Global Armored Vehicle Market 2021 (Includes Business Impact of COVID-19)

  • TBI345433
  • September 16, 2021
  • Global
  • 149 pages
  • Market.US

Report updated on 11th September, 2021: Global Armored Vehicle Market 2021 (Includes Business Impact of COVID-19)

Global Armored Vehicle Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2030 is a recent report generated by Trusted Business Insights. The global armored vehicle market report has been segmented on the basis of product, application, and region. Request Covid - 19 Impact The global Armored Vehicle market size was valued at USD$19.67 billion in 2020 and is projected to reach USD $33.49 billion by 2030, and is anticipated to expand at a CAGR of 5.52% over the forecast period from 2020 to 2030.

Global Armored Vehicle Market: Overview

An armored fighting vehicle is lightweight combat vehicle protected by strong armor. Armoured vehicle are military vehicle that is fitted with partial or complete armour plating for protection against bullets, shell fragments, etc.

Global Armored Vehicle Market: Dynamics

Increasing focus towards safeguarding soldiers from internal and external threats, and rising awareness of commercial security are major factors expected to drive growth of the global market over the forecast period. In addition, rising demand for armored vehicles, owing to increasing incidence of cross-border conflicts and asymmetric warfare across the globe are other factors among some major factors expected to further fuel growth of the target market over the forecast period. Furthermore, increasing technological advancements such as development of unmanned vehicles and multilateral collaboration between countries such as North Atlantic Treaty Organization (NATO) and African Union to counter terrorism and maintain peace are some other factors expected to boost growth of the target market over the forecast period. Moreover, increasing government initiative towards considerable investments for technological advancements and development of defense sector across various countries is another factor expected to propel growth of the target market over the forecast period. However, increasing prices of raw materials, vehicle assembly, machining equipment and components is a key factor expected to restrain growth of the global market over the forecast period. Ongoing trend observed in the target market is increasing government focus towards investment for procuring and developing advanced armored vehicles by various countries such as India, South Korea, and China. These factors are expected to support growth of the target market over the forecast period. For instance, in February 2018, South Korea announced to establish a research center in order to develop navigation algorithms for unmanned armored vehicles and new technology such as AI-based smart object recognition and tracking technology. Rising investment in research and development activities in order to develop advanced and hybrid armored vehicles by manufacturers operating in Asia Pacific region is expected to create potential revenue opportunities for players operating in the target market over the forecast period. In addition, increasing demand for medium-sized, robust, lightweight, and highly efficient armored vehicles, which are suitable for defense operations, and rising military expenditures across various countries are some other factors expected to support growth of the target market over the forecast period.

Global Armored Vehicle Market: Segment Analysis

Among the application segments, the commercial segment is expected to register highest CAGR over the forecast period, owing to rising adoption of commercial armored vehicle across various banks in order to transfer money. The defense segment is expected to dominate in the target market in terms of revenue over the forecasts period, owing to increasing governments concern to safeguard soldiers lives during civil wars, riots, or domestic terrorism. Among the product segments, the mine-resistant ambush protected automobiles segment is expected to register significant share in terms of revenue over the forecast period, owing to increasing need to protect military personnel from mine attacks.

Global Armored Vehicle Market: Regional Analysis

The market in Asia Pacific is expected to dominate in the target market in terms of revenue over the forecast period, owing to increasing border or terrorism threats across various countries in this region and increasing defense budgets of countries such as India, China, and Russia. In addition, government initiatives towards strengthen military power to counter internal or external terrorism.

Below are the active patents related to Armored Vehicle Market.

