Global Armored Vehicle Market Size, Trends and Growth Opportunity By Product (Defense [Armored Personnel Carrier (APC), Infantry Fighting Vehicles (IFVs), Light Protected Vehicles (LPVs), Main Battle Tanks (MBTs), Mine-resistant Ambush Protected (MRAP), Tactical Vehicle, Others] Commercial [Bus/Van, Limousine, Sedan, SUV, Others]), By Region and forecast till 2027.
Global Armored Vehicle Market
Global Armored Vehicle Market was valued at USD 16.68 billion in 2021 and is slated to reach at USD 22.18 billion by 2027 at a CAGR of 5.4% from 2022-2027.
Armored vehicle, a military vehicle that has partial or complete armour coating to defend it from bullets, shell fragments, and other projectiles. Military armoured vehicles can move on wheels or on continuous tracks. The tank is the most important fighting armoured vehicle. Tank destroyers and assault guns are two other types of large-calibre main weapons.
Market Drivers
The increasing focus on protecting soldiers from external & internal threats is expected to boost the global armored vehicles market growth. The growing awareness about commercial security is projected to drive the demand for personnel armored vehicles. Rising defence budgets, particularly in the developing region, is anticipated to drive the market growth. Advancements such as increased fuel efficiency and the use of high-tech sensors in armored vehicles are expected to drive market growth over the forecast period 2027. Furthermore, the market is driven by factors such as military modernization plans across the globe, and development of scalable & modular armored vehicles. The rising asymmetric warfare, militarization of the law enforcement agencies and increasing cross-border disputes are some of the significant factors which will drive the demand for the armored vehicle during the forecast year 2027. Moreover, many governments are opting for the latest machinery to counter emergencies such as insurgencies & militant attacks, which is propelling the demand for armored vehicles.
Market Restraints
High cost and price involved with the adoption of the advanced armored vehicle is one of the major factors which is expected to restrain the armored vehicle market growth. Also, the absence of major OEMs of armored vehicle is another significant factor which is likely to limit the growth of the armored vehicle industry. The fluctuating costs and prices of raw materials, high taxes imposed by different regions, and import expenses are some of the main reasons for the increase in the cost of the armored vehicle which hinder the market growth. There are sometimes mechanical, electrical and technical failures. These failures are sometimes hard to be rectified by recovery and rescue teams, thereby leading to critical situations during wars. Detection of faulty components and parts acts as a restraining factor to armored vehicle market growth.
Impact of COVID-19
The outbreak of COVID-19 pandemic had a multi-level impact on different economies of the global armored vehicle market. The manufacturers and producers of automotive components, parts, and assembly lines was significantly impacted. The production of the armored vehicle was slowed down owing to the pandemic situation. The major vendors in the global armored vehicle market were increasingly adopting various approaches & strategies to resume manufacturing and increase the demand for the vehicles. The joint efforts of the major armored vehicle manufacturers and measures taken by the government of different countries resulted in significant growth of the market during the forecast years. However, despite the significant impact of the COVID-19 pandemic on various economies, the market for armored vehicles was not majorly affected, as the procurement projects were on track and the sales and revenues of armored vehicles increased steadily for the manufacturing companies.
Market Segmentation
Global Armored Vehicle Market is segmented into Product. By Product such as (Defense [Armored Personnel Carrier (APC), Infantry Fighting Vehicles (IFVs), Light Protected Vehicles (LPVs), Main Battle Tanks (MBTs), Mine-resistant Ambush Protected (MRAP), Tactical Vehicle, Others].
Regional Analysis
Global Armored Vehicle Market is segmented into five regions Americas, Europe, Asia-Pacific, and the Middle East & Africa. In 2021, Asia Pacific is expected to account for more than 31% of worldwide sales. The region's market growth can be attributed to increased government measures to boost military power in order to combat terrorism. Countries like India, South Korea, and China are investing in the acquisition and development of advanced armoured vehicles. Asia Pacific manufacturers are investing heavily in R&D activities to develop advanced and hybrid armoured vehicles for enhanced maritime and border patrolling. Furthermore, rising military expenditures and rising demand for medium-sized, light-armored vehicles for patrolling missions are likely to drive regional market expansion throughout the projection period.
Key Players
This report includes a list of numerous Key Players, namely 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).
Market Taxonomy
By Product
• Defense
? Armored Personnel Carrier (APC)
? Infantry Fighting Vehicles (IFVs)
? Light Protected Vehicles (LPVs)
? Main Battle Tanks (MBTs)
? Mine-resistant Ambush Protected (MRAP)
? Tactical Vehicle
? Others
• Commercial
? Bus/Van
? Limousine
? Sedan
? SUV
? Others
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa.
