Armored Vehicle Market Global Size, Growth Insight, Share, Trends, Industry Key Players, Regional Forecast To 2027
The global armored vehicle industry
size is projected to reach USD 26.12 billion by 2026, exhibiting a CAGR of
5.36% during the forecast period. Steady ramping up of military expenditure by
countries will prove beneficial for this market, observes Fortune Business
Insights™ in its report, titled “Armored Vehicle Market Size, Share and Industry Analysis, By Platform (Combat
Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles), By
Mobility (Wheeled, Tracked), By System (Engine, Drive Systems, Ballistic Armor,
Turret Drives, Ammunition Handling Systems, Others) and Regional Forecast,
2019-2026”. The latest report
by the Stockholm International Peace Research Institute (SIPRI) reveals that in
2019, cumulative global military spending stood at USD 1917 billion, rising by
3.6% from 2018 level.
The largest spenders, the SIPRI
reports, were US, China, India, Russia, and Saudi Arabia (in that order). This
increasing expenditure on the armed forces shows the intent of the major world
economies in upgrading their defense forces with modern weaponry to better
equip their soldiers in the battlefield, which augurs well for this market as
armored vehicles are vital in ground-level combat as well as in border
patrolling activities during peacetime.
List of Companies
Profiled in the Armored Vehicle Market Report are:
- UralVagonZavod
(Russia)
- Textron Inc. (the U.S.)
- Otokar, a KOC Group Company (Turkey)
- NORINCO (China)
- IVECO DEFENCE VEHICLES (Italy)
- Denel SOC Ltd (South Africa)
- Ukroboronprom (Ukraine)
- Rheinmetall AG (Germany)
- Oshkosh Corporation (the U.S)
- Krauss-Maffei Wegmann GmbH & Co. KG
(Germany)
- General Dynamics Corporation (the U.S.)
- BAE Systems plc (the UK)
COVID-19 Impact
on Armored Vehicle Industry:
The emergence of COVID-19 has brought
the world to a standstill. We understand that this health crisis has brought an
unprecedented impact on businesses across industries. However, this too shall
pass. Rising support from governments and several companies can help in the
fight against this highly contagious disease. There are some industries that
are struggling and some are thriving. Overall, almost every sector is
anticipated to be impacted by the pandemic.
We are taking continuous efforts to
help your business sustain and grow during COVID-19 pandemics. Based on our
experience and expertise, we will offer you an impact analysis of coronavirus
outbreak across industries to help you prepare for the future.
Study Period:
2016-2027
Base Year: 2019
Forecast Period: 2020-2027
Historical Period: 2016-2018
The report states that the market value
was at USD 17.18 billion in 2018. Its other highlights
include:
- Panoramic overview of the current trends in
the defense industry;
- Comprehensive profiling of all the players in
the market;
- Detailed analysis of the market drivers and
restraints;
- Microscopic evaluation of the market segments;
and
- Exhaustive examination of the regional
developments influencing the market.
Market Driver:
Intensification of
Cross-Border Conflicts around the World to Accelerate Market Growth
The armored vehicle market growth
trajectory is likely to get a major upward push on account of the rising
intensity of cross-border tensions across the globe. For example, in Asia,
tensions between India and Pakistan have always been high, even resulting in
open wars in some cases. Similarly, cross-border skirmishes between India and
China have become commonplace. In many other regions also such tensions have
escalated in recent years.
For instance, the complex military
situation in Syria and Libya has kept regions surrounding these countries in a
mode of self-preservation. Moreover, historical conflicts such as the one
between North Korea and South Korea have kept governments on their toes.
Armored vehicles are a key component in a nation’s military arsenal as they
empower armed forces to efficiently monitor border situations and deter any
forthcoming attacks.
