Visiongain has published a new report entitled Military Armoured Vehicle 2023-2033. It includes profiles of Military Armoured Vehicle and Forecasts Market Segment by Point of Sale, (OEM, Retrofit), Market Segment by Category, (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Vehicles) , Market Segment by Combat Vehicles, (Main Battle Tanks (MBTs), Infantry Fighting Vehicles (IFVs), Armored Personnel Carriers (APCs), Armored Amphibious Vehicles (AAVs), Mine-resistant Ambush Protected (MRAP), Light Protected Vehicles (LPVs), Self-propelled Howitzers (SPHs), Air Defense Vehicles, Other Combat Vehicles) , Market Segment by Combat Support Vehicles, (Armored Supply Trucks, Armored Command & Control Vehicles, Repair and Recovery Vehicles, Bridge-laying Tanks, Mine Clearance Vehicles, Other Combat Support Vehicles) plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.
The global military armoured vehicle market was valued at US$35,200 million in 2022 and is projected to grow at a CAGR of 3.2% during the forecast period 2023-2033.
Rise in Criminal and Terrorist Activity Results in Market Growth
Governments, particularly their police forces, have an obligation to take all necessary measures to defend the human rights of all citizens. As part of their affirmative duty to secure the right to life, the right to physical integrity, and other human rights and basic freedoms, they must protect their jurisdictions from terrorism. As a result, countries must prioritise the prevention of terrorism while still safeguarding human rights and the rule of law. As countries seek more effective measures to prevent terrorism, increased attempts are being made to discover why and when individuals turn to terrorism, how this occurs, and how it might be prevented early on.
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How has COVID-19 had a significant negative impact on the Military Armoured Vehicle Market?
Many wealthy economies that are among the top 15 military spenders account for more than 80% of global military spending. Military spending has dropped, although there are still big differences between countries. Governments all throughout the world initiated stimulus programmes in 2020 to fight the COVID-19 pandemic, with developed economies setting the standard. The massive budget deficits that result must be brought into line with the available resources once pre-pandemic growth resumes. As a result, governments will need to reassess their fundamental tax and spending policies. A critical topic is how significant government spending categories are projected to alter over the next few years, as well as where new spending requirements will rise or fall.
COVID-19 presents an opportunity for the military armoured vehicle market player to play an expanded role in care. The growing number of coronavirus cases across the globe and the rising relationship between technology and healthcare is projected to open new revenue avenues for the market players over the forecast period.
How will this Report Benefit you?
Visiongain’s 406-page report provides 157 tables and 190 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global military armoured vehicle market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Military Armoured Vehicle. Get financial analysis of the overall market and different segments including point of sale, category, combat vehicles, combat support vehicles, , and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing military armoured vehicle market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Demand for Advanced Technology in Armoured Vehicles
As nations worldwide continue to pursue the modernization of their Armoured vehicle fleets, growing concerns over high intensity warfare and its downstream effects on energy supplies is increasingly shaping the conversation regarding future propulsion systems for Armoured vehicles. Armoured vehicles are notorious for their energy requirements, and as successive modernization programs continue to integrate additional subsystems and modules with legacy platforms, power supply and management issues are becoming more apparent.
Indeed, most Armoured vehicles currently in service rely on high-powered diesel or gas turbine engines, which with each additional survivability upgrade decreases fuel efficiency and mobility as additional armour adds additional weight to the platform. Furthermore, the increased digitization of the battlefield has led to Armoured vehicles being integrated with a growing number of complex electronics and computers. However, the reliance on mechanical energy source, such as a fuel powered generators further decreases efficiency due to the difficulty of optimizing power management and thus creates a need for alternate power sources to support platform electronics.
Developments in Armoured Vehicle Lethality
Over the last few decades, urban combat has tarnished the reputation of Main Battle Tanks, with significant losses in Iraq, Syria, Afghanistan, and Ukraine giving stark lessons about the utility of armoured vehicles in urban warfare. As a result, many countries are attempting to improve the effectiveness of heavy armour in urban battle while keeping the capacity to engage peer targets from a distance. By developing a strategy based on the last conflict, you risk not having the correct approach for the next fight. the tank's traditional duty was to support infantry, but more recently, its primary mission has shifted to neutralise other armoured threats.
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Where are the Market Opportunities?
The Autonomous Segment in UGVs Will Certainly See the Highest Growth in the Defence Sector
The autonomous segment in UGVs will certainly see the highest growth in the defence sector with the increased use of small UGV and smart robots for military combat. These systems will have advanced AI, ML, and autonomous navigation capabilities that will allow UGVs to manoeuvre from pre-programmed locations and follow army convoys. The growth will be attributed to the growing defence needs and budgets and the increasing procurement of advanced robots for military operations. India needs a collaborative effort from all stakeholders, for which the Indian government needs to regularise and come up with a firm policy for autonomous vehicles.
Technology Superiority is Increasingly Going to be the Decisive Factor in Future Battles
In future fights, technological dominance will become increasingly important. Technology development for future joint warfighting should aim for a broad-based programme encompassing all defense-related sciences. The aim should be to ensure that superior technology can be developed and transformed into affordable and important military capability while maintaining affordability, timeliness, dual use, technology base, and modular design in mind. This would allow the country's R&D institutes to concentrate on specific capability requirements and devise relevant technologies to meet these requirements. It would be feasible to identify important technologies that are likely to be rejected and direct efforts toward indigenous development of these technologies. The emphasis should be on emerging areas of warfare that have been identified as critical for combined warfighting. Many capabilities in single service specialised areas would be addressed by respective Services and may require inclusion in future revisions of the Services' Plan Documents.
Competitive Landscape
The major players operating in the military armoured vehicle market are Arquus, BAE Systems plc, Denel SOC Ltd, Elbit Systems Ltd., General Dynamics Corporation, Hanwha Group, L3Harris Technologies, Inc., Lockheed Martin Corporation, Mitsubishi Heavy Industries , Ltd., Nexter Systems, Northrop Grumman Corporation, Paramount Group, Rheinmetall AG, Textron Inc., Thales Group. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- 28 Oct 2022, The new HD Minerva, which is a crucial component of the Situational Awareness and Vision Enhancement systems used by drivers, represents the uncooled thermal imaging sensors of the future for Thales. Minerva empowers tactical and combat vehicle operators, commanders, and crews with unmatched sensitivity, picture quality, and situational awareness, enabling them to work safely and effectively day and night in severely deteriorated battlefield conditions.
- 19 Oct 2022, BAE Systems and PTC Industries have agreed to manufacture titanium castings for the Indian 155mm M777 Ultra-Lightweight Howitzer (ULH) at PTC Industries' Lucknow, Uttar Pradesh, India facility. The agreement aims to produce the complex lightweight titanium castings, as well as to develop the tightly controlled fabrication process and ensure that the same parts can be manufactured in any future production of M777 howitzers for India.
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To find more Visiongain research reports on the Defence sector, click on the following links:
- Military Electro-Optical and Infrared (EO/IR) Systems Market
- Military Simulation, Modelling and Virtual Training Market Report
- Military Cyber Security Market Report
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