Market Research Future Insights :

Armored Vehicle Market Size is expected to reach USD 32.26 Billion by 2030, registering a CAGR of 6.35% during 2020-2030. The security vehicles used for the safe and secure transit of the military forces are called armoured vehicles. These cars have typically only been owned by members of the military, law enforcement, and clergy. The top executives in the corporate sector, VIPs, and celebrities now employ these vehicles, though. Battle tanks, armoured cars, and armoured personnel carriers are some common types of armoured vehicles. Over the past several years, there has been a significant increase in demand for armoured vehicles on a global scale. The main factor driving the market's growth is the increased emphasis on protecting the soldiers from both internal and external threats.

Additionally, the Armoured Vehicles Market Outlook is expected to rise in the upcoming years due to factors including an increase in cross-border conflicts and an increase in asymmetric warfare incidents. In addition, it is anticipated that the escalating security threats, technical advancements, and adoption of COTS components would all favourably affect the market's expansion in the years to come. On the other hand, the market's expansion may be hampered by the high cost required, the lack of important OEMs for armoured vehicles, and fluctuating raw material prices.

Market Segmentation :

The ballistic armour, fire control systems (FCS), armaments, turret drivers, ammunition handling systems, engine, drive systems, countermeasure systems, observation & display systems, command & control (C2) systems, navigation systems, power systems, and hulls/frames segments of the global armoured vehicle market are all based on system.

The market for armoured vehicles worldwide is dominated by the armaments category, which is anticipated to grow rapidly over the coming year. The main driver of the armament segment's expansion is the rise in the use of remote weapon stations.

The commercial and defence segments of the global armoured vehicle market are divided based on the kind of product. The bus/van, limousine, SUV, sedan, and other segments of the commercial armoured vehicle segment are further broken down. The main battle tank (MBT), infantry fighting vehicles (IFV), mine-resistant ambush-protected (MRAP), armoured personnel carriers (APC), tactical trunks, lightly protected vehicles (LPV), and others are other subcategories of defence armoured vehicles. Due to the rise in spending on the development of military transport vehicles, the defence armoured vehicle holds the largest proportion of the global market. Due to its application in military activities, the defence armoured vehicle market is also anticipated to expand quickly throughout the projection years.

The worldwide armoured vehicle market is segmented into two categories namely defence and commercial. The largest portion of the global market belongs to the defence sector. A rise in the demand for better security for defence personnel is another factor that is expected to contribute to the defence segment's strong expansion during the projection year.

Regional Analysis :

The global Armoured Vehicle Market Insights is divided into Europe, North America, Asia Pacific, Latin America, and Middle East & Africa based on geography. The largest portion of the global armoured vehicle market is held by North America. Due to rising defence spending in nations like China and India, the Asia Pacific area is predicted to develop quickly during the projection year.

Key Players :

The key players of the global armored vehicle market are BAE Systems, PLC (UK), Lockheed Martin Corporation (US), Rheinmetall AG (Germany), International Armored Group (US), Krauss-Maffei Wegmann GmbH & Co. (Germany), Elbit Systems Ltd (Israel), General Dynamics Corporation (US), INKAS Armored Vehicle Manufacturing (Canada), Mitsubishi Heavy Industries, Ltd (Japan), Oshkosh Corporation (US), and Diehl Defence GmbH & Co. KG (Germany).

Related reports:

Armored Vehicles Upgrade and Retrofit Market Research Report: Information by Vehicle Type (Main Battle Tank, Light Protected Vehicles, Amphibious Armored Vehicles, Mine-Resistant Ambush Protected, Infantry Fighting Vehicles, Armored Personnel Carriers and others), Design (Wheeled Armored Vehicles and Tracked Armored Vehicles) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Forecast till 2030.

Air and Missile Defense Radar System Market Research Report: Information by Range (Short, Medium and Long), Platform (Land, Naval and Airborne), Application (Ballistic Missile Defense and Conventional) and Region (North America, Europe, Asia-Pacific, the Middle East & Africa and Latin America) - Forecast till 2027.

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