Armored Vehicle Market is projected to be worth USD 29.90 billion by 2033 and is anticipated to surge at a CAGR of 4.5%.
The term "armored vehicle" describes the manufacturing and distribution of automobiles built to offer superior protection for use in security, law enforcement, military, and defence applications. These vehicles are outfitted with cutting-edge weapons and technology to protect the occupants and fend off threats like chemical, explosive, and ballistic attacks. Tanks, infantry fighting vehicles, armored personnel carriers, and mine-resistant, ambush-protected vehicles are just a few examples of the many different forms and sizes of armored vehicles. The degree of protection offered by armored vehicles has also increased thanks to the application of cutting-edge materials and technologies like composites and active protection systems.
Global Armored Vehicle Market Driving Factors and Challenges
Driver: Enhancing defence forces' ISR and target acquisition capabilities- The increasing demand for improved monitoring of naval and land borders is critical for defence forces, especially given the rise in terror attacks around the world, particularly near borders. In some cases, military forces struggle to respond effectively because the reaction time between the detection of threats and their interception is extremely fast and instantaneous. In these cases, robots can be a better alternative to humans because they can perform improved cross-border surveillance and intelligence gathering with a faster reaction time and greater accuracy. Robots can monitor country borders effectively and efficiently while continuously relaying real-time data to ground stations.
Challenges: Mechanical and electrical failures in armored vehicles- Armored vehicles are subject to mechanical strain as a result of their movement over uneven terrain, as well as logistical strain as a result of cross-country operations. These vehicles' constant high-speed travel frequently results in mechanical failure of their engines and transmission systems. They also experience power outages, component breakdown, and part jamming, among other things. These failures are sometimes difficult for rescue and recovery teams to correct, resulting in critical situations during wars. Furthermore, detecting faulty components or parts that cause armored vehicles to malfunction can be difficult at times. As a result, armored vehicle manufacturers are constantly working to correct these failures by developing new and innovative designs using composites and installing advanced systems in these vehicles.
Impact of COVID-19 on Global Armored Vehicle Market
The COVID-19 pandemic affected the armored vehicle industry in a significant way. It caused delays in production and delivery by upsetting international supply chains. The allocation of resources by governments to healthcare had an effect on defence budgets. On the other hand, the pandemic brought attention to the necessity of quick action and medical support, which raised the need for adaptable armored vehicles in emergency situations. Due in large part to the pandemic's emphasis on readiness, more money is being invested in the innovation and modernization of armored vehicles, especially in the areas of medical and disaster relief.
Armored Vehicle Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; BAE Systems, General Dynamics Corporation, INKAS Armored Vehicle Manufacturing International Armored Group, Krauss-Maffei Wegmann GmbH & Co. (KMW), Lenco Industries, Inc., Lockheed Martin Corporation, Oshkosh Defence, LLC, Rheinmetall AG and STREIT Group.
Global Armored Vehicle Market Segmentation:
By Application: Based on the Application, Global Armored Vehicle Market is segmented as; Commercial, Defence.
By Drive Type: Based on the Drive Type, Global Armored Vehicle Market is segmented as Track, Wheel.
By Vehicle Type: Based on the Vehicle Type, Global Armored Vehicle Market is segmented as; Armored Personnel Carrier, Bus, Infantry Fighting Vehicle, Main Battle Tanks, Limousine, Sedan, Tactical Tracks.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.