Pune, Oct. 18, 2023 (GLOBE NEWSWIRE) -- According to SNS Insider’s research, the armored vehicle market is poised for substantial growth in the coming years, thanks to a combination of geopolitical factors, technological advancements, and a diversifying range of applications.
The Armored Vehicle Market is projected to achieve a market size of USD 32.8 billion by 2030, having been valued at USD 18.2 billion in 2022. This market is anticipated to experience a compound annual growth rate (CAGR) of 6.2% during the forecast period spanning from 2023 to 2030, as per the SNS Insider report.
Market Overview
Armored vehicles, often referred to as armored cars or armored transport, are specialized vehicles designed to withstand various forms of threats, ensuring the safety and security of their occupants and cargo. These threats may include gunfire, explosives, chemical agents, or even improvised explosive devices (IEDs). Armored vehicles are used across a wide spectrum of applications, including military operations, law enforcement, private security, and transportation of valuable assets. Armored vehicle manufacturers are continually improving their offerings with cutting-edge technology, including advanced ballistic materials, remote-controlled weapon systems, and integrated communication systems.
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Market Analysis
Heightened concerns over national security and the need to safeguard critical infrastructure have become paramount in recent years. Armored vehicles offer an effective solution for protecting personnel and assets in vulnerable environments, further propelling the market's growth. Several countries are investing heavily in upgrading their military capabilities. The increasing cross-border tensions and territorial disputes have prompted governments to invest in armored vehicles for border security. This trend is a significant growth driver for the armored vehicle market. Modernization programs are increasingly incorporating armored vehicles to enhance the mobility, protection, and firepower of their armed forces, thereby driving market growth. Continuous advancements in armor materials, communication systems, and surveillance technologies have made armored vehicles more capable and versatile. As a result, these vehicles are being deployed in a wider range of scenarios, increasing market growth opportunities.
Armored Vehicle Market Overview & Scope:
| Report Attributes | Details |
| Market Size in 2022 | USD 18.2 billion |
| Market Size by 2030 | USD 32.8 billion |
| CAGR | CAGR of 6.2% over 2023-2030 |
| Key Segments | By Platform (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles) By Propulsion Type (Conventional, Electric) By Mobility Type (Wheeled, Tracked) By Solution (Line Fit, Retrofit) By System(Drive Systems, Structures & Mechanisms, Navigation, Others) |
| Key Market Players | BAE Systems, General Dynamcis Corporation, Rheinmetall AG, Denel SOC ltd, IVECO Defence Vehicles, Otokar, Textron Systems, NORINCOGROUP and other players |
| Pricing & Purchase Options | Avail customized purchase options to meet your exact research needs. Explore purchase options. |
Key Takeaway from Armored Vehicle Market Study
- The Combat Vehicles segment is witnessing a surge in demand due to the increasing need for modernization and advanced technology integration. Armies across the globe are looking to replace aging tanks and infantry fighting vehicles with more advanced, efficient, and versatile combat vehicles. One of the primary reasons for the dominance of combat vehicles is their ability to offer enhanced survivability and firepower.
- Wheeled armored vehicles have gained prominence for their mobility and versatility. These vehicles offer high-speed off-road capabilities, making them suitable for a wide range of operations, including reconnaissance, patrol, and peacekeeping missions. Many countries prefer wheeled armored vehicles for export due to their versatility and lower costs.
Recent Developments
- The Armored Group, a renowned player in the global armored vehicle manufacturing industry, has announced a significant expansion of its operations within the United States. One of the primary drivers behind this expansion is the increasing need for armored vehicles in the United States, where law enforcement agencies, private security firms, and various government entities rely on such vehicles for their critical missions.
- Paramount Group, a global defense and aerospace company, has recently made a significant announcement regarding the expansion of its manufacturing hub for armored vehicles in India. As India continues to modernize its armed forces and bolster its defense capabilities, the demand for high-quality armored vehicles has been on the rise.
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Market Dynamics Analysis
The armored vehicle market is currently navigating a complex landscape defined by a multitude of driving forces, constraints, challenges, and emerging threats. On the drivers' front, the persistent global security concerns, coupled with an upswing in territorial disputes and geopolitical tensions, have substantially bolstered the demand for armored vehicles. Furthermore, the increasing focus on military modernization, urban warfare, and counter-terrorism operations, in addition to the need for enhanced border security, has spurred governments and defense organizations to invest in advanced armored solutions. Conversely, stringent regulations and compliance standards, along with the high procurement and maintenance costs, pose as significant restraints to market growth. The ongoing technological advancements, such as the development of unmanned armored vehicles and innovative materials, are simultaneously presenting challenges to traditional armored vehicle manufacturers who must adapt to remain competitive. Additionally, cybersecurity threats targeting vehicle systems are emerging as a new, critical concern that necessitates robust security measures. In this dynamic landscape, the ability to strike a balance between innovation, compliance, and cost-effectiveness will be crucial for the market's sustainable growth.
Key Regional Developments
In North America, the armored vehicle market is characterized by high military expenditure, primarily driven by the United States. The region has witnessed a substantial focus on modernization efforts, with a particular emphasis on replacing aging fleets with technologically advanced armored vehicles. The European market is influenced by a combination of security concerns and the cooperative efforts of member nations within the European Union and NATO. This has led to a push for the development and procurement of armored vehicles that can be standardized across multiple nations, fostering interoperability and cost savings. The Asia-Pacific region is experiencing robust growth in the market. Several countries are investing in domestic production and the import of armored vehicles to bolster their military capabilities.
Impact of Recession
The impact of a recession on the armored vehicle market can vary significantly depending on regional factors. While some regions may experience a severe downturn in demand due to economic instability, others may see increased requirements for security and defense, resulting in sustained or even heightened demand. Market players need to carefully assess the specific economic conditions and defense priorities of the regions they operate in. By staying attuned to these dynamics, manufacturers and stakeholders can navigate the economic storm, seizing opportunities for growth and maintaining the industry's vitality.
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