The Armored Vehicles Market is projected to grow from USD 14.3 billion in 2018 to USD 16.8 billion by 2023, at a CAGR of 3.25% from 2018 to 2023. Growing demand for Armored Vehicles due to rise in the instances of cross-border conflicts and increasing incidences of asymmetric warfare across the globe are major factors driving the growth of the Armored Vehicles Market. However, the absence of major OEMs of armored vehicles in the Middle East and Asia Pacific region and occurrence of mechanical, electrical, and other kinds of failure in armored vehicles are projected to hinder the growth of the market. The armored vehicle market has been analyzed primarily based on platform (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Group Vehicles), Mobility (Wheeled, Tracked), System (Engines, Drive Systems, Ballistic Armor, Turret Drive, C2 System), and region (North America, Europe, Asia Pacific, Middle East and rest of the world).
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The combat vehicles segment is projected to lead the armored vehicles market from 2018 to 2023.
Based on platform, the armored vehicles market has been segmented into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. The combat vehicles segment is projected to lead the market during the forecast period. Increasing demand for Armored Personnel Carriers (APCs) and Light Armored Vehicles (LAVs) across the globe is leading to the growth of the combat vehicles segment of the market.
The armaments segment is projected to lead the armored vehicles market during the forecast period.
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 is estimated to lead the armored vehicle market from 2018 to 2023. The growth of this segment can be attributed to the increased demand for remote weapon stations, Anti-tank Guided Missile (ATGM) launchers, and other armaments across the globe.
The Asia Pacific armored vehicles market is projected to grow at the highest CAGR during the forecast period.
The Asia Pacific armored vehicles market is projected to grow at the highest CAGR from 2018 to 2023. The growth of the market in this region can be attributed to the rising number of terrorist activities in this region and increasing spending of emerging economies on defense operations. Countries such as India and China have increased their defense budgets and are procuring advanced armored vehicles for their military operations. This, in turn, is expected to drive the growth of the Asia Pacific armored vehicle market during the forecast period.
Key Market Players
Key players profiled in this report on the armored vehicles market include Oshkosh Corporation (US), UralVagonZavod (Russia), General Dynamics Corporation (US), BAE Systems plc (UK), NORINCO (China), Rheinmetall AG (Germany), and Textron Inc. (US). Contracts and new product launches were key strategies adopted by the leading players to achieve growth in the market.
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