Global Armored Vehicle Market Report, published by Variant Market Research, forecast that the global market was valued at $26 billion in 2016 and expected to reach $39 billion by 2024; growing at a CAGR of 4.7% from 2016 to 2024. In geographical segments, Asia Pacific and RoW anticipated to grow at a fastest CAGR of 5.3% and 5.1%, respectively, over the forecast period 2016 – 2024.

Driving factors of the global armored vehicle market are high internal and external security threats coupled with increasing violence in countries such as Syria, Iraq and other regions in the world. Moreover, surge in defense expenditure particularly in emerging economies and rise in number of rental & leasing of armored cars by civilians would boost the market. Though, lack of regulatory standards and declining defense budgets in developed economies may hinder the growth of the market. Light weight armored vehicles and rising demand from commercial sector would provide growth opportunities during the forecast period 2016 - 2024.

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The global armored vehicle market has been categorized into type, technology, application and geography. The type segment contains armored amphibious vehicles, main battle tanks, light protected vehicles, armored personnel carriers, infantry fighting vehicles, mine-resistant ambush protected and others. In the type segment, armored personal carriers dominated the market and accounted for about 21% in the year 2016. Moreover, the technology segment contains active protection systems, inter operable communication, modular ballistic armor, electric armor, situational awareness, active mine protection and vehicle information integration. The application segment is further categorized into military, law enforcement and commercial. In 2016, military accounted for the maximum market share, whereas commercial segment is expected to maintain its leading position with highest CAGR in the application segment with during the forecast period 2016-2024, owing to rising popularity of armored vehicles among VIPs and celebrities and availability of armored cars on rentals.

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North America, Europe, Asia-Pacific and Rest of the World (RoW) are the major regions covered in the report. In 2016, North America accounted for the major market share of 36% owing to high acceptance of latest technologies and modernization in defense force, followed by Europe accounting for about 28%. However, Asia Pacific is expected to maintain its leading position in the market with fastest CAGR during the forecast period; owing to the high investment on modernization of military and increasing border conflicts.

Market players have used different strategies to raise their market share and global presence. With the rising demand, manufacturers should closely monitor and grow their operations in the new markets. The major key players operating in the global armored vehicle market comprises Thales Group, International Armored Group, General Dynamics Corporation, BAE Systems, Denel Land Systems, Oshkosh Defense, Rheinmetall Landsysteme GmbH, Lockheed Martin, Elbit Systems Ltd. and INKAS Armored Vehicle Manufacturing, among others.

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Scope of Armored Vehicle Market

Type Segments

• Infantry Fighting Vehicles
• Light Protected Vehicles
• Main Battle Tanks
• Armored Personnel Carriers
• Armored Amphibious Vehicles
• Mine-Resistant Ambush Protected
• Others

Technology Segments

• Inter Operable Communication
• Vehicle Information Integration
• Active Protection Systems
• Modular Ballistic Armor
• Electric Armor
• Situational Awareness
• Active Mine Protection

Application Segments

• Military
• Law Enforcement
• Commercial

Geography Segments

• North America
o US
o Canada
o Mexico

• Europe
o Russia
o U.K.
o Germany
o France
o Italy
o Others

• Asia-Pacific
o China
o India
o Japan
o Others

• RoW
o South America
o Middle East
o Africa

About Variant Market Research

Variant Market Research offers syndicated and customized reports to fulfil clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.

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