19 December, 2021

Global Armored Vehicles Market is Projected to Exhibit a CAGR of 6.1% Over the Upcoming Years

The latest market report published by Our Research Team “Global Armored Vehicles Market: Growth, Future Prospects, COVID-19 Impact Analysis, Drivers, Restraints, Trends, Opportunities, Investment Landscape, and Competitive Analysis, 2017 - 2028” Global Armored Vehicles Market: Overview The global armored vehicles market was valued at US$ 11,715.9 Million in 2020 and is estimated to grow at a CAGR of 6.1% during the forecast period. The global armored vehicles market is anticipated to witness substantial growth in the years to come due to the growing cross border conflicts along with advancements in military vehicles across the globe. Moreover, the growing defense budgets worldwide along with the growing incidents of asymmetric warfare across the globe are some of the key opportunities for the global armored vehicles market over the upcoming years. According to a recent report published in 2020, by the Stockholm International Peace Research Institute (SIPRI), the global defense spending has reached around US$ 1.917 trillion in 2019 which is approximately a 3.6% increase from US$ 1.82 trillion in 2018. Besides, the high cost of battle tanks long with regulatory frameworks are some of the key factors estimated to hamper the global armored vehicles market growth in the years to come. Global Armored Vehicles Market: COVID-19 Impact The impact of COVID-19 has been considered in the global armored vehicles market report published by Our Research Team. According to Our Research Team COVID-19 analysis on the global armored vehicles market, the demand for armored vehicles has decreased due to halt in the manufacturing industry worldwide along with the decreased travelling during the COVID-19 period. URL link of Table of Content URL Link for Sample Global Armored Vehicles Market: Report Highlights • Based on the platform, the combat vehicles category had a major share in the global armored vehicles market in 2020 and is projected to continue its dominance over the forecast period. The growing demand for armored personnel carriers and light armored vehicles across the globe are the key factors for the growth of the combat vehicles market. • The conventional category dominated the global armored vehicles market in 2020 and presumed to continue its dominance over the upcoming years. Besides, the electric category is expected to witness fastest CAGR over the upcoming years. This is mainly due to the rising demand for electric vehicles across the globe. • The defense category dominated the global armored vehicles market in 2020 and presumed to continue its dominance over the upcoming years. The increased defense budgets across the globe is one of the key factors for the dominance of the category. Besides, the commercial category is expected to witness fastest CAGR over the upcoming years. This is mainly due to the rising use of armored vehicles for VIP protections, patrols, and others. • Based on the regional analysis, North America dominated the market in 2020 and is projected to grow at the highest rate during the forecast period. This is majorly due to the develeoped defense industry coupled with the adoption of advanced technologies in the defense industry in the region. The U.S. accounted for the highest share in the global armored vehicles market in 2020 and is presumed to continue its dominance over the forecast period. • Mergers & acquisitions, new product launches, strategic partnerships, and collaborations among key players are estimated to be the key strategies in the global armored vehicles market. • As per the research by Our Research Team, the global armored vehicles market is highly fragmented in nature owing to the presence of a large number of players at the global, regional, and country-level. List of Key Players of Global Armored Vehicles Market • BAE Systems PLC • Oshkosh Corporation • General Dynamics Corporation • Textron Inc. • OTOKAR OTOMOTIVE VE SAVUNMA SANAYI • FNSS • DENEL SOC LTD. • HANWHA Corporation • Krauss-Maffei Wegmann • China North Industries Corporation • Rheinmetall AG • Nexter Group • ST Engineering • Mitsubishi Heavy Industries • Paramount Group • Others Global Armored Vehicles Market: Segmentation Our Research Team has segmented the global armored vehicles market on the basis of platform, mobility, mode of operation, system, type, end-user, and regional analysis- Global Armored Vehicles Market: By Platform • Combat Vehicles o Main Battle Tank (MBT) o Armored Personnel Carrier (APC) o Mine-Resistant Ambush Protected (MRAP) o Self-propelled Howitzer o Air Defense Vehicle o Infantry Fighting Vehicle (IFV) o Armored Amphibious Vehicle (AAV) o Light Protected Vehicle (LPV) o Armored Mortar Carrier • Unmanned Armored Ground Vehicles • Combat Support Vehicles o Armored Supply Trucks ? Armored Fuel Truck ? Armored Ammunition Replenishment Vehicle ? Armored Ambulance o Repair and Recovery Vehicles o Armored Command and Control Vehicles o Others Global Armored Vehicles Market: By Mobility • Wheeled o 4X4 o 8X8 o 6X6 o Others • Tracked Global Armored Vehicles Market: By Model of Operation • Unmanned • Manned Global Armored Vehicles Market: By System • Drive System o Suspension & Braking System o Power Transmission Drives o Tracks and Wheels • Ballistic Armor o Composite Armor o Electric Armor o Depleted Uranium Armor o Explosive Reactive Armor o Add-on Armor o Homogenous Armor o Others • Engine o Turbine Engine o Diesel Engine • Fire Control System (FCS) • Hull/Frame • Turret Drive • Observation & Display System • Armaments • Navigation System • Ammunition Handling System • Power System • Command & Control System • Countermeasure System Global Armored Vehicles Market: By Type • Conventional • Electric Global Armored Vehicles Market: By End User • Defense • Commercial Global Armored Vehicles Market: By Regional Analysis • North America o U.S. o Canada • Europe o Germany o U.K. o France o Italy o Spain o Rest of Europe • Asia Pacific o China o Japan o India o Rest of Asia Pacific • Latin America (LATAM) o Brazil o Mexico o Rest of Latin America (LATAM) • Middle East & Africa (MEA) o United Arab Emirates (UAE) o Saudi Arabia o Rest of Middle East & Africa (MEA)