New York, United States, Nov. 16, 2023 (GLOBE NEWSWIRE) -- The Global Armored Vehicles Market Size is to Grow from USD 28.32 Billion in 2022 to USD 41.22 Billion by 2032, at a Compound Annual Growth Rate CAGR of 3.8% during the projected period.
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The Global armored vehicle market is an ever-changing and dynamic sector of the defense and security industry. Military vehicles, also known as armored vehicles, are designed to withstand a wide range of threats, including ballistic, mine, and improvised explosive device (IED) attacks. These vehicles play an important role in modern warfare, counterinsurgency operations, peacekeeping missions, and law enforcement operations. Geopolitical tensions, increased terrorist activity, regional conflicts, and the need to modernize defense forces are all driving the armored vehicle market. To ensure the safety and security of their armed forces and personnel, governments around the world make significant investments in the acquisition and development of armored vehicles. As technology advances, more sophisticated and versatile armored vehicles with cutting-edge materials, enhanced ballistic protection, and advanced communication systems have been developed. In addition, there is a growing trend toward the incorporation of unmanned systems and autonomous capabilities in armored vehicles, which improves situational awareness and operational effectiveness. However, government budgetary constraints, particularly in developing countries, are one of the primary restrictions on the armored vehicle market.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the “ Global Armored Vehicles Market Size, Share, and COVID-19 Impact Analysis, By Platform (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles), By Type (Electric, Conventional), By Mobility (Wheeled, Tracked), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.”
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The combat vehicles segment is expected to hold the largest share of the global armored vehicles market over the forecast period.
The global armored vehicles market is divided into combat vehicles, combat support vehicles, and unmanned armored ground vehicles based on platform. Over the forecast period, the combat vehicles segment is projected to dominate the largest share of the global armored vehicles market. Many nations' defense forces rely on main battle tanks, infantry fighting vehicles, and other combat vehicles.
The conventional segment accounted for the largest share of the global armored vehicles market in 2022.
The global armored vehicle market is classified into two types: electric and conventional. The conventional segment held the largest share of the global armored vehicle market in 2022. Because conventional armored vehicles have a long history and a proven track record on the battlefield, they are the preferred option for many defense forces.
The wheeled segment is expected to lead the global armored vehicles market during the forecast period.
The global armored vehicle market is divided into wheeled and tracked segments based on mobility. The wheeled segment, among these, is projected to dominate the global armored vehicles market throughout the forecast period. In some roles, such as reconnaissance and urban warfare, wheeled armored vehicles have gained popularity. For scenarios requiring high speed, rapid deployment, and low logistical demands, such as peacekeeping and counter-insurgency operations, wheeled armored vehicles are preferred.
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North America holds the largest share of the global armored vehicles market in 2022.
Due to significant defense spending by the United States, which has one of the world's largest militaries, North America is a market leader in armored vehicles. The region's demand for armored vehicles is primarily driven by ongoing military modernization programs, anti-terrorism efforts, and the need to replace aging fleets.
During the forecast period, Asia Pacific is projected to expand at the highest pace in the global armored vehicle market. As a result of rising defense budgets, geopolitical challenges, and territorial disputes, the Asia-Pacific region is experiencing rapid growth in the armored vehicle market. China, India, and South Korea are major players in the region, with significant investments in armored vehicles to improve their military capabilities.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Armored Vehicles Market include BAE Systems, BMW AG, Daimler AG (Mercedes Benz), Elbit Systems, Ford Motor Company, General Dynamics Corporation, INKAS Armored Vehicle Manufacturing, International Armored Group, IVECO, Krauss-Maffei Wegmann GmbH & Co. (KMW), Lenco Industries, Inc., Lockheed Martin Corporation, Navistar, Inc., Oshkosh Defense, LLC. and Others.
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Recent Developments
- In February 2023, The US Army Contracting Command Detroit Arsenal awarded A.M. General a contract to manufacture 20,000 Joint Tactical vehicles and approximately 10,000 trailers for the US Armed Forces. The contract's total value is not stated.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Armored Vehicles Market based on the below-mentioned segments:
Global Armored Vehicles Market, By Platform
- Combat Vehicles
- Combat Support Vehicles
- Unmanned Armored Ground Vehicles
Global Armored Vehicles Market, By Type
- Electric
- Conventional
Global Armored Vehicles Market, By Mobility
- Wheeled
- Tracked
Global Armored Vehicles Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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