the standard windows by bulletproof glass motor vehicle with a high security. Armored vehicles, such as armored fighting vehicle, armored car, bulletproof car, armored vehicles and trucks are exclusively possessed and used by military, ministers and diplomates, and law enforcement.
Armored vehicle market trend includes high adoption of these vehicles from VIPs and prominent corporate persons.
The ever-increasing security challenges are the main reasons to adopt an armed vehicle for the several government bodies and civilians, which favors the armored vehicle market size.
High defense expenditure particularly in emerging economies to drive the global armored vehicle market
The global armored vehicle market growth is primarily driven by factors such as rising internal and external security threats, rising violence in countries such as Iraq, Syria, and other regions in the world, high demand of rental & leasing of armored cars by civilians, and high defense expenditure particularly in emerging economies. However, inadequate defense budgets, and absence of regulatory standards may hinder the market growth.
Furthermore, high adoption from commercial sector, and light weight armored vehicles would provide several market opportunities during the forecast period.
Type, application, technology, and geography are the major segments of the global armored vehicle market. Type segment is further classified as main battle tanks, armored amphibious vehicles, light protected vehicles, armored personnel carriers, mine-resistant ambush protected, infantry fighting vehicles, and others.
By application, the market has been further segmented as law enforcement, military, and commercial. Moreover, technology segment includes electric armor, active protection systems, inter operable communication, situational awareness, active mine protection, vehicle information integration, and modular ballistic armor.
Based on geography, the global armored vehicle market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Armored personal carriers accounted for the largest market share in the type segment
Armored personal carriers dominated the type segment of the market and accounted for about 21% in the year 2016, due to it is mainly used for safer placement of infantry to high threat areas or to battle fields.
Commercial armored vehicle is anticipated to grow at a fastest CAGR in the application segment
Commercial segment is expected to lead the market in the application segment with highest CAGR over the period 2016-2024, due to growing acceptance of armored vehicles among celebrities & VIPs and accessibility of armored cars on rentals. Whereas, military held the major market share.
Asia-Pacific is anticipated to grow at a fastest CAGR over the forecast period
Armored Vehicle Market Forecast that Asia Pacific is anticipated to grow at a fastest CAGR of 5.3%, during the forecast period, followed by RoW, due to increasing investment on upgradation of military in countries like Australia and Philippines, and growing border conflicts. In 2016, North America held the major market share, followed by Europe.
Major players have used various strategies to increase armored vehicle market share and global presence. In 2017, INKAS Armored Vehicle Manufacturing, a Canada based company has announced its novel line of technical integrations offered for its armored vehicles.
The major players operating in the armored vehicle market are Oshkosh Defense, Lockheed Martin, Thales Group, General Dynamics Corporation, BAE Systems, Denel Land Systems, Rheinmetall Landsysteme GmbH, Elbit Systems Ltd. and INKAS Armored Vehicle Manufacturing, and International Armored Group, among others.
Scope of Armored Vehicle Market
- Infantry Fighting Vehicles
- Light Protected Vehicles
- Main Battle Tanks
- Armored Personnel Carriers
- Armored Amphibious Vehicles
- Mine-Resistant Ambush Protected
- Inter Operable Communication
- Vehicle Information Integration
- Active Protection Systems
- Modular Ballistic Armor
- Electric Armor
- Situational Awareness
- Active Mine Protection
- Law Enforcement
- North America
- South America
- Middle East
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