Market Scope:

Armored vehicles are combat vehicles intended to defend the nation’s borders and capable of defensive and offensive attacks. The security challenges faced by politicians and VVIPs in the civilian world have led to the rising adoption of armored vehicles. The global armored vehicles market report by Market Research Future (MRFR) has a comprehensive market overview with a list of drivers and restraints affecting the market growth.

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The armored vehicles market is envisaged to expand at a CAGR greater than 3% between 2017 and 2023 (forecast period), as per the latest report by MRFR. The increasing need for secure vehicles for ensuring the protection of prominent figures is predicted to be the primary growth driver. Adoption of tough and resistant materials for enhancing the exterior and interior of armored vehicles can drive its growth.

Investment in research and development activities and continuous technological breakthroughs can work in favor of the market. Agreements between international organizations such as the African Union and North Atlantic Treaty Organization (NATO) to curb terrorist threats can influence market demand considerably. The inflated defense expenditure of nations and need for vehicles for defense operations will offer future growth opportunities.

But high manufacturing costs can pose a challenge to market growth.

Segmentation:

By technology, the market is segmented into active and passive.

By end-user, the market is divided into commercial and defense. The defense segment is expected to contribute significant revenue to the armored vehicles market by 2023. This can be credited to efforts taken by nations to increase the strength of their armies in order to safeguard borders. On the other hand, the commercial segment can thrive by renting out armored vehicles for protecting VVIPs, celebrities, and corporate bigwigs.

Geographical Scope:

Region-wise, the market covers locations of Asia Pacific, Europe, North America, the Middle East & Africa (MEA), and Latin America.

The North America and Europe regions can attain the highest market demand thanks to international peace treaties signed between countries to secure their borders. In addition, rising cases of insurgencies and terrorism is likely to trigger the demand for armored vehicles. In 2019, the U.S. Army is planning to increase its armored vehicle count in order to heighten its defense forces. The Stryker combat vehicles are light and can be deployed to engage in quick combat to far away outposts.

The Asia Pacific region can command high demand due to increased defense budgets of countries such as China, India, and Australia. Recently, the Australian army has decided to acquire infantry vehicles which can act as a suitable replacement for their legacy tanks. The replacement of legacy vehicles would increase their graduation from peacekeeping roles to a more offensive one. Lack of common standards has culminated in unauthorized companies setting base in the region and offering stiff competition to defense product manufacturers.

The Latin America region has the latent potential for commercial applications. Cars by Ford, Volkswagen, and Fiat have protectors and available in the mid-range price section. The spiraling crime rates have ensured the continuous engagement of plate manufacturers such as Kevlar in the production of these cars. But the high prices of these cars have resulted in a haircut in the bottomline margins of manufacturers.

Competition:

Key manufacturers include Oshkosh Corporation, Thales Group, Lockheed Martin, Sabiex International, Textron Inc., Rheinmetall AG, BAE Systems, Plc., Elbit Systems Ltd., Denel Land Systems, General Dynamics Corporation, and Diehl Defense. Investments in research and development and collaborations between companies to offer rapid upgrades to defense vehicles are prime strategies of these players.

Industry News:

Electric vehicle production has been highly rampant due to higher fuel efficiency and low maintenance costs. In April 2019, Otokar, a Turkish company, has introduced an electric armored vehicle, the Akrep II. Its advantages over traditional vehicles can be paramount in enhancing the defensive strength of the Turkish army. Furthermore, the agreement between Qinetiq and the U.S. Office of Naval Research for developing electric armored reconnaissance vehicles is further proof of the technology being used in the future.

Headlines:

Inflated Defense Budget to Spur Armored Vehicles Market

Counterterrorism to be a Major Catalyst of the Armored Vehicles Market

Shift to Electric Propulsion to be Monumental for the Armored Vehicles Market

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