armored-vehicles-market

Armored Vehicles Market By Product (Armored Personnel Carriers, Infantry Fighting Vehicles, Light Protected Vehicles, Battle Tanks, Mine-resistant Ambush Protected, Tactical Tanks, Bus & Van, SUV, and Armored Luxury Vehicles), By Mobility (Tracked and Wheeled), By Application (Commercial, Homeland Security and Defense) - Growth, Future Prospects, and Competitive Landscape, 2024 - 2032

04 Apr 2019 Format PDF icon PPT icon XLS icon Request Sample

Industry Outlook

Armored vehicles can be defined as the combat or non-combat vehicles which are fitted with additional armor plating in order to provide protection from projectiles, bullets, grenades, shell fragments and mines among others. These vehicles are capable of facing fierce situations with very little or no threats to the occupants of the vehicles. Such vehicles are either equipped with guns with heavy caliber or are used for transportation of military personnel. Consequently, armored vehicles hold equal importance in combat as well as transportation applications and hence, the demand for such vehicles is experiencing a consistent surge.

Armored Vehicles Market

"Wheeled Armored Vehicles are Rolling Away with Major Share Against Tracked Armored Vehicles"

Armored vehicles are majorly classified into two major categories based on their locomotive capability into tracked armored vehicles and wheeled armored vehicles. Tracked armored vehicles generally comprise of heavily armored tanks and personnel carriers and their application are quite limited to defense and border security. On the other hand, wheeled armored vehicles have expanded there are of application beyond conventional war equipment are extensively used for homeland security and commercial applications. A major price and volume difference between the two variants helped wheeled armored vehicles to dominate the global armored vehicles market.

"Defense Application Dominated but Homeland Security Proliferated"

Armored vehicles witnessed a massive growth for homeland security in the past few years. Governments across the globe are equipping their homeland security forces including police and task forces with reliable armored vehicles. These vehicles proved instrumental time and time again in fights against anti-social elements and mob riots. Growth of armored vehicles for commercial applications is also evident due to the growth in private security services and bank owned security arrangements. However, defense is still the major consumers of armored vehicles and expected to retain its supremacy over the market throughout the forecast period from 2021 to 2030.

"North America Crowned as the Undisputed leader of Global Armored Vehicles Market"  

Exaggerated spending on the overall defense budget in United States helped the growth of armored vehicles in the North American region. The U.S. is expected to boost its defense budget by US$ 1 Tn in coming years. Armored vehicles are one of the major components frequently procured by the country in order to safeguard its personnel in defense and homeland security. Asia Pacific trails North America in terms of market value in the overall armored vehicles market. Heavy territorial conflicts among the Southeast Asian countries and proliferation of terrorist activities certainly encouraged the demand for armored vehicles in this region. Other regions including Europe and Rest of the World are also contributing recognizable share in the global armored vehicles market.

Competitive Landscape     

The research study covers some of the leading armored vehicles manufacturing including BAE Systems, BMW AG, Elbit Systems, General Dynamics Corporation, Ford Motor Company, Daimler AG, Lockheed Martin Corporation, Rheinmetall AG, Thales Group, Krauss-Maffei Wegmann GmbH & Co. (KMW), Navistar, Inc., INKAS Armored Vehicle Manufacturing, Oshkosh Defense, LLC, Textron, Inc., International Armored Group, Lenco Industries, Inc., STAT, Inc. and IVECO. Majority of the manufacturers of armored vehicles manufactures holds a strong position in global market as the final products are associated with human lives and its security. These companies are facing a cut-throat competition with each other to acquire critical government contract for armored vehicles for commercial, homeland security, and defense applications. Besides an undeclared war of using most appropriate material for manufacturing armored vehicles is also keeping these manufacturers on their toes. Some new companies are trying to venture into this market. However, presence of market giants will definitely test the might of these new entrants.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Armored Vehicles market are as follows:

  • Research and development budgets of manufacturers and government spending
  • Revenues of key companies in the market segment
  • Number of end users and consumption volume, price and value.
  • Geographical revenues generate by countries considered in the report
  • Micro and macro environment factors that are currently influencing the Armored Vehicles market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

ATTRIBUTE DETAILS
Research Period  2022-2032
Base Year 2023
Forecast Period  2024-2032
Historical Year  2022
Unit  USD Million
Segmentation
Product
  • Armored Personal Carriers (APC)
  • Infantry Fighting Vehicle (IFV)
  • Light Protected Vehicles (LPV)
  • Battle Tank
  • Mine-Resistant Ambush Protected
  • Tactical Truck
  • Bus & Vans
  • SUV
  • Luxury Vehicles

Mobility
  • Tracked
  • Wheeled

Application
  • Commercial
  • Homeland Security
  • Defense

 Region Segment (2022-2032; US$ Million)

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • UK and European Union
    • UK
    • Germany
    • Spain
    • Italy
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC
    • Africa
    • Rest of Middle East and Africa

Key questions answered in this report

  • What are the key micro and macro environmental factors that are impacting the growth of Armored Vehicles market?
  • What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
  • Estimated forecast and market projections up to 2032.
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which market segment holds a larger market share and why?
  • Are low and middle-income economies investing in the Armored Vehicles market?
  • Which is the largest regional market for Armored Vehicles market?
  • What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • Which are the key trends driving Armored Vehicles market growth?
  • Who are the key competitors and what are their key strategies to enhance their market presence in the Armored Vehicles market worldwide?
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