Global Armored Vehicle Market
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Armored Vehicle Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Armored Vehicle Market, By Product
5.1 Y-o-Y Growth Comparison, By Product
5.2 Global Armored Vehicle MarketShare Analysis, By Product
5.3 Global Armored Vehicle MarketSize and Forecast, By Product
5.3.1 Defense
5.3.1.1 Armored Personnel Carrier (APC)
5.3.1.2 Infantry Fighting Vehicles (IFVs)
5.3.1.3 Light Protected Vehicles (LPVs)
5.3.1.4 Main Battle Tanks (MBTs)
5.3.1.5 Mine-resistant Ambush Protected (MRAP)
5.3.1.6 Tactical Vehicle
5.3.1.7 Others
5.3.2 Commercial
5.3.2.1 Bus/Van
5.3.2.2 Limousine
5.3.2.3 Sedan
5.3.2.4 SUV
5.3.2.5 Others
6 Global Armored Vehicle Market, By Region
6.1 Global Armored Vehicle Market Share Analysis, By Region
6.2 Global Armored Vehicle Market Share Analysis, By Region
6.3 Global Armored Vehicle Market Size and Forecast, By Region
7 North America Armored Vehicle Market, Analysis and Forecast (2022-2027)
7.1 Introduction
7.2 North America Armored Vehicle Market Share Analysis, By Product
7.3 North America Armored Vehicle Market Size and Forecast, By Country
7.3.1 U.S.
7.3.2 Canada
7.3.3 Mexico
8 Europe Armored Vehicle Market Analysis and Forecast (2022-2027)
8.1 Introduction
8.2 Europe Armored Vehicle Market Share Analysis, By Product
8.3 Europe Armored Vehicle Market Size and Forecast, By Country
8.3.1 Germany
8.3.2 France
8.3.3 UK
8.3.4 Rest of Europe
9 Asia Pacific Armored Vehicle Market Analysis and Forecast (2022-2027)
9.1 Introduction
9.2 Asia Pacific Armored Vehicle Market Share Analysis, By Product
9.3 Asia Pacific Armored Vehicle Market Size and Forecast, By Country
9.3.1 China
9.3.2 Japan
9.3.3 India
9.3.4 Rest of Asia Pacific
10 Latin America Armored Vehicle Market Analysis and Forecast (2022-2027)
10.1 Introduction
10.2 Latin America Armored Vehicle Market Share Analysis, By Product
10.3 Latin America Armored Vehicle Market Size and Forecast, Country
10.3.1 Brazil
10.3.2 Rest of Latin America
11 Middle East Armored Vehicle Market Analysis and Forecast (2022-2027)
11.1 Introduction
11.2 Middle East Armored Vehicle Market Share Analysis, By Product
11.3 Middle East Armored Vehicle Market Size and Forecast, By Country
11.3.1 Saudi Arabia
11.3.2 UAE
11.3.3 Egypt
11.3.4 Kuwait
11.3.5 South Africa
12 Competitive Analysis
12.1 Competition Dashboard
12.2 Market share Analysis of Top Vendors
12.3 Key Development Strategies
13 Company Profiles
13.1 BAE Systems
13.1.1 Overview
13.1.2 Offerings
13.1.3 Key Financials
13.1.4 Business Segment & Geographic Overview
13.1.5 Key Market Developments
13.1.6 Key Strategies
13.2 BMW AG
13.2.1 Overview
13.2.2 Offerings
13.2.3 Key Financials
13.2.4 Business Segment & Geographic Overview
13.2.5 Key Market Developments
13.2.6 Key Strategies
13.3 Daimler AG (Mercedes Benz)
13.3.1 Overview
13.3.2 Offerings
13.3.3 Key Financials
13.3.4 Business Segment & Geographic Overview
13.3.5 Key Market Developments
13.3.6 Key Strategies
13.4 Elbit Systems
13.4.1 Overview
13.4.2 Offerings
13.4.3 Key Financials
13.4.4 Business Segment & Geographic Overview
13.4.5 Key Market Developments
13.4.6 Key Strategies
13.5 Ford Motor Company
13.5.1 Overview
13.5.2 Offerings
13.5.3 Key Financials
13.5.4 Business Segment & Geographic Overview
13.5.5 Key Market Developments
13.5.6 Key Strategies
13.6 General Dynamics Corporation
13.6.1 Overview
13.6.2 Offerings
13.6.3 Key Financials
13.6.4 Business Segment & Geographic Overview
13.6.5 Key Market Developments
13.6.6 Key Strategies
13.7 INKAS Armored Vehicle Manufacturing
13.7.1 Overview
13.7.2 Offerings
13.7.3 Key Financials
13.7.4 Business Segment & Geographic Overview
13.7.5 Key Market Developments
13.7.6 Key Strategies
13.8 International Armored Group
13.8.1 Overview
13.8.2 Offerings
13.8.3 Key Financials
13.8.4 Business Segment & Geographic Overview
13.8.5 Key Market Developments
13.8.6 Key Strategies
13.9 IVECO
13.9.1 Overview
13.9.2 Offerings
13.9.3 Key Financials
13.9.4 Business Segment & Geographic Overview
13.9.5 Key Market Developments
13.9.6 Key Strategies
13.10 Krauss-Maffei Wegmann GmbH & Co. (KMW)
13.10.1 Overview
13.10.2 Offerings
13.10.3 Key Financials
13.10.4 Business Segment & Geographic Overview
13.10.5 Key Market Developments
13.10.6 Key Strategies
