As per the research, the global market for armored vehicles is likely to grow from USD24.8 billion in 2016 to USD36.6 billion by 2023. With increasing security concerns in the Asia-Pacific region and rising political disputes across the globe, the demand for armored vehicles is expected to gain traction during the forecast period. The increasing demand for light or medium-sized armored vehicles for combat operations has resulted in the widespread adoption of wheeled-type armored vehicles. This is expected to further propel the demand for armored vehicles during the forecast period.
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Insights on market segments
As per the findings of research, the defense sector emanated the largest demand for armored vehicles. The segment is expected to exhibit similar trends during the forecast period. Active mine system is the largest segment in armored vehicles market, by technology; while active protection system is expected to exhibit the fastest growth in the global armored vehicles market, by technology. Military emanates the maximum demand in the global defense armored vehicles market, by application; while government is expected to dominate the global commercial armored vehicles market, by application. Infantry fighting vehicles is expected to be the largest segment in the global defense armored vehicles market, by product; while SUV is most commonly-used armored vehicle in the commercial sector.
Europe stands as the largest armored vehicles market
Europe accounted for the largest region in the global armored vehicles market, where Germany contributed to the largest revenue. The U.S. was the major market for armored vehicles in North America, whereas Japan contributed to the largest revenue in Asia-Pacific region. Saudi Arabia generated the largest revenue for armored vehicles in the Middle East and Africa; whereas Brazil is expected to lead the global market for armored vehicles during the forecast period.
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Major players have stronghold in the global armored vehicles market
Some of the key players in the global armored vehicles market include General Dynamics Corporation, Lockheed Martin Corporation, BAE Systems plc, Elbit Systems Ltd., Oshkosh Corporation, Textron Inc., International Armored Group (IAG), Denel Land Systems, Rheinmetall AG, Thales Group and INKAS Armored Vehicle Manufacturing.
Product launches and strategic expansion plans by key players have been the major recent developments in the global armored vehicles market. Companies are increasingly investing in R&D activities and focusing on strategic partnerships and contracts to strengthen their market presence across the globe.
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