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Armored Vehicles Market: Segmented: By platform (Into Combat Vehicles, Combat Support Vehicles and Unmanned Armored Ground Vehicles); By Technology (Manned and Unmanned Technology); By System (Engine, Drive System, Ballistic Armor, Turret Drive, Fire Control System, Armaments, Ammunition Handling System, Countermeasure System, Command and Control System, Power System, Navigation System, Observation And Display System And Frame); By Region -Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2030
Armored Vehicles Market to surpass USD 32 Billion by 2030, which is valued at 16.65 billion in 2019 at a compound annual growth rate of 6.10%
Armored vehicles are those security vehicles that are used to transport armed security from one place to another. It is an armor-protected land vehicle that generally combines operational mobility with offensive and defensive capabilities. Depending on the type these armored vehicles can be wheeled or tracked. Armored vehicles were owned and used only by the military, law enforcement, and ministers, but prominent figures from the corporate world, VIPs, and celebrities have also contributed to the demand for these vehicles over the past few years. Technological advances and advancements in artificial intelligence have expanded the use of unmanned ground vehicles, virtual training, and equipment for survivability. These vehicles are used in a wide range of applications such as in defense as well as for commercial usage.
The rising security threats stemming from increasing terrorist violence and crime rate are driving the demand for civilian armored vehicles. Furthermore, with the number of public figures, armored vehicles are gaining popularity, and elite groups are embracing armored passenger vehicles for a greater sense of protection. Increased militarization promotes the use of military tactics and equipment, which in turn propels the development of the demand for armored vehicles.
By platform, the global Armored Vehicles Market is segmented into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. Increasing demand across the globe for Armored Personnel Carriers (APCs) and Light Armored Vehicles (LAVs) is leading to market segment growth for combat vehicles.
By system the market can be categorized into the engine, drive system, ballistic armor, turret drive, fire control system, armaments, ammunition handling system, countermeasure system, command, and control system, power system, a navigation system, observation, and display system, and frame. Increased demand for remote weapon stations, Anti-tank Guided Missile (ATGM) launchers, and other armaments across the globe is anticipated to increase the growth of the sector.
By technology, the Armored Vehicles Market can be segmented into manned and unmanned technology. The unmanned technology dominates the segment due to its high usage in the military end usage and the increased commercialization of passenger drone technology globally in the Armored Vehicles Market. The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA.
High demand for armored vehicles and increasing terrorism increase the market growth
The rising security threats stemming from increasing terrorist violence and crime rate are driving the demand for civilian armored vehicles. Furthermore, with the number of public figures, armored vehicles are gaining popularity, and elite groups are embracing armored passenger vehicles for a greater sense of protection. Increased militarization promotes the use of military tactics and equipment, which in turn propels the development of the demand for armored vehicles. To meet this growing demand for armored vehicles, leading car manufacturers are introducing a wide range of bulletproof vehicles. The increase in demand for bulletproof vehicles is thus anticipated to fuel the growth of the market for armored vehicles
Governments of different countries are cutting military spending and the national defense budget, which in turn hurts the growth of the global armored vehicle market. Rising prices of raw materials, components, vehicle assembly, and machining equipment are also expected to hinder the growth of the market for armored vehicles.
The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA. The APAC region is expected to dominate the segment and hold the highest CAGR in the market. The rising political tensions between Pakistan, India, China, and Japan and the increase in terrorist activity are pushing these countries to reinforce and modernize their ground forces which in turn are increasing the growth of armed vehicles in the APAC. Asia Pacific manufacturers are also investing heavily in research and development activities to develop advanced and hybrid armored vehicles for increased maritime and border patrolling. Growing military spending and rising demand for medium-sized, light-armored vehicles for patrolling operations are also expected to fuel growth in the APAC region. North America is also expected to also show high growth among other regions. Market growth in this area can be attributed to the increasing investment made by area countries to build highly advanced and versatile armored vehicles with strong ballistic capabilities. The key drivers of these investments are the US, which is issuing contracts for the production and launch of new goods.
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