A comprehensive industry overview and market perspective are included in the latest study from MarkNtel Advisors titled Global Armored Vehicles Market. The research provides a detailed overview of the current market state, including market trends and the most recent advancements made globally. In-depth analysis of market size, share, industry trends, forecast, and competitive environment is covered in the report that presents clear picture of the market with relevant statistical data.
The report combines in-depth quantitative analysis with qualitative analysis; it ranges from macro-overviews of the overall market size, industry chain, and market dynamics to micro details of segment markets. This, as a result, provides a thorough overview of the industry under study as well as a profound understanding of all of its important features.
Global Armored Vehicles Market Definition:
Armored Vehicles are armed military, commercial, or passenger vehicles, shielded with complete or partial armor plating for protection against bullets, fragments, missiles, projectiles, shells, shrapnel, and weapon systems. Mostly called armed combat vehicles, they come in combination with innovative weaponry, technology, electronics, etc., and can move on continuous tracks or wheels. They play a vital role in reconnaissance, combat, battlefield, etc., with modern versions integrated with advanced technology such as programmable ammunition, autoloaders, and active protection systems.
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Global Armored Vehicles Market Insights:
The Global Armored Vehicles Market is projected to grow at a CAGR of around 4.1% during the forecast period, i.e., 2023-28.
Global Armored Vehicles Market Key Driver:
Rising Defense Budget and Cross-Border Disputes in Numerous Countries - Increasing defense expenditure and budget in several countries with rising cross-border disputes has primarily driven the market. The prevalence of conflicts, terrorist activities, and wars worldwide requires numerous countries to strengthen their military equipment and vehicles, fueling market expansion. Likewise, growing emphasis on the sustainability of military vehicles and personnel safety through added advanced safety features with increasing humanitarian missions also adds to the market acceleration. For instance,
- In April 2021, Israel’s Ministry of Defense (MOD) signed a contract with Israel Aerospace Industries (IAI) to manufacture and supply nine Z-MAG all-terrain vehicles to the Israel Defense Forces (IDF), with an option to order 21 additional units.
Global Armored Vehicles Market Leading Key Players:
L3Harris Technologies, Inc., Hanwha Group, General Dynamics Corporation, Lockheed Martin Corporation, Northrop Grumman, Oshkosh Defense, LLC, BAE Systems, Thales Group, ST Engineering, Mitsubishi Heavy Industries, Textron Systems, Denel Soc Ltd, FNSS, Arquus, Iveco Defence Vehicles, Others
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Global Armored Vehicles Market Segmentation:
Based on Platform
- Combat Vehicles
-- Main Battle Tanks
-- Infantry Fighting Vehicles
-- Armored Personal Carriers
-- Armored Amphibious Vehicles
-- Mine-Resistant Ambush Protected Vehicles
-- Light Armored Vehicles
-- Others (Self Propelled Howitzers, Air Defence Vehicles, etc.)
- Combat Support Vehicles
-- Armored Supply Trucks
-- Armored Command and Control Vehicles
-- Repair and Recovery Vehicles
-- Others (Bridge laying Tanks, Mine Clearance Vehicles, etc.)
- Unmanned Armored Ground Vehicles
Based on System
- Engines
- Turret Drives
- Ammunition Handling Systems
- Fire Control Systems
- Armaments
- Ballistic Armor
- Countermeasure System
- Command and Control System
- Power System
- Others (Navigation System, Observation and Display Systems, etc.)
Based on Type
- Electric
- Conventional
Based on Mode of Operation
- Manned
- Unmanned
Based on Mobility
- Wheeled
-- 4X4
-- 6X6
-- 8X8
-- Others (10X10, 12X12, etc.)
- Tracked
Based on Sales Channel
- OEM
- Retrofit
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Global Armored Vehicles Market Geographical Analysis
By Region
- North America
- South America
- Europe
- The Middle East Africa
- Asia-Pacific
Recent Development of Global Armored Vehicles Market:
In January 2022, Oshkosh Defence, LLC launched its first hybrid-electric Joint Light Tactical Vehicle (JLTV)
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