Armored Vehicle Market Size Worth $36.4 Billion By 2025 | CAGR: 5.4%



The global armored vehicle market size is expected to reach USD 36.4 billion by 2025, registering a CAGR of 5.4% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. Growing internal and external terrorist activities across the globe are expected to drive market demand over the forecast period. Technological advancements such as unmanned vehicles are expected to further fuel market growth.
The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.
Armored vehicles are protected by layers of depleted uranium or stainless-steel and are equipped with robust weapons that combine defensive, tactical offensive, and operational mobility capabilities. Development of advanced vehicles and technologies such as unmanned armored vehicle and AI-based smart object recognition and tracking technology to be used in the military sector is expected to propel the market over the next few years.
Growing need to protect military recruits from land mines and fire is expected to drive demand for armored vehicles over the forecast period. Furthermore, demand for these vehicles is increasing in the Asia Pacific and Middle East and Africa regions owing to constant tension among neighboring countries and internal threats from rebels.
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Major market players are making massive investments in research and development programs to develop new technologies and products. Enhanced protection and fuel efficiency are key aspects considered for future developments in armored vehicles. For instance, in April 2018, BAE Systems developed a new version of the Armored Multi-Purpose Vehicle (AMPV), which was equipped with mine roller systems. The vehicle is widely used for protection against improvised explosive devices.
Armored vehicles are protected by very strong armor and generally armed with robust weapons which combine defensive, tactical offensive and operation mobility capabilities which can be tracked easily. Some of the most known types of armor vehicles include tanks, flame tank, infantry tank, armored car, aerosani, reconnaissance vehicle, mortar carrier, multiple rocket launcher, improvised fighting vehicle, armored personnel carrier, infantry fighting vehicle, tankette, air defense vehicles, self-propelled artillery, amphibious vehicle, armored engineering vehicle, tank destroyer and armored train.
Further key findings from the report suggest:
·         By product, the Main Battle Tanks (MBT) segment is anticipated to exhibit the highest CAGR of 5.9% from 2019 to 2025 owing to improved firing abilities of MBTs even while moving at high speeds
·         On the basis of application, the commercial segment is anticipated to register the highest CAGR of 5.8% from 2019 to 2025. This growth can be attributed to increasing adoption of commercial armored vehicle by banks to transfer money
·         The Asia Pacific region is expected to continue to dominate the market over the forecast period and is anticipated to reach USD 11.9 billion by 2025 owing to increase in border or terrorism threats and expanding defense budgets of countries such as India, China, and Russia
·         Key industry participants include BAE Systems; BMW AG; Daimler AG (Mercedes Benz); Elbit Systems; Ford Motor Company; General Dynamics Corporation; INKAS Armored Vehicle Manufacturing; International Armored Group; IVECO; Krauss-Maffei Wegmann GmbH & Co. (KMW); Lenco Industries, Inc.; Lockheed Martin Corporation; Navistar, Inc.; Oshkosh Defense, LLC; Rheinmetall AG; STAT, Inc.; Textron, Inc.; and Thales Group.
A military armored vehicle is usually employed for reconnaissance, armed escort, internal security as well as other battlefield tasks. The classification of armored fighting vehicles is done based on their intended battlefield role and characteristics, both of which are not absolute. With different nations engaging in conflict at high frequencies over territorial or resource disputes, there is a need by military forces around the globe of vehicles that would help them in undermining the enemy. All this has created huge demand for them.
Tactical military carriers are constructed primarily for use by the military personnel. Armored personnel carrier (APC) are used for safer deployment of infantry to battle fields or high threat range and it can be distinguished from infantry fighting vehicle (IFV) based on the weapons it bears. There have been major upgrades to armored vehicles in terms of technology, which has made them an attractive prospect for law enforcement agencies as well. Lenco Industries’ ‘Lenco BearCat’ is now being increasingly preferred by law enforcement agencies in the United States.
The global armored vehicle market size was valued at USD 25.5 billion in 2018 and is expected to exhibit a CAGR of 5.4% from 2019 to 2025. The market has witnessed considerable growth owing to increasing focus on safeguarding soldiers from external and internal threats. Growing awareness about commercial security is also expected to drive demand for various armored vehicles over the forecast period.
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https://www.grandviewresearch.com/press-release/global-armored-vehicle-market
Multilateral collaboration between countries such as North Atlantic Treaty Organization (NATO) and the African Union to counter terrorism and maintain peace is also expected to favor market growth. The market is also anticipated to be driven by various governments opting for the latest machinery to counter emergencies caused by insurgencies and militant attacks. Moreover, increasing communal riots and organized crimes in regions such as Middle East and Africa as well as Asia Pacific are expected to drive market demand.
Grand View Research has segmented the global armored vehicle market on the basis of product, application:
Armored Vehicle Application Outlook (Volume, Thousand Units; Revenue, USD Million, 2014 - 2025)
·         Defense
·         Commercial
Armored Vehicle Product Outlook (Volume, Thousand Units; Revenue, USD Million, 2014 - 2025)
·         Defense Armored Vehicle
o    Armored Personnel Carrier (APC)
o    Infantry Fighting Vehicles (IFV)
o    Light Protected Vehicles (LPV)
o    Main Battle Tanks (MBT)
o    Mine-resistant Ambush Protected (MRAP)
o    Tactical Vehicle
o    Others
·         Commercial Armored Vehicle
o    Bus/Van
o    Limousine
o    Sedan
o    SUV
o    Others
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.




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