Trending News: Armored Vehicles Market — Global Industry Analysis and Forecast 2020 to 2027
Global Armored Vehicles Market: Key Highlights
- According to the new market research report “Armored Vehicles Market by Product (Defense, Commercial), by Type (Electric, Conventional), by System (Ballistic Armor, Diesel Engine, Armaments, Countermeasure System, Command & Control System and Other), by Operational Procedure (Manned and Unmanned), by Region (North America, Asia-Pacific, Europe, Middle East and Africa, South America) — Global Forecast (2020 to 2027)”, the global Armored Vehicles Market is estimated to reach USD 17.8 Billion by 2027 at a CAGR of around 5% during the review period.
- The Armoured Fighting Vehicle (AFV) can be wheeled or tracked. Some of the examples of armored vehicles are Main battle tanks, armored cars, armored self-propelled guns, as well as armored personnel carriers.
- Moreover, it also provides a solution for navigate some of the dangerous areas while protecting valuable assets. These will lead to increase the demand of the armored vehicles market in the forecast period.
Global Armored Vehicles Market: Key Market Dynamics
- With the rising cross-border criminal activities is witness to boost the growth of the market in the forecast period. Whereas, the significantly growth in the criminal activities through the world due rise in political instability, religious, as well as with social cultural factors.
- The high price of main battle tanks may hinder the growth of the armored market in the forecast period.
- Growing adoption of unmanned combat ground vehicles lead to enhanced with the rising use by military forces of countries for Intelligence, Surveillance, and Reconnaissance (ISR) and combat operations. These will play a key role in the growth of armored vehicle market during forecast period.
- One of the major key concern of the armored vehicles market is rising prices of raw materials which may challenging factor for the growth of the market. Whereas, the fluctuation in the price of the raw materials, import expenses, as well as huge taxes imposed by the countries mostly result in raising the cost of end products.
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Global Armored Vehicles Market: Regional Overview
- North America:
The region is anticipate to acquire the most significant market share in the forecast period. Whereas, the region has large presence of large OEMs which play as a key driver for the growth of the market. Moreover, the US is one of the major player to boost the market in the region by making investments for the developments and growth of new advance products. Also the rising investments which is being made by countries in the region lead to scale up the armored vehicles with good quality.
Hence, the region is projected to play a major role of the growth of armored vehicles market in the projected period.
The region is anticipate to play a major role for the growth and developments of the market in the forecast period. Whereas, the countries such as China has growing their budget system for the defense sector of the country. Moreover, the rising growth of the armored market in the region, can accounted with the rising the number of terrorist activities in the region. Also with the rising spending of the emerging economies in the defense operations can boost the market growth.
Hence, the Japan, India and South Korea also play a significant role for the market growth in the region. As well as the growing investment in the region is anticipate to fuel the growth of armored vehicles market in the forecast period.
Global Armored Vehicles Market: Key Players Overview
- BAE Systems:
BAE Systems is a British multinational defense, security, and aerospace company. Also the company offers some of the world most advanced, technology-led defense, aerospace as well as a security solution. Whereas, the Armored Multi-Purpose Vehicle (AMPV) is a family of next generation, highly survivable vehicles which is essential to the future of the US Army. In 2018, the US Army has awarded BAE System a contract worth of USD 376 Million for the Engineering, Manufacturing, and Development (EMD) phase of the Mobile Protected Firepower (MPF) program.
- Oshkosh Corp:
Oshkosh Corp is an American industrial company, which designs and builds specialty trucks, military vehicles, airport fire apparatus as well as the access equipment. In 2020, the Oshkosh Defense LLC an Oshkosh Corporation has announced that the US Army Contracting Command, Detroit Arsenal has order for 248 Joint Light Tactical Vehicles (JLTVs) and associated kits of the value of USD 127 million. Also, in 2020 the Oshkosh Defense has been awarded for USD 346.4 Million to modernize vehicles in the US Army and US Army Reserve FHTV Fleets.
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