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Market Overview
The armored vehicles market is anticipated to register a CAGR of over 3% during the forecast period, owing to demand from the armed forces, law enforcement agencies (police), and potential private owners.
The increasing political tension, terrorism, and hostile activities that are happening around the world are some of the major reasons generating the demand for the armored vehicles market.
Increasing defense spending to fight the aforementioned factors is likely to support the growth of the armored vehicles market.
Scope of the Report
An armored vehicle is a land vehicle protected by armor, generally combining operational mobility with offensive and defensive capabilities. Armored vehicles can be wheeled or tracked, depending on the type. Armored personnel carrier (APC), infantry fighting vehicle (IFV), mine-resistant ambush protected (MRAP), main battle tank (MBT), armored cars, vehicles carrying armored self-propelled artillery, light armored vehicles, armored ambulance, armored recovery vehicles, assault amphibious vehicle, armored vehicle-launched bridge (AVLB), armored utility vehicles, and other support vehicles are some of the examples of vehicles that are included in the study.
Key Market Trends
Main Battle Tank Segment is Projected to Lead the Armored Vehicles Market from 2019 to 2024
Currently, the main battle tank (MBT) segment dominates the market and is expected to continue its domination during the forecast period. This is propelled by the increasing procurements of tanks by various countries, like Hungary, Russia, Thailand, France, and Germany, among others. For instance, in August 2018, the Russian Ministry of Defense signed a contract with Uralvagonzavod (UVZ) for the production of 132 third-generation T-14 Armata main battle tanks (MBT) and T-15 heavy infantry fighting vehicles (IFV). The Russian Ground Forces are expected to receive a total of 100 T-14 MBTs by 2020.
Armored Vehicles Market in Asia-Pacific Region to Register Highest CAGR During the Forecast Period
The Asia-Pacific region currently dominates the market and is expected to register the highest CAGR during the forecast period. The increasing political tensions between Pakistan, India, China, and Japan, and increasing terrorist activities are forcing these countries to increase and modernize their ground forces. These factors are expected to drive the procurement of armored vehicles, thereby, helping the growth of the Asia-Pacific armored vehicles market.
Competitive Landscape
The major players in the market are BAE Systems PLC, Oshkosh Corp., Rheinmetall AG, General Dynamics Corporation, and Textron Inc. The major players are facing a slowdown in revenue, due to decreasing orders for procuring armored vehicles. However, local manufacturing companies of all developing countries are filled with orders and backlogs worth at least five years of production. The increasing presence of local firms is shifting the market dynamics from a concentrated market to a fragmented market.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
The armored vehicles market is anticipated to register a CAGR of over 3% during the forecast period, owing to demand from the armed forces, law enforcement agencies (police), and potential private owners.
The increasing political tension, terrorism, and hostile activities that are happening around the world are some of the major reasons generating the demand for the armored vehicles market.
Increasing defense spending to fight the aforementioned factors is likely to support the growth of the armored vehicles market.
Scope of the Report
An armored vehicle is a land vehicle protected by armor, generally combining operational mobility with offensive and defensive capabilities. Armored vehicles can be wheeled or tracked, depending on the type. Armored personnel carrier (APC), infantry fighting vehicle (IFV), mine-resistant ambush protected (MRAP), main battle tank (MBT), armored cars, vehicles carrying armored self-propelled artillery, light armored vehicles, armored ambulance, armored recovery vehicles, assault amphibious vehicle, armored vehicle-launched bridge (AVLB), armored utility vehicles, and other support vehicles are some of the examples of vehicles that are included in the study.
Key Market Trends
Main Battle Tank Segment is Projected to Lead the Armored Vehicles Market from 2019 to 2024
Currently, the main battle tank (MBT) segment dominates the market and is expected to continue its domination during the forecast period. This is propelled by the increasing procurements of tanks by various countries, like Hungary, Russia, Thailand, France, and Germany, among others. For instance, in August 2018, the Russian Ministry of Defense signed a contract with Uralvagonzavod (UVZ) for the production of 132 third-generation T-14 Armata main battle tanks (MBT) and T-15 heavy infantry fighting vehicles (IFV). The Russian Ground Forces are expected to receive a total of 100 T-14 MBTs by 2020.
Armored Vehicles Market in Asia-Pacific Region to Register Highest CAGR During the Forecast Period
The Asia-Pacific region currently dominates the market and is expected to register the highest CAGR during the forecast period. The increasing political tensions between Pakistan, India, China, and Japan, and increasing terrorist activities are forcing these countries to increase and modernize their ground forces. These factors are expected to drive the procurement of armored vehicles, thereby, helping the growth of the Asia-Pacific armored vehicles market.
Competitive Landscape
The major players in the market are BAE Systems PLC, Oshkosh Corp., Rheinmetall AG, General Dynamics Corporation, and Textron Inc. The major players are facing a slowdown in revenue, due to decreasing orders for procuring armored vehicles. However, local manufacturing companies of all developing countries are filled with orders and backlogs worth at least five years of production. The increasing presence of local firms is shifting the market dynamics from a concentrated market to a fragmented market.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
