The Global Armored Vehicles Market is on a steady growth trajectory and is projected to reach USD 34.1 billion by 2027, with a Compound Annual Growth Rate (CAGR) of 3.1% during the forecast period. This market’s growth is attributed to several key factors, including military modernization plans across the globe and the development of modular and scalable armored vehicles. In this report, we delve into the dynamics of the armored vehicles market, highlighting key drivers, restraints, opportunities, and market segments.

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Armored Vehicles Market Dynamics:

Driver: Improving ISR and Target Acquisition Capabilities:

The rising need for enhanced surveillance and target acquisition capabilities by defense forces worldwide has driven the demand for autonomous robots. These robots play a crucial role in cross-border surveillance, intelligence gathering, and monitoring, offering faster reaction times and greater accuracy compared to human efforts. Major companies like Northrup Grumman Corporation, the Boeing Company, IAI, and Textron Inc. are at the forefront of developing military robots with intelligence, surveillance, reconnaissance (ISR), and target acquisition capabilities.

Restraint: Occurrence of Mechanical and Electrical Failures:

Armored vehicles are susceptible to mechanical and electrical strain due to their operations in challenging terrains and cross-country missions. These vehicles often suffer from mechanical engine and transmission failures, power outages, and component breakdowns. Rectifying these issues during critical situations, such as combat, can be challenging. Manufacturers are actively addressing these concerns by exploring innovative designs and incorporating advanced systems to enhance vehicle durability and reliability.

Opportunity: Increased Adoption of Unmanned Combat Ground Vehicles:

The global demand for unmanned armored ground vehicles has surged, driven by their utilization in intelligence, surveillance, reconnaissance (ISR), and combat operations. Countries with growing military budgets, including the UK, Italy, Spain, Germany, and France, are procuring these systems to reduce human casualties and enhance mission effectiveness. Unmanned armored ground vehicles offer the capability to perform hazardous tasks, interface with various third-party payloads, and support combat, CBRN defense, RSTA, and route clearance missions, making them an attractive choice for defense forces.

Challenges: Hardware and Software Malfunctions:

Autonomous vehicles and systems face challenges related to hardware and software malfunctions, including extreme temperature sensitivity, component failures, and software errors. Human operators control unmanned armored ground vehicles remotely, and instances of operators losing control or robots misinterpreting commands can lead to mission failures. The development of fully autonomous vehicles and systems remains a challenge, as this technology is still in its developmental phase.

Market Segmentation:

Platform: The combat vehicles segment is projected to lead the armored vehicles market, growing from USD 17.7 billion in 2022 to USD 20.2 billion by 2027, at a CAGR of 2.7% during the forecast period.

Mobility: The wheeled segment is anticipated to dominate the market, growing from USD 19.4 billion in 2022 to USD 22.8 billion by 2027, with a CAGR of 3.3% during the forecast period, surpassing the tracked segment.

System: In the system category, the armament segment is expected to dominate, growing from USD 8.4 billion in 2022 to USD 9.3 billion by 2027, at a CAGR of 2.1% during the forecast period.

Regional Analysis:

North America is projected to contribute the largest share to the armored vehicles market from 2022 to 2027.

Technology Trends: Programmable Ammunition

Programmable ammunition, featuring twin-ammo-feed or multiple-ammo-feed designs, enables the flexibility to change the type of ammunition used. It simplifies the process of firing and interchanging various ammunition types, improving accuracy against targets like UAVs and small drones. Programmable ammunition finds applications in both land and naval warfare platforms, enhancing precision against light targets.

Top Key Market Players:

Key players in the Armored Vehicles Market include Oshkosh Corp., L3harris Technologies, Northrop Grumman Corporation, Lockheed Martin Corporation, and Hanwha Defense, among others.

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