10.10.2019 PR, реклама, маркетинг

Global Armored Vehicles Market Business Outlook

According to a new market research report "Global Armored Vehicles Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Technology (Active Mine System, Active Protection System, Modular Ballistic Armor, Situational Awareness System, Inter Operable Communication, Vehicle Information Integration, Electric Armor), by Application (Defense, Commercial)” published by P&S Intelligence, the global market for armored vehicles is projected to reach USD36.6 billion by 2023, growing at a CAGR of 5.8% during the forecast period (2017 – 2023).

Global armored vehicles market worth USD24.8 billion in 2016

As per the research, the global market for armored vehicles is likely to grow from USD24.8 billion in 2016 to USD36.6 billion by 2023. With increasing security concerns in the Asia-Pacific region and rising political disputes across the globe, the demand for armored vehicles is expected to gain traction during the forecast period. The increasing demand for light or medium-sized armored vehicles for combat operations has resulted in the widespread adoption of wheeled-type armored vehicles. This is expected to further propel the demand for armored vehicles during the forecast period.

Europe stands as the largest armored vehicles market

Europe accounted for the largest region in the global armored vehicles market, where Germany contributed to the largest revenue. The U.S. was the major market for armored vehicles in North America, whereas Japan contributed to the largest revenue in Asia-Pacific region. Saudi Arabia generated the largest revenue for armored vehicles in the Middle East and Africa; whereas Brazil is expected to lead the global market for armored vehicles during the forecast period.

Increasing security concerns to bolster market growth

The factors driving the growth of the global armored vehicles market include rising applications in the commercial sectors, increasing civilian use of armored vehicles for self-defense or protection and increasing defense budgets. Another factor that is expected to drive the growth of global armored vehicles market is the rise in violence and the increasing availability of rental and leasing of armored vehicles worldwide.

The companies involved in the global armored vehicles market are increasingly investing in to R&D activities for the development of advanced armored technologies. This is expected to increase the demand for armored vehicles during the forecast period. Additionally, the rising trend of militarization has resulted in huge demand for armored vehicles from law enforcement agencies worldwide.

Major players have stronghold in the global armored vehicles market Some of the key players in thel armored vehicles market include General Dynamics Corporation, Lockheed Martin Corporation, BAE Systems plc, Elbit Systems Ltd., Oshkosh Corporation, Textron Inc., International Armored Group (IAG), Denel Land Systems, Rheinmetall AG, Thales Group and INKAS Armored Vehicle Manufacturing.

Product launches and strategic expansion plans by key players have been the major recent developments in the global armored vehicles market. Companies are increasingly investing in R&D activities and focusing on strategic partnerships and contracts to strengthen their market presence across the globe.