[Latest] Global Armored Vehicles Market Size is Anticipated

Austin, TX, USA, June 01, 2023 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Armored Vehicles Market Size, Trends and Insights By Product (Defense, Commercial), By Mobility (Wheeled, Tracked), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” in its research database.

“According to the latest research study, the demand for Global Armored Vehicles Market size & share was valued at approximately USD 19.89 Billion in 2022 and is expected to reach USD 20.88 Billion in 2023 and expected to reach a value of around USD 27.83 Billion by 2030, at a compound annual growth rate (CAGR) of about 6.36% during the forecast period 2023 to 2030.”

The market is expected to reach USD 27.83 billion by the year 2030 from USD 18.9 billion in the year 2021. As there has been an increase in cross-border troubles and an increase in the cases of asymmetric warfare the demand for armored vehicles is expected to grow during the forecast period.

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In the Asia Pacific region and the Middle East region the original equipment manufacturers are concentrating on providing better vehicles. There have also been increased cases of failure of these armored vehicles in the region which are electrical or mechanical in nature. This will hamper the growth of the market during the forecast period. As the manufacturing of the components and the automotive parts word of acted during the outbreak of the COVID-19 pandemic the market for armored vehicles had also dropped. Disruption in the supply chain and logistics had hampered the market. There were increased regulations for the import and export of various materials due to which the armored vehicles market was facing a major challenge.

Regional Snapshots

The North American region is expected to have a larger market share during the forecast period. Technologically advanced armored vehicles and vehicles with advanced features are available in the American market.

The United States government is also increasing the amount of money invested for research and development purposes that have and hence the quality of these vehicles. Manufacturers are also constantly focusing on providing innovative products in the market. There’s a growing demand for unmanned armored vehicles in the North American region for performing various functions.

The defense budgets of the countries like China and India have also increased in recent years and these nations are expected to procure a larger number of armored vehicles in the coming years period these nations are also creating a major demand for advanced vehicles.

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All of these factors are expected to drive market growth in the coming years. The government of the United States is engaging in adopting modern techniques for the development of these vehicles. The presence of the various market players in the North American region will also play an instrumental role in the growth of the market. As that has been increased cases of political unrest and terrorism across the globe the demand for armored vehicles is expected to grow in the coming years. Most of the regions are expected to show steady growth in the coming years. The market players across the globe are also adopting the way of partnership by engaging with the emerging nations across the globe in order to acquire the market.

(A free sample of the Armored Vehicles report is available upon request; please contact us for more information.)

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Provide detailed chapter-by-chapter guidance on the Request.
Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2023
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Custom Market Insights (CMI) research methodology

(Please note that the sample of the Armored Vehicles report has been modified to include the COVID-19 impact study prior to delivery.)

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Market Dynamics

Drivers

Cases of asymmetric warfare are expected to grow in the coming years due to which the market will have a positive impact. Increased cases of political instability are one of the factors that will drive market growth in the coming years. Constant political unrest due to social or cultural reasons will drive the market growth in the coming years. Religious and economic conflicts between the nations will help in the growth of the market during the forecast period.

The government of various nations is adopting these vehicles in order to protect them against the insurgent attacks or the terrorist attacks that are predicted in the coming years. These vehicles are expected to grow in the Asia Pacific region especially for India as India is expected to adopt armored vehicles in order to carry out its operations in the Naxalite areas.

Restraints

In the Asia Pacific region and the Middle East region, there are no manufacturers due to which the market growth will be hindered. Most of these market players are based in the European and North American regions. The Asia Pacific market and the Middle East market are emerging.

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The countries in the Asia Pacific region and the Middle East region are dependent on the European and North American countries for procuring armored vehicles. Procuring these vehicles is extremely expensive due to which the market growth will be hindered during the forecast period. The demand for these vehicles will also be less due to its expensive procurement method.

Key questions answered in this report:

What is the size of the Armored Vehicles market and what is its expected growth rate?
What are the primary driving factors that push the Armored Vehicles market forward?
What are the Armored Vehicles Industry's top companies?
What are the different categories that the Armored Vehicles Market caters to?
What will be the fastest-growing segment or region?
In the value chain, what role do essential players play?
What is the procedure for getting a free copy of the Armored Vehicles market sample report and company profiles?

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Key Offerings:

Market Share, Size & Forecast by Revenue | 2023−2032
Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
Competitive Landscape – Top Key Vendors and Other Prominent Vendors

Opportunities

There is a growing demand for unmanned systems across the globe, especially in the nations of the North American region and the European region. In order to perform the functions of surveillance and intelligence, many countries are adopting unmanned systems. As the budget for further defense systems in the nations like Germany, Italy, and Spain is less the demand for unmanned systems will continue to grow as it will play an important role in replacing the army personnel.

Challenges

In order to acquire the tanks a huge amount of money is required. In order to develop and design these tanks a lot of time is needed and it also requires higher technical expertise. These tanks need to be developed with unique capabilities for them to be highly lethal during the time of warfare. Developing such tanks is extremely expensive. And this will be a major challenge in the growth of the market during the forecast period. As the number of features provided in an armored vehicle increases the cost of these vehicles also increases.

