The global Armored Vehicles market is estimated to reach USD 18.4 Billion by 2028, at a CAGR of 5.8% during the forecast period from 2021 to 2028. Growing demand from the defense industry is one of the major driving factors that help in driving the growth of the market. Furthermore, rising conflict across the borders is another driving factor promoting the growth of the market. However, high demand for the products is one of the major restraining factors affecting the growth of the market. Nonetheless, ongoing research and development in the field of technological development will bring huge growth opportunities during the forecasted year.
Armored Vehicles are one of the important and widely used in the defense industry. They are available in various types. Electric and conventional based. Due to technical advancement, electric-based products are under penetration in the various countries' defense industries. Some vehicles are wheel based or some follow the continuous track. Canon tanks are track-based vehicles where the trucks are mostly wheel based. The vehicle is highly protected and made up of thin sheets of steel. In a continuous technological advancement followed by the recent development, the products are available in manned operated or unmanned operated.
An unexpected problem hit the ground in a form of the COVID 19 pandemic. The virus was first discovered in 2019 in China, and later it spread across the whole world. The demand for healthcare products rises rapidly. The whole world looking after the manufacturing of vaccines. Furthermore, all the employees are forced to do work at home for safety purposes. There is increased demand for food and food-related products. The countries have seen the disturbance in the supply chain and affect the distribution of the products. Looking at the current demand for the products, the demand for armored vehicles will remain stable. The COVID 19 pandemic has shown no major impact on the Armored Vehicles market.
Based on the platform, the armored vehicles market has been segmented into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. The combat vehicles hold the largest market shares in terms of revenue generation. The same segment is expected to grow during the forecasted year from 2021 to 2028. The combat vehicles segment contributes more than half of the total market share in the year 2020. The high demand for the various Armored Personnel Carriers (APCs) and Light Armored Vehicles is one of the major driving factors promoting the growth of the market.
Based on system, the armored vehicles market has been segmented into engines, drive systems, ballistic armor, turret drives, fire control systems, armaments, countermeasure systems, Command & Control (C2) systems, power systems, navigation systems, ammunition handling systems, observation & display systems, and hulls/frames. The armaments segment dominating the global armored vehicles market in the year 2020. It is widely used in shrimp salads and shrimp cocktails owing to its mild and sweet flavor. Rising demand from weapons for remote location, Anti-Tank Guided missiles launcher considered as one of the major driving factors assist in the growth of the market.
Based on operation, the armored vehicles market has been segmented into manned and unmanned. The manned segment is one of the dominating segments of the armored vehicles market. The segment contributes more than 67% of the market share in terms of revenue generation. Recent technological innovation in the field of defense proportionate the growth of the unmanned vehicles market.
Based on type, the armored vehicles market has been segmented into conventional and electric. At present, conventional-type vehicles hold the largest market share. But the electric armored vehicles will grow at the highest CAGR% during the forecasted year. Electric propulsion is more efficient and reliable than existing conventional mechanical propulsion and allows a higher degree of control and startup speed, bringing agility to vehicles, whilst reducing fuel demand. These are some of the factors which are responsible for the growth of the electric armored vehicles market.
Adroit Market Research report on global Armored Vehicles market gives a holistic view of the market from 2018 to 2028, which includes factors such as market drivers, restraints, opportunities and challenges. The market has been studied for historic years from 2018 to 2019, with the base year of estimation as 2020 and forecast from 2021 to 2028. The report covers the current status and future traits of the market at global as well as country level. In addition, the study also assesses the market based on Porter's five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives and overall revenue. Prominent players operating in the global Armored Vehicles market have been studied in detail.
The global Armored Vehicles market report is classified into five major regions North America, Europe, Asia Pacific, Latin America & Middle East, and Africa. In terms of revenue, North America holds the largest market share in the year 2020 followed by Europe. The Asia-Pacific region is expected to witness the highest growth during the forecast period. China, India, Australia, South Korea, Singapore, and Japan are generating significant demand for new armored vehicles. The high demand from India and China which hold the world's largest army is the major driving factor that promotes the growth of the market. The demand is primarily to replace an aging fleet that has been in operation for over 30-40 years.
For instance, in 2017, the Singapore Ministry of Defence awarded a contract to ST Kinetics to produce Hunter AFVs. The Hunter AFV was commissioned by the Singapore Army in June 2019 and replaced the Singapore Army’s aging M113 Ultra armored vehicle, which has been in service since the 1970s. In February 2021, the Indian Army placed an emergency procurement order worth USD 24.4 million for M4 armored vehicles from the Kalyani group. The new armored vehicles will support the Indian Army to transport troops faster and operate in high-altitude regions. In Latin America, Brazil holds the largest market share in the year 2020. The high army budget of the Brazil and up-gradation of the army are the major driving factor which promotes the growth of the market. In the Middle East and Africa, Saudi Arabia is one of the major importers of the Armored Vehicles Market. For instance, on April 2020 the Canadian government finals the contract of light armored vehicles
Major current market players include Oshkosh Corporation, Textron Inc., Otokar Otomotive Ve Savunma Sanayi, Denel Soc Ltd., Krauss-Maffei Wegmann, Hanwha Corporation, Fnss, General Dynamics Corporation, Bae Systems Plc, Rheinmetall Ag, China North Industries Corporation (Norinco), Arquus, Nexter Group, Ordnance Factory Board, Ukroboronprom, Uralvagonzavod, Kurganmashzavod Jsc, St Engineering, Mi Systems, Tatra Trucks A.S., Paramount Group, The Kalyani Group and Others
Segment Overview of Global Armored Vehicles Market
Platform Type Overview, 2019-2028 (USD Billion)
- Combat Vehicles
- Combat Support Vehicles
- Unmanned Armored Ground Vehicles Capture fisheries
Mobility Overview, 2019-2028 (USD Billion)
System Overview, 2019-2028 (USD Billion)
- Drive System
- Ballistic Armor
- Turret Drive
- Fire Control System (FCS)
- Ammunition Handling System
- Countermeasure System
- Command & Control System
- Power System
- Navigation System
- Observation & Display System
Mode of Operation Overview, 2019-2028 (USD Billion)
Type Overview, 2019-2028 (USD Billion)
Regional Overview, 2019-2028 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America