Global Armored Vehicle Market is projected to be valued $38 Billion by 2024; with a CAGR of 4.8% from 2017 to 2024. An armored vehicle is an armed combat vehicle protected by armor, generally combining operational mobility with offensive and defensive potential. Armored vehicles were wholly owned and used by military, law enforcement, ministers and diplomats, but in recent years, the vehicles are witnessing high demand in prominent figures from corporate businessmen, VVIPs and celebrities.The constantly increasing security challenges are the main reasons for the adoption of armed vehicles by various government bodies as well as civilians.
Increasing internal & external security threats and increasing violence in countries such as Syria, Iraq and other regions in the world are driving global armored vehicle market. Increasing defense expenditure especially in emerging economies and increasing popularity of rental & leasing of armored cars among civilians also supports the growth of the market. However, lack of standardization, regulatory rules and limited defense budgets may hinder the growth of the market. Furthermore, need for light weight armored vehicles and increasing demand from commercial sectors is likely to provide market opportunities in the coming years.
The global armored vehicle market is categorized into type, technology, application and geography. By type, the market is segmented into infantry fighting vehicles, main battle tanks, light protected vehicles, armored personnel carriers, armored amphibious vehicles, mine-resistant ambush protected and others. Technology segment is bifurcated into inter operable communication, electric armor, active protection systems, situational awareness, active mine protection, modular ballistic armor, and vehicle information integration. Furthermore, by applications, it is segmented into military, law enforcement and commercial.
By geography the global armored vehicle market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Canada and Mexico are covered under North America wherein Europe covers Russia, U.K., Germany, France, Italy and others. Asia-Pacific covers China, India, Japan and others. RoW covers South America, Middle East and Africa.
The key players in the armored vehicle market include BAE Systems, Denel Land Systems, Oshkosh Defense, RheinmetallL and systeme GmbH, International Armored Group, Lockheed Martin, Thales Group, General Dynamics Corporation, Elbit Systems Ltd. and INKAS Armored Vehicle Manufacturing, among others.
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Scope of Armored Vehicle Market