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Report Scope

Feature of the Report	Details
Market Size in 2021	USD 18.9 Billion
Projected Market Size in 2030	USD 27.83 Billion
CAGR Growth Rate	6.36% CAGR (2022-2030)
Base Year	2022
Forecast Period	2023-2032
Prominent Players	BAE Systems, Lenco Industries, Inc., Daimler AG (Mercedes Benz), Ford Motor Company, Rheinmetall AG, Textron, Inc., International Armored Group, IVECO, STAT, Inc., INKAS Armored Vehicle Manufacturing, Elbit Systems, Navistar, Inc., and Others
Key Segment	By Product, Mobility, and Region
Report Coverage	Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope	North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options	Request tailored purchasing options to fulfil your requirements for research.

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Report Highlights

On the basis of the product, the main battle tanks segment will continue to grow well in the coming years period in order to strengthen the army of various nations governments are taking initiatives for the same. In order to protect their military forces from various attacks, governments are engaging in procuring and developing vehicles that provide ambush protection and vehicles that are mine-resistant.

On the basis of the type of mobility, the Weald segment will grow well during the forecast. As these types of armored vehicles will be used for surveillance and intelligence purpose. These vehicles will also be used for transportation purposes and the market demand will be high in the coming years. Apart from the use of wheeled armored vehicles, there shall be increased use of tracked armored vehicles in the coming years. As the demand for the vehicles which are used on the rough lands is expected to grow in the coming years the demand for armored vehicles will increase during the forecast period.

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Recent developments

A contract was signed between Israel’s aerospace industries and its defense ministry in the year 2021. According to the contract the organization is expected to engage in the manufacturing and supply of the Z-MAG Vehicles which are used in all different types of Terrains.

Segments covered in the armored vehicles market

By Product Outlook
- Combat Vehicles
  - Armored Personnel Carrier (APC)
  - Infantry Fighting Vehicles (IFV)
  - Light Protected Vehicles (LPV)
  - Main Battle Tanks (MBT)
  - Mine-resistant Ambush Protected (MRAP)
  - Tactical Vehicle
  - Others
- Combat Support Vehicles
  - Armored Supply Trucks
  - Armored Command & Control Vehicles
  - Repair & Recovery Vehicles
  - Unmanned Armored Ground Vehicles
By Type
- Electric Armored Vehicles
- Conventional Armored Vehicles
By Mobility
- Wheeled
- Tracked
By Mode of Operation
- Manned Armored Vehicles
- Unmanned Armored Vehicles
By Point of Sale
- OEM
- Retrofit
By System
- Engines
- Drive Systems
- Ballistic Armor
- Fire Control Systems (FCS)
- Navigation Systems

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By Geography

On the basis of Geography

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

This Armored Vehicles Market Research/Analysis Report Contains Answers to the following Questions.

Which Trends Are Causing These Developments?
Who Are the Global Key Players in This Armored Vehicles Market? What are Their Company Profile, Product Information, and Contact Information?
What Was the Global Market Status of the Armored Vehicles Market? What Was the Capacity, Production Value, Cost and PROFIT of the Armored Vehicles Market?
What Is the Current Market Status of the Armored Vehicles Industry? What's Market Competition in This Industry, Both Company and Country Wise? What's Market Analysis of Armored Vehicles Market by Considering Applications and Types?
What Are Projections of the Global Armored Vehicles Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
What Is Armored Vehicles Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
What Is the Economic Impact On Armored Vehicles Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
What Are Market Dynamics of Armored Vehicles Market? What Are Challenges and Opportunities?
What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Armored Vehicles Industry?

Click Here to Access a Free Sample Report of the Global Armored Vehicles Market @ https://www.custommarketinsights.com/report/armored-vehicles-market/

Reasons to Purchase Armored Vehicles Market Report

Armored Vehicles Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
Armored Vehicles Market report outlines market value (USD) data for each segment and sub-segment.
This report indicates the region and segment expected to witness the fastest growth and dominate the market.
Armored Vehicles Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
The Industry's current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
Armored Vehicles Market Includes in-depth market analysis from various perspectives through Porter's five forces analysis and provides insight into the market through Value Chain.

Reasons for the Research Report

The study provides a thorough overview of the global Armored Vehicles market. Compare your performance to that of the market as a whole.

Aim to maintain competitiveness while innovations from established key players fuel market growth.

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What does the report include?

Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Armored Vehicles market analysis.

The competitive environment of current and potential participants in the Armored Vehicles market is covered in the report, as well as those companies' strategic product development ambitions.

According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.

For each segment mentioned above, actual market sizes and forecasts have been given.

Who should buy this report?

Participants and stakeholders worldwide Armored Vehicles market should find this report useful. The research will be useful to all market participants in the Armored Vehicles industry.

Managers in the Armored Vehicles sector are interested in publishing up-to-date and projected data about the worldwide Armored Vehicles market.

Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Armored Vehicles products' market trends.

Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.

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