The global armored vehicle industry size is projected to reach USD 26.12 billion by 2026, exhibiting a CAGR of 5.36% during the forecast period. Steady ramping up of military expenditure by countries will prove beneficial for this market, observes Fortune Business Insights™ in its report, titled “Armored Vehicle Market Size, Share and Industry Analysis, By Platform (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles), By Mobility (Wheeled, Tracked), By System (Engine, Drive Systems, Ballistic Armor, Turret Drives, Ammunition Handling Systems, Others) and Regional Forecast, 2019-2026”. The latest report by the Stockholm International Peace Research Institute (SIPRI) reveals that in 2019, cumulative global military spending stood at USD 1917 billion, rising by 3.6% from 2018 level.
The largest spenders, the SIPRI reports, were US, China, India, Russia, and Saudi Arabia (in that order). This increasing expenditure on the armed forces shows the intent of the major world economies in upgrading their defense forces with modern weaponry to better equip their soldiers in the battlefield, which augurs well for this market as armored vehicles are vital in ground-level combat as well as in border patrolling activities during peacetime.
List of Companies Profiled in the Armored Vehicle Market Report are:
• UralVagonZavod (Russia)
• Textron Inc. (the U.S.)
• Otokar, a KOC Group Company (Turkey)
• NORINCO (China)
• IVECO DEFENCE VEHICLES (Italy)
• Denel SOC Ltd (South Africa)
• Ukroboronprom (Ukraine)
• Rheinmetall AG (Germany)
• Oshkosh Corporation (the U.S)
• Krauss-Maffei Wegmann GmbH & Co. KG (Germany)
• General Dynamics Corporation (the U.S.)
• BAE Systems plc (the UK)
COVID-19 Impact on Armored Vehicle Industry:
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Study Period: 2016-2027
Base Year: 2019
Forecast Period: 2020-2027
Historical Period: 2016-2018
The report states that the market value was at USD 17.18 billion in 2018. Its other highlights include:
• Panoramic overview of the current trends in the defense industry;
• Comprehensive profiling of all the players in the market;
• Detailed analysis of the market drivers and restraints;
• Microscopic evaluation of the market segments; and
• Exhaustive examination of the regional developments influencing the market.
Intensification of Cross-Border Conflicts around the World to Accelerate Market Growth
The armored vehicle market growth trajectory is likely to get a major upward push on account of the rising intensity of cross-border tensions across the globe. For example, in Asia, tensions between India and Pakistan have always been high, even resulting in open wars in some cases. Similarly, cross-border skirmishes between India and China have become commonplace. In many other regions also such tensions have escalated in recent years.
For instance, the complex military situation in Syria and Libya has kept regions surrounding these countries in a mode of self-preservation. Moreover, historical conflicts such as the one between North Korea and South Korea have kept governments on their toes. Armored vehicles are a key component in a nation’s military arsenal as they empower armed forces to efficiently monitor border situations and deter any forthcoming attacks.
Asia-Pacific to Showcase Impressive Growth; North America to Have Tight Grip on Market Revenue
The market growth is anticipated to be the fastest in Asia-Pacific owing to the constant threat of terrorist activities in the region. To counter these threats, countries in the region, mainly India and China, have strategically increased their budgetary allocation to the defense sector to modernize their arsenal, which bodes well for this market. In addition, the region is home to strong weapons manufacturers such as the Ordnance Factory Board in India and Mitsubishi Heavy Industries in Japan.
However, the region dominating the armored vehicle market share is expected to be North America, primarily owing to the heavy military spending by the US and massive investments in R&D activities for advanced weapons technologies and upgrading the national defense infrastructure. In 2018, the region’s market size was at USD 6.61 billion.
Key Players to Enter Lucrative Collaborations to Enlarge Market Share
The competitive dynamics of this market are shaped by the presence and activities of industry bigwigs such as Lockheed Martin and Textron. These companies are increasingly entering into strategic partnerships to diversify their offerings and expand their market presence regionally as well as globally.
