Global Armored Vehicle Market Research Report: Information by Product (Defense Armored Vehicle and Commercial Armored Vehicle), System (Drive Systems, Engine, Ballistic Armor, Ammunition Handling Systems, Turret Drives, Fire Control Systems (FCS), Countermeasure Systems, Armaments, Command & Control (C2) Systems, Observation & Display Systems, Hulls/Frames, Navigation Systems and Power Systems), End User (Commercial and Defense) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Forecast till 2025

global armored vehicles market. The report studies the historical trends in the global armored vehicles market in detail, in addition to the macroeconomic and microeconomic factors affecting the market’s growth, to present readers with a clear picture of the market’s current status and growth prospects over the forecast period till 2023. The key drivers and restraints affecting the market are also studied in the report. According to the MRFR report, the global armored vehicles market is expected to rise at a steady CAGR of more than 3% over the forecast period.

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Armored vehicles are vehicles equipped with a layer of armor plating to ensure the safety of their occupants. While armored vehicles were previously the exclusive domain of the armed forces, growing commercial demand from social, political, and commercial bigwigs has lent a new dimension to the armored vehicles market in recent years. The continuous increase in security threats, both internal and external, across the world is likely to be a major driver for the global armored vehicles market over the forecast period.

The demand to make armored vehicles “smarter” is likely to be a defining factor for the global armored vehicles market over the forecast period. All over the world, countries are striving to bring about massive technological upgradation in their armed forces, looking to score a technological edge rather than going for manpower. Leading global powers such as the U.S. have been at the forefront of this shift and have pledged significant resources in making the future defense forces smarter and more mobile. This is likely to be a key factor determining the direction of the armored vehicles market over the forecast period. The rising need to reduce the weight and size of military vehicles without compromising their functionality is also likely to be a dominant factor determining the growth trajectory of the global armored vehicles market over the forecast period.

The demand to make armored vehicles “smarter” is likely to be a defining factor for the global armored vehicles market over the forecast period. All over the world, countries are striving to bring about massive technological upgradation in their armed forces, looking to score a technological edge rather than going for manpower. Leading global powers such as the U.S. have been at the forefront of this shift and have pledged significant resources in making the future defense forces smarter and more mobile. This is likely to be a key factor determining the direction of the armored vehicles market over the forecast period. The rising need to reduce the weight and size of military vehicles without compromising their functionality is also likely to be a dominant factor determining the growth trajectory of the global armored vehicles market over the forecast period.

On the other hand, the high costs of advanced armored vehicles are the major restraint against the global armored vehicles market and are likely to hold the market back in the coming years, especially in emerging countries.

Segmentation:

The global armored vehicles market is segmented on the basis of end user, technology, and region. On the basis of end use, the global armored vehicles market is divided into commercial and defense. The commercial armored vehicles segment is further sub-segmented into SUVs, sedans, limos, buses/vans, and others. The defense armored vehicles segment is subdivided into wheeled and tracked vehicles. By technology, the global armored vehicles market is segmented into active and passive.

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Competitive Landscape:

Leading players in the global armored vehicles market include General Dynamics Corporation, Textron Inc., Elbit Systems Ltd., Lockheed Martin, Denel Land Systems, Diehl Defense, Sabiex International, Rheinmetall AG, Thales Group, Oshkosh Corporation, and BAE Systems Plc.

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