Global Armored Vehicles Market is anticipated to touch USD 32.26 billion at a healthy CAGR between 2020 – 2025, as per the new Market Research Future (MRFR) analysis. Armored vehicles, simply put, are security cars that are used for transporting under armed security & even via replacing standard windows with that of bulletproof glass motor cars with higher security. Commercial armored vehicle and defense armored vehicles are the two types of armored vehicles that are largely used in defense and commercial sectors. Its different systems include power systems, navigation systems, hulls/frames, observation and display systems, command and control (C2) systems, armaments, countermeasure systems, fire control systems (FCS), turret drives, ammunition handling systems, ballistic armor, engine, and drive systems.
Various factors are propelling the global armored vehicles market growth. According to the latest MRFR report, such factors include huge R&D activities and investments to implement updated technology in armored vehicles, burgeoning demand for compact, robust, and highly efficient cars in the defense sector, growing demand from civilian commercial applications, rising cases of terrorist attacks and armed violence that has compelled civilians to procure armored vehicles, growing incidences of asymmetric warfare worldwide, and growing instances of cross-border conflicts.
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On the contrary, high cost, fluctuating cost of raw materials, huge taxes levied by countries, import expenses, and the ongoing impact of the COVID-19 pandemic are factors that may limit the global armored vehicles market growth over the forecast period.
Eminent players profiled in the Global Armored Vehicle Market Report include The Hyundai Motor Group (South Korea), Navistar, Inc. (US), Krauss-Maffei Wegmann GmbH & Co. (Germany), IVECO (Italy), International Armored Group (US), INKAS Armored Vehicle Manufacturing (Canada), Mitsubishi Heavy Industries, Ltd (Japan), The Kalyani Group (India), Lenco Industries, Inc. (US), Rheinmetall AG (Germany), Diehl Defence GmbH & Co. KG (Germany), Lockheed Martin Corporation (US), Thales Group (France), Elbit Systems Ltd (Israel), Oshkosh Corporation (US), Textron Inc. (US), BAE Systems, PLC (UK), and General Dynamics Corporation (US).
The MRFR report provides an inclusive segmental analysis of the global armored vehicles market based on system, product, and end user.
By system, the Global Armored Vehicles Market is segmented into power systems, navigation systems, hulls/frames, observation and display systems, command and control (C2) systems, armaments, countermeasure systems, fire control systems (FCS), turret drives, ammunition handling systems, ballistic armor, engine, and drive systems. Of these, the armaments segment will lead the market over the forecast period. Increasing use of remote weapon stations on an armored vehicle is adding to the growth of the segment.
By product, the global armored vehicles market is segmented into commercial armored vehicle and defense armored vehicle. Defense armored vehicles are again segmented into tactical trucks, main battle tanks (MBT), mine-resistant ambush-protected (MRAP), infantry fighting vehicles (IFV), lightly protected vehicles (LPV), armored personnel carriers, and others. The commercial armored vehicles will dominate the market over the forecast period. Rising expenditure in making advanced military transport cars is adding to the growth of the segment.
By end user, the global armored vehicles market is segmented into defense and commercial. Of these, the defense segment will have a major share in the market over the forecast period. The burgeoning need to provide defense personnel with enhanced security is adding to the growth of the segment.
Based on the region, the global armored vehicles market report covers the growth opportunities and recent trends across North America, Europe, the Asia Pacific (APAC), Latin America, & the Middle East and Africa (MEA). Of these, the APAC region will spearhead the market over the forecast period. Increasing development and procurement of advanced armored vehicles by China, India, and South Korea and increasing defense expenditure of India & China are adding to the global armored vehicles market growth in the region.
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