Luton, Bedfordshire, United Kingdom, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Armored Vehicles Market.
The global armored vehicle market is projected to reach USD 24.93 Billion by 2029 from USD 15.40 Billion in 2020, at a CAGR of 5.5% from the year 2022 to 2029.
Asymmetric warfare is characterised as a style of conflict in which opposing parties or countries have unequal access to military power and weaker challengers use unconventional weapons and strategies to take advantage of their enemies' weaknesses. Over the past ten years, asymmetric warfare has increased as a result of political instability, religious conflict, economic hardship, and sociocultural problems.
Government organisations have started to use armoured vehicles for self-defense and defence against terrorist or rebel attacks as a result of the rise in asymmetric warfare, as armoured vehicles offer protection from both ballistic and explosive hits.
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Regional Opportunities- North America is expected to hold the largest share of the global armored vehicle market. The region’s dominance is attributable to the United States government’s largest defence spending on military vehicle purchase and upgrading. Key companies like as General Dynamics Corporation, Textron Systems, Oshkosh Defence, and others, for example, are helping to drive market expansion in North America. Due to increased defence spending by nations such as India, China, South Korea, Japan, and others, the Asia Pacific market would have the fastest growth. Increased terrorism, cross-border issues, and political turmoil have resulted in fighting in Asian countries, which has fuelled industry expansion.
Industry Developments
- BAE Systems received a contract worth USD 376.0 million from the US Government for the Engineering, Development, and Manufacture (EDM) of Mobile Protected Firepower (MPF) vehicles.
- Oshkosh Corporation received a contract worth USD 1.69 billion from the US Army to supply over 6,000 armored vehicles.
Armored Vehicles Market Scope and Segmentation
| Report Feature | Details |
| Base Year: | 2021 |
| Projection Period: | 2022-2029 |
| Market Details: | Total revenue and forecast, CAGR, Market value, share, and Y-o-Y growth by segment and region |
| Segment Covered: | by Platform, by Mobility, by System |
| Region Covered: | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Report Coverage: | Market growth driving factors, challenges & pitfalls, opportunities, trends, key players analysis, and region analysis |
| Market Players Covered | Oshkosh Corporation ,UralVagonZavod , Ukroboronprom , General Dynamics Corporation , BAE Systems plc, NORINCO , Rheinmetall AG , and Textron Inc.) |
| Driver: Rising incidences of asymmetric warfare across the globe | Asymmetric warfare is defined as conflict in which opposing parties or states have unequal military capabilities and weaker opponents utilize unorthodox weapons and tactics to take advantage of their adversaries' weaknesses. The last ten years have seen a considerable increase in asymmetric warfare due to political unrest, religious, economic, and socio-cultural causes. |
| Restraint: The absence of significant armoured vehicle OEMs in the Asia Pacific and Middle East | As a result of major OEMs like BAE Systems, General Dynamics, Rheinmetall, and Nexter Systems in these regions, the armoured vehicle market is mostly oriented in North America and Europe. However, due to the limited domestic manufacturing of armoured vehicles in these countries, the armoured vehicle market in the Middle East and Asia Pacific is still developing. As a result, countries like Saudi Arabia, the United Arab Emirates, India, the Philippines, and Qatar are dependent on foreign OEMs for armoured vehicles. Because of this, buying armoured vehicles becomes more expensive, which lowers demand for them as a whole. |
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The high cost of main battle tanks is a major challenge for the market's growth.
Main battle tanks require a lot of time, money, and technical talent to build and develop. Propulsion systems are installed on main battle tanks to allow them to move toward their objectives. Infantry men use them to provide fire support. The greater expense of main battle tanks is due to their unique qualities, which include high lethality and improved agility. The high cost of developing modern technologies for main battle tanks is a major impediment to the armoured vehicle market’s expansion, particularly in growing economies like India and China. A main battle tank unit costs roughly USD6.0 million on average.
Key Market Segments: Armored Vehicle Market
Armored Vehicle Market by Platform, 2020-2029, (USD Million) (Thousand Units)
- Combat Vehicles
- Combat Support
- Unmanned Armored Ground Vehicles
Armored Vehicle Market by Mobility, 2020-2029, (USD Million) (Thousand Units)
- Tracked
- Wheeled
Armored Vehicle Market by System, 2020-2029, (USD Million) (Thousand Units)
- Engine, Drive System
- Ballistic Armor
- Turret Drive
- Fire Control System (Fcs)
- Armaments
- Ammunition Handling System
- Countermeasure System
- Command & Control System, Power System
Key Highlights
- In order to explain Armored Vehicle the following: introduction, product kind and application, market overview, market evaluation through countries, market opportunities, market risk, and market driving forces
- The cause of this observe is to take a look at the producers of Armored Vehicle, along with profile, number one business, and news, income and price, revenue, and market share.
- To provide an overview of the competitive landscape among the leading manufacturers in the world, including sales, revenue, and market share of Armored Vehicle percent
- In order to illustrate the market subdivided by kind and application, complete with sales, price, revenue, market share, and growth rate broken down by type and application
- To conduct an analysis of the main regions by manufacturers, categories, and applications, covering regions such as North America, Europe, Asia Pacific, the Middle East, and South America, with sales, revenue, and market share segmented by manufacturers, types, and applications.
- To conduct an investigation into the production costs, essential raw materials, and production method, etc.
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