New York, USA, Nov. 18, 2024 (GLOBE NEWSWIRE) — Market Overview:
Polaris Market Research’s latest analysis reveals that the market for armored vehicles is on a growth trajectory. The armored vehicles market size was valued at USD 49.96 billion in 2023 and is projected to grow to USD 66.62 billion by 2032. It is anticipated to exhibit a CAGR of 3.3% from 2024 to 2032.
Market Introduction:
Anybody can buy armored vehicles to sanction their security in a world where brutal misdeeds and vehicle robberies are surging. They are specifically outlined to safeguard inhabitants from exterior menaces such as ballistic or combustible attacks. These vehicles are utilized by several firms, including businesses, athletes, military forces, law imposition firms, and private security agencies, to convey workforce, instruments, and treasures in a high probability ambiance.
Albeit, driving an armored vehicle is homogenous to driving a systematic vehicle. Depending on the condition and the degree of menace, armored vehicle drivers may need particular expertise and restrictions such as protective driving, ambiguous navigating, and marksmanship.
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Report Features:
- Market Data: In-depth analysis of annual sales and market forecasts in USD billion from 2024 to 2032.
- Regional Analysis: Detailed insights into all the key market regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
- Company Profiles: Coverage of major companies in the armored vehicles market, such as BAE Systems plc, General Dynamics Corporation, and Rheinmetall AG.
- Customization: Get customized reports as per your requirements with respect to countries, regions, and segmentation.
Key Players and Market Developments:
Oshkosh Corporation, Lockheed Martin Corporation, Thales Group, Navistar International Corporation, ST Engineering, Textron Inc. and Leonardo S.p.A. are the armored vehicles market key players. These contenders struggle to collect an extensive share of the market through inventions and strategic alliances. Some of the latest industry developments are:
- February 2023: Lockheed Martin endorsed a Long-Range Hypersonic Weapon (LRHW) system arrangement worth USD 756 million with the US Army.
- March 2024: In the 2024 AUSA Global Force Symposium, BAE Systems showcased the Armored Multi-Purpose Vehicle (AMPV) with an External Mission Equipment Package (ExMEP).
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Market Growth Drivers:
Technological Progressions: The advancement of armored vehicles depends massively on progressive technologies and autonomous driving technology for inspecting. These potential competencies merge machine learning algorithms, AI sensors, connectivity attributes utilized to locate menaces, and secure navigation through intricate landscapes. They also guarantee that undertakings are triumphant boosting the armored vehicles market growth.
Advancements in Funding: Developments in funding levels improve a nation’s capacity to purchase or make brand new military equipment that can assist in improving their security from terrorist charges or regional wars, which are surging due to economic inconsistencies among nations. In April 2024, the UK government initiated a notable rise in their defense disbursement.
Enhancing Potential of the Vehicles: Elements such as initiating contemporary military land vehicles with progressive technologies, restoring maturing instruments, improving potential, communicating geopolitical elements, and encouraging contention and invention inclusively boost the market growth. In February 2024, the Indian Army declared its plan to enhance tanks, which involves buying contemporary models in the time to come. The army also expressed that it is planning to provide the entreaty for a manifesto this year to initiate a USD 6.87 billion mega project for the production of future-ready combat vehicles (FRCVs).
Regional Analysis:
North America: North America accounted for the largest armored vehicles market share in 2023. The region’s dominance is largely due to geopolitical stress, growing defense disbursement, and technological progressions that push the demand for the market in the region. In April 2024, General Dynamics was granted a probable five-year USD 518.8 million agreement by the US Army to offer system technical reinforcement services for the Stryker armored vehicles.
Asia Pacific: Asia Pacific is projected to register a significant CAGR in the armored vehicles market from 2024 to 2032. The growth is primarily fueled by growing defense disbursement, expanding border advances amidst neighboring nations, and the existence of critical contenders in the region.
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Market Segmentation:
By Platform Outlook:
- Combat Vehicles
- Combat Support Vehicles
- Unmanned Armored Vehicles
By Mobility Outlook:
- Wheeled
- Tracked
By System Outlook:
- Engines
- Drive Systems
- Ballistic Armor
- Turrect Drives
- Fire Control Systems
- Armaments
- Ammunition Handling Systems
- Countermeasure Systems
- Command & Control Systems
- Power Systems
- Navigation Systems
- Observation & Display Systems
- Hulls/Frames
By Mode of Operation Outlook:
- Manned
- Unmanned
By Type Outlook:
- Electric
- Conventional
By Point of Sale Outlook:
- OEM
- Retrofit
By Region Outlook:
- North America (US, Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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