Regional Analysis:
Asia-Pacific to
Showcase Impressive Growth; North America to Have Tight Grip on Market Revenue
The market growth is anticipated to be
the fastest in Asia-Pacific owing to the constant threat of terrorist
activities in the region. To counter these threats, countries in the region, mainly
India and China, have strategically increased their budgetary allocation to the
defense sector to modernize their arsenal, which bodes well for this market. In
addition, the region is home to strong weapons manufacturers such as the
Ordnance Factory Board in India and Mitsubishi Heavy Industries in Japan.
However, the region dominating the
armored vehicle market share is expected to be North America, primarily owing
to the heavy military spending by the US and massive investments in R&D
activities for advanced weapons technologies and upgrading the national defense
infrastructure. In 2018, the region’s market size was at USD 6.61 billion.
Competitive
Landscape:
Key Players to Enter
Lucrative Collaborations to Enlarge Market Share
The competitive dynamics of this market
are shaped by the presence and activities of industry bigwigs such as Lockheed
Martin and Textron. These companies are increasingly entering into strategic
partnerships to diversify their offerings and expand their market presence
regionally as well as globally.
Armored Vehicle
Market report Focus on:
- Extensive product offerings
- Customer research services
- Robust research methodology
- Comprehensive reports
- Latest technological developments
- Value chain analysis
- Potential Market opportunities
- Growth dynamics
- Quality assurance
- Post-sales support
- Regular report updates
Reasons to Purchase
this Report:
- Comprehensive analysis of the market growth
drivers, obstacles, opportunities, and other related challenges.
- Tracks the developments, such as new product
launches, agreements, mergers and acquisitions, geographical expansions,
and joint ventures.
- Identifies market restraints and boosters.
- Identifies all the possible segments present
in the market to aid organizations in strategic business planning.
Key Questions
Answered:
- Why Choose Fortune Business Insights?
- What are the key demands and trends shaping
the market?
- What are the key opportunities in the market?
- What are the key companies operating in the
market?
- Which company accounted for the highest market
share?
- What is the market size and growth rate of the
global and regional market by various segments?
- What is the market size and growth rate of the
market for selective countries?
- Which region or sub-segment is expected to
drive the market in the forecast period?
- What Factors are estimated to drive and
restrain the market growth
Browse Detailed
Research Insights with Table of Content:
https://www.fortunebusinessinsights.com/industry-reports/armored-vehicle-market-101817
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 – Key Contracts
& Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Value Chain Analysis
- Global Armored Vehicle Market Analysis, Insights
and Forecast, 2015-2026
- 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 Defense Vehicles
- Armored Mortar Carriers
- Combat Support Vehicles
- Armored Supply Trucks
- Armored Command and Control Vehicles
- Repair and Recovery Vehicles
- Others
- Unmanned Armored Ground Vehicles
- Market Analysis, Insights and Forecast – By
Mobility
- Wheeled
- Tracked
- Market Analysis, Insights and Forecast – By
System
- Engines
- Drive Systems
- Ballistic Armor
- Turret Drives
- Ammunition Handling Systems
- Fire Control Systems (FCS)
- Armaments
- Countermeasure Systems
- Command & Control (C2) Systems
- Power Systems
- Navigation Systems
- Observation & Display Systems
- Hulls/Frames
- Market Analysis, Insights and Forecast – By
Region
- North America
- Europe
- Asia pacific
- The Middle East
- Rest of the world
TOC Continued…!
Major Industry Developments:
- July 2019: UK-based BAE Systems and Germany-based Rheinmetall teamed up to
establish a new and independent military vehicle support, manufacturing,
and design joint venture in the UK. Called the Rheinmetall BAE Systems
Land (RBSL), the venture aims at enhancing the manufacturing of the Boxer
8x8 for the Mechanized Infantry Vehicle Program of the British Army.
- February 2019: The Canadian arm of the US-based aerospace & defense
major, General Dynamics, clinched a contract worth USD 37.2 million to
provide 60 hardware kits for the Light Armored Vehicle Reset Program of
the US Marine Corps. The kits will comprise of a new turret slip ring, a
modern instrument panel for the driver, a driveline system, and improved
power-pack.
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