Global Armored Vehicle Market Report, published by Variant Market Research, forecast that the global market is forecasted to reach $39 billion by 2024 from $26 billion in 2016; growing at a CAGR of 4.7% from 2016 to 2024. The armored vehicle market is majorly driven by the following driving factors such as increasing defence budgets, increase in violence & availability of rental & leasing of armored vehicles. However, lack of regulatory standards and decreased defence investments might hinder the growth of the market. Furthermore, rising demand from commercial sector would provide growth opportunities for the market.
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Type, application, technology and geography are the key segments of the global armored vehicle market. Type segment has been segmented into light protected vehicles, infantry fighting vehicles, armored personnel carriers, main battle tanks, mine-resistant ambush protected, armored amphibious vehicles, and others. Armoredpersonal carrier was the leading sub segment with highest market share in 2016 and main battle tanks dominate the type segment over the forecast period 2016-2024. Additionally, technology segment includes active mine protection, inter operable communication, modular ballistic armour, electric armour, active protection systems, situational awareness, and vehicle information integration. Active mine protection and active protection systems were dominated the applications segment, with market share of 24.1% and 18.4% respectively in 2016.
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The global armored vehicle market by geography is bifurcated into North America, Europe, Asia-Pacific and RoW. North America held the highest market share of 36.0% in 2016, driven by adoption of advanced technologies and need for modernized military sector. In terms of growth rate, Asia-Pacific region is anticipated to grow at the fastest CAGR of 5.3% over the forecast period, owning to increasing modernization of defence and growing cross border conflicts.
Various strategies have been adopted by the market players to boost their geographical presence and product portfolio. The major players in the armored vehicles market include General Dynamics Corporation, Oshkosh Defence, International Armored Group, Lockheed Martin,Denel Land Systems, Thales Group, RheinmetallLandsysteme GmbH, BAE Systems, Elbit Systems Ltd. and INKAS Armored Vehicle Manufacturing, among others.
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