by The armored vehicle market comprises of armored personnel carriers, infantry fighting vehicles, battle tanks, armored amphibious vehicles, armored ambulance, and other heavy protected vehicles equipped with ballistic and blast protection systems. Armored vehicles provide enhanced security and protection for military forces and law enforcement agencies operating in high-risk environments. The vehicles are designed to withstand bullets, shell splinters, mines, and improvised explosive devices. The growing adoption of armored vehicles for military modernization programs and law enforcement operations globally is expected to drive the demand for these protected mobility solutions in the coming years.
The Global armored vehicle market is estimated to be valued at US$ 42.21 Bn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period from 2024 to 2031.
Key Takeaways
Key players: Key players operating in the armored vehicle market are BAE Systems, BMW AG, Daimler AG (Mercedes Benz), Ford Motor Company, General Dynamics Corporation, INKAS Armored Vehicle Manufacturing, International Armored Group, Lenco Industries, Inc., Lockheed Martin Corporation, Navistar, Inc., Oshkosh Defense, LLC, Rheinmetall AG, STAT, Inc., Textron, Inc., and Thales Group.
Key opportunities: Armored Vehicle Market Size Rising geopolitical tensions, increasing defense spending of developing countries, growing installation of active protection systems are expected to create significant growth opportunities for players in the armored vehicle market.
Technological advancement: Introduction of advanced armor materials, active protection systems, lighter weight army vehicles, smart features like 360-degree camera systems, anti-mine underside protection are some of the technological advancements boosting the armored vehicle market.
Market drivers: Increasing adoption of armored vehicles for military modernization programs, rising installations of active protection systems, surging installation of smart features in army vehicles, growing demand for transparent armor materials are some of the key drivers of the global armored vehicle market.
Current Challenges in Armored Vehicle Market
The armored vehicle market Size and Trends is facing challenges such as rising costs of manufacturing, increased maintenance costs and budget cuts from defense organizations. With defense budgets being tightened globally, there is focus on lowering life cycle costs of these vehicles. Maintaining and upgrading older fleets is proving to be expensive. There are also challenges around developing advanced armor materials that can provide better ballistic and mine protection while keeping the weight and cost in check. Ensuring effective manufacture and assembly of these complex vehicles is another issue being faced.
SWOT Analysis
Strength: High demand for upgrades and replacement of aging fleets provides opportunities. Ability to incorporate latest technologies improves capabilities.
Weakness: Huge development and production costs involved. Long replacement cycles impact revenue predictability.
Opportunity: Growth in demand from emerging markets boosts sales prospects. Integration of active protection systems opens up new business areas.
Threats: Budget cuts constrain new orders and upgrades. Development of low-cost rival systems increases competition.
Geographical Regions
North America currently accounts for the largest share of the global armored vehicle market in terms of value. This is primarily due to strong defense budgets and ongoing modernization programs of key countries in the region like the US. The growing procurement of armored vehicles by law enforcement and homeland security agencies in the US is another factor driving the North America market.
The Asia Pacific region is expected to witness the fastest growth during the forecast period from 2024 to 2031. This can be attributed to rising territorial conflicts and terrorism threat perception coupled with increasing defense spends of major economies like India and China. Ongoing inductions of new platforms, alongside existing fleet refurbishments are fueling the armored vehicle demand in the Asia Pacific region.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
