Armored vehicles can be defined as combat or non-combat vehicles that are fitted with additional armor plating in order to provide protection from projectiles, bullets, grenades, shell fragments, and mines, among others. These vehicles are capable of facing fierce situations with very little or no threat to the occupants of the vehicles. Such vehicles are either equipped with guns of heavy caliber or are used for the transportation of military personnel. Consequently, armored vehicles hold equal importance in combat as well as transportation applications, and hence, the demand for such vehicles is experiencing a consistent surge.
Market Synopsis
Wheeled armored vehicles have a significant lead over tracked armored vehicles.
Armored vehicles are majorly classified into two major categories based on their locomotive capability: tracked armored vehicles and wheeled armored vehicles. Tracked armored vehicles generally consist of heavily armored tanks and personnel carriers, and their applications are quite limited to defense and border security. On the other hand, wheeled armored vehicles have expanded their range of applications beyond conventional war equipment and are extensively used for homeland security and commercial applications. A major price and volume difference between the two variants helped wheeled armored vehicles dominate the global armored vehicle market.
Defense applications predominated, but Homeland Security expanded.
Armored vehicles have witnessed massive growth for homeland security in the past few years. Governments across the globe are equipping their homeland security forces, including police and task forces, with reliable armored vehicles. These vehicles proved instrumental time and time again in fights against anti-social elements and mob riots. The growth of armored vehicles for commercial applications is also evident due to the growth of private security services and bank-owned security arrangements. However, defense is still the major consumer of armored vehicles and is expected to retain its supremacy over the market throughout the forecast period from 2017 to 2026.
North America is crowned the undisputed leader of the global armored vehicle market.
Exaggerated spending on the overall defense budget in the United States helped spur the growth of armored vehicles in the North American region. The U.S. is expected to boost its defense budget by $1 trillion in the coming years. Armored vehicles are one of the major components frequently procured by the country in order to safeguard its personnel in defense and homeland security. Asia Pacific trails North America in terms of market value in the overall armored vehicle market. Heavy territorial conflicts among Southeast Asian countries and the proliferation of terrorist activities certainly encouraged the demand for armored vehicles in this region. Other regions, including Europe and the Rest of the World, are also contributing a recognizable share of the global armored vehicle market.
Market Segmentation
Competitive Landscape
The research study covers some of the leading armored vehicle manufacturers, including BAE Systems, BMW AG, Elbit Systems, General Dynamics Corporation, Ford Motor Company, Daimler AG, Lockheed Martin Corporation, Rheinmetall AG, Thales Group, Krauss-Maffei Wegmann GmbH & Co. (KMW), Navistar, Inc., INKAS Armored Vehicle Manufacturing, Oshkosh Defense, LLC, Textron, Inc., International Armored Group, Lenco Industries, Inc., STAT, Inc., Inc., Inc., Inc., Inc., Inc., and IVECO The majority of the manufacturers of armored vehicles hold a strong position in the global market as the final products are associated with human lives and their security. These companies are facing cut-throat competition with each other to acquire critical government contracts for armored vehicles for commercial, homeland security, and defense applications. Besides an undeclared war over using the most appropriate material for manufacturing armored vehicles, this also keeps these manufacturers on their toes. Some new companies are trying to venture into this market. However, the presence of market giants will definitely test the might of these new entrants.
Frequently Asked Questions:
The market for Armored Vehicles Market is expected to reach At XX Mn in 2026.
The Armored Vehicles Market is expected to see significant CAGR growth over the coming years, at XX%.
The report is forecasted to 2018-2026
The base year of this report is 2017.
BAE Systems,BMW AG, Elbit Systems,General Dynamics Corporation,Ford Motor Company are some of the major players in the global market
