USD 27.91 billion
Report ID:
SQMIG20A2235 |
Region:
Global |
Published Date: February, 2024
Pages:
202
|
Tables:
59 |
Figures:
77
Global Armored Vehicles Market size was valued at USD 27.91 billion in 2021 and is poised to grow from USD 29.44 billion in 2022 to USD 45.18 billion by 2030, at a CAGR of 5.5% during the forecast period (2023-2030).
Market expansion will be aided by advancements in military vehicle technology as well as in weaponry, automotive, electronics, and material science. The market is currently seeing the introduction of new vehicles with active protection systems, reactive armour technology, programmable ammunition, sophisticated autoloaders, and other features. To improve their offensive and troop support capabilities, several nations throughout the world are implementing a variety of programmes to thoroughly modernise their IFV fleet. To a group led by General Dynamics European Land Systems-Santa Barbara Sistemas (GDELS-SBS), the Spanish Ministry of Defence awarded a contract worth EUR 1.74 billion (USD 2.06 billion) to provide 348 88 Dragon Wheeled Combat Vehicles (VCR). The Pegaso 3560 BMR armoured personnel carriers and Pegaso VEC-M1 reconnaissance vehicles, both in use since the 1970s and the 1980s, respectively, will be replaced by the Dragón VCR. In the second half of 2022, delivery of the armoured vehicles is anticipated to start. In the upcoming years, the programme is anticipated to expand to up to 1,000 VCRs. The government's increased emphasis on spending money to bolster the defence industry along with the militarization of law enforcement organisations will lead to profitable expansion chances for the armoured vehicle market. The rise of the armoured vehicle market is also being aided by an increase in crime, riots, and terrorism around the globe. desire for armoured vehicles will increase since there is a growing desire from the general public for sophisticated security and safety measures.
Global Market Size
USD 27.91 billion
Largest Segment
Manned
Fastest Growth
Manned
Growth Rate
5.5% CAGR
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Global Armored Vehicles Market is segmented on the basis of type, mobility, mode of operation and region. By type, the market is segmented into electrical and conventional. By mobility, the market is segmented into wheeled and tracked. By mode of operation, the segmented into manned and unmanned. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Mode of Operation
The segment with the highest revenue share in 2022 was manned armored vehicles, with over 76%. Due to the fact that these cars safeguard the people inside, a large share can be explained. They are crucial for ensuring the protection of soldiers in high-risk areas since armored vehicles are made to defend against a variety of threats, such as small arms fire, explosives, and improvised explosive devices (IEDs). Due to the customization possibilities provided by armored vehicle producers, these vehicles are perfect for use by governmental organizations, armed forces, and private security companies, which is causing the category to flourish.
According to predictions, the unmanned armored vehicle market will expand significantly over the coming years. Unmanned armored vehicles (sometimes referred to as unmanned ground vehicles, or UGVs) are a class of armored vehicle that can function without a human operator inside. These automobiles have the ability to drive on their own or under remote control. They can carry out a variety of duties, including reconnaissance, surveillance, logistical, and combat operations, because they are outfitted with a variety of sensors and other cutting-edge technologies. Unmanned armored vehicles are adaptable enough to function in a variety of settings and conditions and can be tailored to fulfil certain mission needs. They have various benefits, including decreased risk to workers, increased effectiveness & cost savings, and enhanced performance & capabilities
Analysis by Type
Over 96% of global revenue in 2022 went to the segment of Conventional armored vehicles, which held the highest market share. There has been a greater emphasis placed on conventional armored vehicles as a result of numerous nations investing more heavily in their armed forces and security. Particularly in places where there are military conflicts or security issues, this pattern is obvious. Because of the wars in Syria and Yemen, countries spend a lot of money on their armed forces. In order to safeguard their military people and equipment, several nations have made significant investments in traditional vehicles like tanks and armored personnel carriers.
Over the forecast period, it is anticipated that the electric armored vehicle segment would expand significantly. Environmentally friendly solutions are becoming more and more in demand across a variety of businesses, including the defense and security sectors, as worries about climate change and air pollution continue to grow. With enough power and range to suit the demands of military and security applications, armored electric vehicles have become conceivable thanks to advancements in battery technology. Due to their lower operating and maintenance expenses, armored electric cars may eventually be more affordable than their conventional equivalents.
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Over 32% of global revenue in 2022 came from the Asia Pacific region, which had the largest proportion. The government's initiatives to boost military capability to combat both internal and external terrorism are responsible for the region's development. Additionally, a number of government entities are making large investments to expand the defense industry. For instance, Otokar, a Turkish military vehicle manufacturer with headquarters in Sakarya, set out to increase its presence in the Asia Pacific region in March 2022. At the Defense Services Asia expo in Kuala Lumpur, Malaysia, the company showed COBRA II tactical armored vehicles as well as ARMA 66 wheeled armored vehicles. To fulfil present and future customer expectations, the company plans to grow its regional operations.
With a market value of USD 6.42 billion, North America will be the fastest expanding market in 2022. The biggest defense spending by the U.S. government on the acquisition and modernization of military vehicles is attributed to the region. General Dynamics Corporation, Textron Systems, Oshkosh Defense, and others are a few examples of companies that significantly contribute to the market in North America.
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Drivers
Peacekeeping and Humanitarian Missions to Bolster market growth
Restraints
Cost of Acquisition and Maintenance are High
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The collaboration of major players with businesses producing cutting-edge systems and components is stressed in order to give their products cutting-edge technology for improved combat capabilities. An international conglomerate of aerospace and technology formed a partnership to pool resources, knowledge, and expertise in order to create armored vehicles in India. Two leading manufacturing and technology businesses will work together in this partnership due to their similar synergies and complementary skill sets.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the armored vehicles market has been witnessing steady growth over the years, driven by the need to modernize military fleets. The demand for armored vehicles is primarily driven by defence expenditure, geopolitical factors, counterterrorism efforts, and the need for internal security. Governments around the world allocate significant budgets to procure armored vehicles to enhance their defences capabilities, protect their personnel, and address security threats effectively. The growing focus on modernization and the replacement of aging fleets, increasing demand for lightweight and agile vehicles, expanding requirements for peacekeeping and humanitarian missions, and the emergence of emerging markets present opportunities for armored vehicle manufacturers to capitalize on. The market offers opportunities for innovation, partnerships, and collaborations among industry players to meet the diverse requirements of defence forces worldwide.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 27.91 billion |
Market size value in 2031 | USD 45.18 billion |
Growth Rate | 5.5% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Armored Vehicles Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Armored Vehicles Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Armored Vehicles Market:
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Product ID: SQMIG20A2235