Armored Vehicle Market report Focus on:
• Extensive product offerings
• Customer research services
• Robust research methodology
• Comprehensive reports
• Latest technological developments
• Value chain analysis
• Potential Market opportunities
• Growth dynamics
• Quality assurance
• Post-sales support
• Regular report updates
Reasons to Purchase this Report:
• Comprehensive analysis of the market growth drivers, obstacles, opportunities, and other related challenges.
• Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.
• Identifies market restraints and boosters.
• Identifies all the possible segments present in the market to aid organizations in strategic business planning.
Key Questions Answered:
• Why Choose Fortune Business Insights?
• What are the key demands and trends shaping the market?
• What are the key opportunities in the market?
• What are the key companies operating in the market?
• Which company accounted for the highest market share?
• What is the market size and growth rate of the global and regional market by various segments?
• What is the market size and growth rate of the market for selective countries?
• Which region or sub-segment is expected to drive the market in the forecast period?
• What Factors are estimated to drive and restrain the market growth
Browse Detailed Research Insights with Table of Content:
Detailed Table of Content:
o Research Scope
o Market Segmentation
o Research Methodology
o Definitions and Assumptions
• Executive Summary
• Market Dynamics
o Market Drivers
o Market Restraints
o Market Opportunities
• Key Insights
o Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
o Latest technological Advancements
o Porters Five Forces Analysis
o Value Chain Analysis
• Global Armored Vehicle Market Analysis, Insights and Forecast, 2015-2026
o Key Findings / Summary
o Market Analysis, Insights and Forecast – By Platform
Main Battle Tanks
Infantry Fighting Vehicles
Armored Personal Carriers
Armored Amphibious Vehicles
Mine-Resistant Ambush Protected Vehicles
Light Armored Vehicles
Air Defense Vehicles
Armored Mortar Carriers
Combat Support Vehicles
Armored Supply Trucks
Armored Command and Control Vehicles
Repair and Recovery Vehicles
Unmanned Armored Ground Vehicles
o Market Analysis, Insights and Forecast – By Mobility
o Market Analysis, Insights and Forecast – By System
Ammunition Handling Systems
Fire Control Systems (FCS)
Command & Control (C2) Systems
Observation & Display Systems
o Market Analysis, Insights and Forecast – By Region
The Middle East
Rest of the world
Major Industry Developments:
• July 2019: UK-based BAE Systems and Germany-based Rheinmetall teamed up to establish a new and independent military vehicle support, manufacturing, and design joint venture in the UK. Called the Rheinmetall BAE Systems Land (RBSL), the venture aims at enhancing the manufacturing of the Boxer 8x8 for the Mechanized Infantry Vehicle Program of the British Army.
• February 2019: The Canadian arm of the US-based aerospace & defense major, General Dynamics, clinched a contract worth USD 37.2 million to provide 60 hardware kits for the Light Armored Vehicle Reset Program of the US Marine Corps. The kits will comprise of a new turret slip ring, a modern instrument panel for the driver, a driveline system, and improved power-pack.
Have a Look at Related Research Insights:
Small Caliber Ammunition Market Size, Share and Industry Analysis, By Caliber (223 Remington, 308 Winchester, 9mm Luger, 45 Auto/ACP, 380 ACP, 357 Magnum, 10 Gauge, 12 Gauge, 40 S&W, 20 Gauge, 22LR, 50 BMG, 6.5 Grendel, 7.62*39/54r, and Others), By Application (Commercial (Shooting Sports & Hunting, and Self-defense), Military & Homeland Security), By Bullet Type (Lead, Copper, Brass, and Others), and Regional Forecast, 2019-2026
Military Aircraft Market Size, Share & Industry Analysis, By Type (Fixed-Wing, and Rotary-Blade), By Application (Combat, Multirole Aircraft, Military Transport, Maritime Patrol, Tanker, Reconnaissance & Surveillance, and Others), By System (Airframe, Engine, Avionics, Landing Gear System, and Weapon System), and Regional Forecast, 2019-2026
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