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“The requirement for effective and successful defense operations is the key factor influencing the growth of the armored vehicles market across the globe.”
The global armored vehicles market size is projected to grow from USD 11.6 billion in 2020 to USD 15.4 billion by 2025, at a CAGR of 5.8% from 2020 to 2025. Growing demand for armored vehicles due to the rise in the instances of cross-border conflicts and increasing incidences of asymmetric warfare across the globe are expected to fuel the growth of the armored vehicles market across the globe. However, the absence of major OEMs of armored vehicles in the Middle East and Asia Pacific region and the occurrence of mechanical, electrical, and other kinds of failure in armored vehicles are projected to hinder the growth of the market.
“The combat vehicles segment is projected to lead the armored vehicles market during the forecast period.”
Based on the platform, the armored vehicles market has been segmented into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. The unmanned armored ground vehicle segment is projected to grow at the highest CAGR during the forecast period. Increasing demand for unmanned systems in battlefields is fueling the growth of this segment of the market.
“The wheeled segment is projected to grow at a higher CAGR as compared to the tracked segment from 2020 to 2025”
Based on mobility, the market has been segmented into wheeled and tracked. The wheeled segment is projected to grow at a higher CAGR as compared to the tracked segment during the forecast period. Increased demand for 4x4 light armored vehicles by military forces to carry out Intelligence, Surveillance, and Reconnaissance (ISR) activities and transport defense personnel and equipment from one location to another is fueling the growth of this segment of the market.
“The Middle East armored vehicles market is projected to grow at the highest CAGR during the forecast period.”
The Middle East armored vehicles market is projected to grow at the highest CAGR from 2020 to 2025. The growth of the market in this region can be attributed to the rising number of terrorist activities in the Middle East region and the increasing spending of emerging economies on defense operations. Countries such as Turkey and Sadua Arabia have increased their defense budgets and are procuring advanced armored vehicles for their military operations. This, in turn, is expected to drive the growth of the Middle East armored vehicles market during the forecast period.
The break-up of profiles of primary participants in this report:
- By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
- By Designation: C level – 35%, Director level – 25%, and Others – 40%
- By Region: North America - 45%, Europe – 20%, Asia Pacific – 30%, and Rest of the World – 5%
Key players profiled in the armored vehicles market include Oshkosh Corporation (US), UralVagonZavod (Russia), Ukroboronprom (Ukraine), General Dynamics Corporation (US), BAE Systems plc (UK), NORINCO (China), Rheinmetall AG (Germany), and Textron Inc. (US).
The study segments the armored vehicles market based on platform (combat vehicles, combat support vehicles, and unmanned armored ground vehicles), mobility (wheeled and tracked), system (engines, drive systems, ballistic armor, turret drives, fire control systems, armaments, countermeasure systems, Command & Control (C2) systems, power systems, navigation systems, observation & display systems, ammunition handling systems, and hulls/frames).
It maps these segments and subsegments across five major regions, namely North America, Europe, Asia Pacific, the Middle East, and the Rest of the World (RoW). The report provides in-depth market intelligence regarding the major factors such as drivers, restraints, opportunities, and challenges influencing the growth of the armored vehicles market, along with an analysis of micromarkets with respect to individual growth trends, prospects, and their contribution to the overall market.
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From an insight perspective, this research report has focused on various levels of analysis-industry analysis (industry trends), market ranking analysis of top players, supply chain analysis, and company profiles. These insights together comprise and discuss basic views on the competitive landscape, emerging and high-growth segments of the armored vehicles market, high-growth regions, and market drivers, restraints, challenges, and opportunities.