Pune, India, July 10, 2023 (GLOBE NEWSWIRE) -- The armored vehicle market size was valued at USD 19.5 billion in 2022 and is projected to reach a valuation of USD 22.2 billion in 2023. The market is expected to reach USD 33.9 billion by 2030 with a CAGR of 6.2% during the forecast period. The introduction of reactive armor technology, programmable ammunition, sophisticated autoloaders, and other features in the military technology is set to drive market growth. Growing demand for next generation military vehicles which have advanced weaponry systems is set to propel market development. Fortune Business Insights™ shares this information in its report titled “Armored Vehicle Market, 2023-2030.”
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List of Key Players Profiled in the Armored Vehicle Market Report:
- BAE Systems (U.K.)
- General Dynamics Corporation (U.S.)
- Rheinmetall AG (Germany)
- Krauss-Maffei Wegmann GmbH (Germany)
- Denel SOC ltd (South Africa)
- IVECO DEFENCE VEHICLES (Italy)
- NORINCOGROUP.com Inc. (China)
- Oshkosh Defense, LLC An Oshkosh Corporation Company (U.S.)
- Otokar, a KOC Group Company (Turkey)
- Textron Systems (U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 6.2% |
| 2030 Value Projection | USD 33.9 Billion |
| Market Size in 2023 | USD 22.2 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Armored Vehicle Market Growth Drivers | Asymmetric Warfare is Becoming Prevalent around the World and Aiding Market Growth |
| Increasing Demand for Next-Generation Military Vehicles with Advanced Weaponry Systems to Catalyze the Market Growth |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/armored-vehicle-market-101817
Segments
Combat Vehicles to Lead Due to Demand for Infantry Mechanization
On the basis of platform, the market is divided into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. Combat vehicles segment is set to lead due to demand for infantry mechanization and infantry modernization programs in developing and developed economies globally.
Conventional Propulsion Led in 2022 Due to Various Military Programs
On the basis of propulsion, the market is divided into conventional and electric. Conventional segment dominated the market in 2022 due to rising military modernization programs, Russia-Ukraine war, and attaining priorities amid burgeoning skirmishes, war, and civil unrest globally.
Wheeled Segment to Lead with High Adoption Rate
On the basis of mobility, the market is classified into wheeled and tracked. Wheeled segment to lead as it held largest share in 2022 and will have the fastest CAGR due to high adoption rate owing to its utility in special operations, troop deployment, border patrol operations, combat support operations, such as command and control, and medical support for armed forces.
Drive Systems Segment Led in 2022 Owing to High Usage of Advanced Driving Systems
On the basis of system, the market is classified into drive systems, structures & mechanisms, weapons & ammunition control systems, countermeasure systems, command & control systems, navigation systems, observation & display systems, and others. The drive systems segment dominated in 2022 and is expected to be the fastest growing from 2023 to 2030 due to rising demand for advanced driving systems by various countries' military forces.
Retrofit to Lead Due to License Production
On the basis of solution, the market is classified into line fit and retrofit. Retrofit is the fastest growing segment due to increasing demand for license production by various nations.
Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America.
Russia-Ukraine War Impact:
Russia-Ukraine War Changed the Dynamics in the Defense Industry Impacting Market Growth
The Russia-Ukraine war changed the dynamics in the defense industry of the European countries in 2022. More than 25 countries have supported Ukraine’s war crisis. These countries have provided finance, weaponry support, special military operations, and others. Thus, rise in the demand for the armored vehicles has been observed recently.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Increasing Instances of Asymmetric Warfare to Propel the Demand for the Product
Increasing instances of asymmetric warfare is anticipated to drive the armored vehicle market growth. Asymmetric warfare refers to the conflict where opposing parties have unequal military resources. In addition, weaker opponents deploy unorthodox weaponry and tactics to exploit their adversaries' vulnerabilities. With growing cases of asymmetric warfare, it is set to have higher number of purchase of vehicles globally.
However, mechanical failure and occurrence of electrical system in armored vehicles are expected to hamper the market growth.
Regional Insights
North America to Lead Market Share Due to High Spending by the U.S. Government on Military
North America is expected to have a high part in the armored vehicle market share due to high spending by the U.S. government on military vehicle purchases and upgrades. Presence of key market players such as General Dynamics Corporation, Textron Systems, Oshkosh Defense, and others is also set to drive the market share.
After North America, Europe to be the second-highest region of the market as demand for battle tank is increasing with the ongoing Russia-Ukraine war.
Competitive Landscape
OEMs have been Focusing on the Development of Technologically Advanced Products
The global market has numerous companies such as General Dynamics Corporation, BAE Systems, Oshkosh Corporation, and Rheinmetall AG. The market has various manufacturers, which are participating in military vehicle development and design. OEMs have been focusing on the development of technologically products and fostering strong relationships with governments in developed and developing countries.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions, and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Armored Vehicle Market
- Impact of COVID-19 on Global Armored Vehicle Market
- Steps Taken by Industry/Companies/Governments to Overcome the Impact
- Key Developments in The Industry in Response to COVD-19 Pandemic
- Potential Opportunities Due to COVID-19 Outbreak
- Global Armored Vehicle Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights, and Forecast – By Platform
- Combat Vehicles
- Main Battle Tanks
- Infantry Fighting Vehicles
- Armored Personal Carriers
- Armored Amphibious Vehicles
- Mine-Resistant Ambush Protected Vehicles
- Light Armored Vehicles
- Self-Propelled Howitzers
- Air Defen
- Combat Vehicles
TOC Continued...!
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Key Industry Development
- February 2023- The Italian Navy awarded a contract to IVECO Defense Vehicles for providing Amphibious Armored Vehicles (VBA) Personnel Carriers. Amphibious vehicles will reinforce the fleet of the San Marco Marina Brigade (BMSM).
Read Related Insights:
Main Battle Tank Market to Hit USD 6.90 Billion by 2030 | With a 3.2% CAGR
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