Armored Vehicle Market
The innovation and technology-driven for armored
vehicles market features a select few vendors that mostly
take up contracts from government and commercial bodies, with the defense
sector being the key determinant of the market’s overall development, finds a
new research report by TMR. Most of the market’s leading and most reputed
vendors are headquartered in North America and Europe, making these regions the
frontrunners and leading regional segments.
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The demand for integration of technologically advanced
electrical, photonic, and efficient and highly secure communication components
in armored fleet to maintain an edge over extremist powers is gaining strength,
stimulating the need for technological transformation for the market. In the
next few years, continual investment in R&D activities, development of
highly advanced, and innovative technologies will be the core of growth
strategies adopted by key vendors, including Oshkosh Corporation, Elbit Systems
Ltd., BAE Systems plc, Lockheed Martin Corporation, and Rheinmetall Defence.
Rising Military Modernization Activities in Asia Pacific
and RoW and Focus on SWaP Specifications Key Facilitators of Growth
Rising concerns regarding security from insurgent groups and
terrorist attacks in countries across Asia Pacific have highlighted the need
for modernization of military groups, pressing government bodies to allot more
funds to the defense sector in the past few years. Countries such as India,
China, and South Korea are focusing on the procurement of enhanced armored
vehicles, driving the global market. Developed nations such as UAE, Israel,
Saudi Arabia, Iran, and Turkey are also substantially increasing their military
budgets and increasing the numbers of technologically advanced armored vehicles
in their military troops.
The need for reducing the weight and size of vehicles
deployed in the defense sector, and the demand for highly efficient, compact,
and robust vehicles and weapons is also a key driver of the global armored
vehicle market. Promising advancements on fronts such as communication medium,
adaptability, navigation, surveillance, protection, and enhanced situational awareness
are expected to appeal to an extended set of clients in the next few years.
Dearth of Regulatory Standards and High Costs of Advanced
Armored Vehicles Major Deterrent in Low-income Countries
In most countries across Asia Pacific and the RoW sectors,
lack of regulatory standards differentiating protection levels leads to high
prices and an increased risk of fraudulence from manufacturers. These factors
are also leading to the emergence of several unauthorized vehicle armoring
companies in countries such as India, China, and Brazil, challenging businesses
of established companies to a certain extent.
Transparency Market Research states that the global armored
vehicle market is expected to expand at a CAGR of 5.2% from 2015 to 2023. At
this pace, the market, which had a valuation of US$22.73 bn 2014, is expected
to rise to US$35.49 bn by 2023. In terms of technology, the market is presently
dominated by the mine protection segment, which accounted for over 24% of the
overall market in 2014. In terms of end-use segment, the military sector held
over 62% in the global market in 2014.
For this study, the market has been segmented as follows:
Global Armored Vehicle Market, 2015 – 2023: By Technology
- Active
Protection System
- Inter
Operable Communication
- Modular
Ballistic Armor
- Electric
Armor
- Situational
Awareness System
- Active
Mine Protection
- Vehicle
Information Integration
Global Armored Vehicle Market, 2015 – 2023: By Type
- Light
Protected Vehicles
- Infantry
Fighting Vehicles
- Armored
Personnel Carriers
- Armored
Amphibious Vehicles
- Main
Battle Tanks
- Mine
Resistant Ambush Protected Vehicles
- Others
Global Armored Vehicle Market, 2015 – 2023: By
Application
- Military
- Law
Enforcement
- Commercial
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