The demand for armored vehicles is expected to be primarily driven by the need for modernization and new force structuring capable of addressing any threat in the full spectrum of warfare, from low to high-intensity.
World鈥檚 Top 10 Armored Vehicle Manufacturers
- Oshkosh Defense, LLC听
- BAE Systems plc
- General Dynamics Corporation
- Rheinmetall AG
- Uralvagonzavod
- Krauss-Maffei Wegmann (KMW)
- Hyundai Rotem
- Iveco S.p.A.
- Nexter Systems
- China North Industries Corporation (NORINCO)
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听Global听Armored Vehicle Market Insights
The global armored vehicles market is currently worth USD 19.5bn in 2019, which is set to reach up to USD 25.7bn in 2029, growing at a compound annual growth rate (CAGR) of 2.76%.听Along with the major defense spenders in every region, smaller countries are also undertaking modernization initiatives for the development of improved armored vehicles. The global armored vehicle market includes nine segments on the basis of platform type, including MBT, IFV, APC, HACV, LUV, Tactical Truck, Armored Engineering Vehicle, Armored Support Vehicle, and LMV.
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The global armored vehicle market includes nine segments on the basis of platform type, led by Infantry Fighting Vehicles and Heavy Armament Combat Vehicles (HACV) with each assuming 21.6% share of sales, followed by Light Multirole Vehicles (LMVs) and Main Battle Tanks with a 19.7% and 14.6% share respectively.
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Europe is expected to lead the armored vehicles market in the 2019-2029 period with a total value of USD 79.3bn (31.7% ) share of the overall market, followed by the Asia-Pacific region with a total expenditure of USD 65.6bn and a share of 26.2% of the overall market. The Middle East, Africa and Latin America will grow with a CAGR of 14.8%, 5.5%, and 2.9% respectively, and value of USD 37bn, USD 13.8bn and USD 7.3bn.听听Along with the major defense spenders in every region, smaller countries are also implementing new acquisition plans or programs for the development of improved armored vehicles.
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The transition of many large military forces towards lighter, expeditionary forces has led them to acquire wheeled vehicles that can be mobilized within a shorter period of time, and also offer improved protection and increased firepower capabilities.听The wide range of threats that military forces face worldwide, which include military and homeland security risks, will increase the demand for new or used armored vehicle platforms to tackle threats in a cost-effective and operationally viable way, with an increased number of planners putting emphasis on wheeled vehicles as opposed to tracked ones.
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[1]Global Armored Vehicles Market Report听analyses the in-depth factors which driving demand for different armored vehicle segments in the top spending countries across the world.
Make correct business decisions based on thorough analysis of the total competitive landscape of the sector with detailed profiles of the top armored vehicle providers around the world which include information about their products, alliances, recent contract wins and financial analysis wherever available.
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Disclaimer: The article has been compiled based on the data provided in "The Global Armored Vehicles Market 2019-2029 [1]" report.
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