Armored Vehicles Market By Product Type (Armored Personnel Carriers, Infantry Fighting Vehicles, Light Protected Vehicles, Battle Tanks, Mine-resistant Ambush Protected, Tactical Tanks, Bus & Van, SUV, and Armored Luxury Vehicles), By Mobility (Tracked and Wheeled), By Application (Commercial, Homeland Security and Defense) - Growth, Future Prospects, and Competitive Landscape, 2018 - 2026

Industry Outlook

Armored vehicles can be defined as the combat or non-combat vehicles which 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 threats to the occupants of the vehicles. Such vehicles are either equipped with guns with heavy caliber or are used for 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

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"Wheeled Armored Vehicles are Rolling Away with Major Share Against Tracked Armored Vehicles"

Armored vehicles are majorly classified into two major categories based on their locomotive capability into tracked armored vehicles and wheeled armored vehicles. Tracked armored vehicles generally comprise of heavily armored tanks and personnel carriers and their application are quite limited to defense and border security. On the other hand, wheeled armored vehicles have expanded there are of application beyond conventional war equipment are extensively used for homeland security and commercial applications. A major price and volume difference between the two variants helped wheeled armored vehicles to dominate the global armored vehicles market.

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"Defense Application Dominated but Homeland Security Proliferated"

Armored vehicles witnessed a 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. Growth of armored vehicles for commercial applications is also evident due to the growth in private security services and bank owned security arrangements. However, defense is still the major consumers of armored vehicles and expected to retain its supremacy over the market throughout the forecast period from 2017 to 2026.

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"North America Crowned as the Undisputed leader of Global Armored Vehicles Market"  

Exaggerated spending on the overall defense budget in United States helped the growth of armored vehicles in the North American region. The U.S. is expected to boost its defense budget by US$ 1 Tn in 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 vehicles market. Heavy territorial conflicts among the Southeast Asian countries and proliferation of terrorist activities certainly encouraged the demand for armored vehicles in this region. Other regions including Europe and Rest of the World are also contributing recognizable share in the global armored vehicles market. 

Market Segmentation

Competitive Landscape     

The research study covers some of the leading armored vehicles manufacturing 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. and IVECO. Majority of the manufacturers of armored vehicles manufactures holds a strong position in global market as the final products are associated with human lives and its security. These companies are facing a cut-throat competition with each other to acquire critical government contract for armored vehicles for commercial, homeland security, and defense applications. Besides an undeclared war of using most appropriate material for manufacturing armored vehicles is also keeping these manufacturers on their toes. Some new companies are trying to venture into this market. However, presence of market giants will definitely test the might of these new entrants.