Variant Market Research forecasted that the global armored vehicle 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. There are the several driving factors of the market such as internal& external conflicts, increasing defence budgets and rising number of rental. However, cutting defence budgets and lack of standardization regulatory rules may restrain the growth of the market. Furthermore, rising demand for light weight armored vehicles and demand from commercial sector are the major opportunities of the market.
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Key segments of the global armored vehicle market are technology, type, application and geography. Electric armor, vehicle information integration, active protection systems, vehicle information integration, inter operable communication, situational awareness and modular ballistic armor are the key sub segments of the technology segment. In 2016, active mine protection has highest market share of 24.1%, followed by active protection systems with 18.4%. Moreover, application segment has been segmented into commercial, law enforcement and military.
North America, Europe, Asia-Pacific and rest of the world are the major geographical sub segment of the global armored vehicle market. In 2016, North America region accounted for the highest market share of 36.0%, owing to, modernization strategy and high adoption of latest technology. Additionally, Asia-Pacific is predicted to grow at the highest CAGR of 5.3% during 2016-2024, driven by increasing border conflicts and internal regional violence.
The market players have been adopting several strategies to increase their product portfolio and geographical presence. The key market players in the Armored vehicle market are BAE Systems, International Armored Group, Thales Group, General Dynamics Corporation, Denel Land Systems, Lockheed Martin, RheinmetallLandsysteme GmbH, Oshkosh Defence, Elbit Systems Ltd. and INKAS Armored Vehicle Manufacturing, among others.
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