The global armored vehicle market size is projected to touch USD 36.4 billion by 2025, as per a new report by Million Insights. The market is anticipated to expand at 5.4% CAGR from 2019 to 2025. The rise in insurgencies and terrorism activities across the world is driving the demand for armored vehicles. In addition, technical advancements in the field of vehicle manufacturing are further proliferating the market growth.
Armored vehicles have layers of stainless steel and depleted uranium and are equipped with a weapon that has operation mobility ability, tactical offensive and combine defensive capabilities. Further, the use of artificial intelligence-based object tracking features is anticipated to boost the market growth.
Government expenditure on safeguarding military personnel has increased considerably in the past few years. This has resulted in procuring advanced armored vehicles that are lightweight and fuel-efficient. Considering the growing demand for advanced vehicles, companies are also strengthening their manufacturing capabilities. For example, BAE Systems, in 2018, developed an Armored Multi-Purpose Vehicle (AMPV) that has mine roller systems. This vehicle helps protect against explosive devices.
In 2018, Asia Pacific accounted for the highest share in the armored vehicles market and the region is expected to maintain its dominance over the forecast duration. Growing military spending from countries such as India and China is attributing to the growth of the region.
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Further key findings from the report suggest:
• Based on the product, the MBT category is estimated to witness the highest CAGR of 5.9% over the forecast period.
• By application, the commercial category is estimated to expand at 5.8% CAGR from 2019 to 2025.
• APAC is predicted to reach USD 11.9 billion by the end of the forecast period, 2025.
• Major market participants are Lenco Industries, Inc.; Oshkosh Defense, Textron, Inc., Navistar, Inc., IVECO, Thales Group and BAE Systems among others.
Million Insights has segmented the global armored vehicle market on the basis of product, application and region:
Armored Vehicle Application Outlook (Volume, Thousand Units; Revenue, USD Million, 2014 - 2025)
Armored Vehicle Product Outlook (Volume, Thousand Units; Revenue, USD Million, 2014 - 2025)
• Defense Armored Vehicle
• Armored Personnel Carrier (APC)
• Infantry Fighting Vehicles (IFV)
• Light Protected Vehicles (LPV)
• Main Battle Tanks (MBT)
• Mine-resistant Ambush Protected (MRAP)
• Tactical Vehicle
• Commercial Armored Vehicle
Armored Vehicle Regional Outlook (Volume, Thousand Units; Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)