Patent Number: US7770506B2 Armored cab for vehicles Abstract An armored cab for a vehicle is provided, the cab including multiple layers of armoring material, and having a shape to assist in the deflection of radar and the various types of ordinance which may be fired or exploded against the armored cab. Application File Date: 2005-06-10 Application Granted Date: 2010-08-10 Current Assignee: BAE Systems Tactical Vehicle Systems LP

Global Armored Vehicle Market Segmentation:

Segmentation by product:
  • Defense Armored Vehicle
  • Armored Personnel Carrier (APC)
  • Infantry Fighting Vehicles (IFV)
  • Light Protected Vehicles (LPV)
  • Main Battle Tanks (MBT)
  • Mine-resistant Ambush Protected (MRAP)
  • Tactical Vehicle
  • Commercial Armored Vehicle
  • Bus/Van
  • Limousine
  • Sedan
  • SUV
Segmentation by application:
  • Defense
  • Commercial

Key Market Players included in the report:

  • BAE Systems plc (UK)
  • BMW AG
  • Daimler AG (Mercedes Benz)
  • Elbit Systems
  • Ford Motor Company
  • General Dynamics Corporation (US)
  • INKAS Armored Vehicle Manufacturing
  • International Armored Group
  • Krauss-Maffei Wegmann GmbH & Co. (KMW)
  • Lenco Industries, Inc.
  • Lockheed Martin Corporation
  • Navistar, Inc.
  • Nexter Group
  • NORINCO (China)
  • Oshkosh Corporation (US)
  • Rheinmetall AG (Germany)
  • STAT, Inc.
  • Textron Inc. (US)
  • Thales Group.
  • Ukroboronprom (Ukraine)
  • UralVagonZavod (Russia)

Below are the key development related to Armored Vehicle Market in 2020 and 2021.

April 2021: Malaysia produces its first armoured vehicle, the Tarantula HMAV 4x4. KUALA LUMPUR (Bernama): Malaysia has achieved yet another milestone with the countrys first-ever locally-built armoured vehicle, the Tarantula HMAV 4x4, a high-mobility four-wheel-drive armoured vehicle. It is 100% Malaysian-made, and produced by Mildef International Technologies Sdn Bhd, proving that a local company has the capacity and skills to rival that of defence industry players worldwide. Source February 2021: Turkeys Katmerciler inks $47.6M export deal for armored vehicles. Turkish land vehicles manufacturer Katmerciler signed a 39.4 million-euro ($47.6 million, TL 342.2 million) export agreement with an undisclosed country for the sale of various types of armored vehicles tailored for different needs, the firm said in a statement Monday. The deal marks the highest export value the company has ever achieved in a single agreement. Source August 2020: Hungary Inks Deal With German Rheinmetall To Manufacture Lynx Armored Vehicle To fulfill its NATO obligations, Hungary has inked a new deal with German manufacturer Rheinmetall AG to manufacture Lynx armored vehicles, for which the company has agreed to set up production facilities in the country. TURKEY’S LATEST, CUTTING-EDGE ARMED DRONE ‘AKINCI’ HITS ANOTHER BIG MILESTONE. The Hungarian government and the German defense company Rheinmetall AG have agreed to set up a joint venture to produce Lynx Armoured Fighting Vehicles (AFVs) in the country, the government said on Monday. The deal is worth more than 2 billion Euros and is considered to be the biggest investment in the country’s defense modernization plan- for fulfilling its NATO duties. The first deliveries of the Lynx are expected to commence in 2024-2025 and would reach the expected operational capability in the Hungarian forces by 2026-2027. Source July 2020: Hanwha Defense to send prototypes of new armored vehicle to Australia. CHANGWON -- Hanwha Defense Co., a South Korean defense manufacturer, said Sunday it will deliver the prototypes of its newly developed armored vehicle to Australia as part of its bid for Canberras $4.6 billion project to buy new infantry fighting vehicles. Source  

Table of Contents
Chapter 1. Methodology and Scope                  1.1. Research Methodology                  1.2. Research Scope & Assumptions                  1.3. List of Data SourcesChapter 2. Executive SummaryChapter 3. Global Armored Vehicle Market Outlook                  3.1. Market Segmentation                  3.2. Market Size and Growth Prospects, 2016 - 2027                  3.3. Value Chain Analysis                  3.4. Market Dynamics                      3.4.1. Market driver analysis                      3.4.2. Market restraint analysis        
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