The global armored vehicle market is expected to reach USD
26.79 billion by 2022, according to a new report by Grand View Research, Inc.
Increasing defense expenditure worldwide to improve military capabilities is
expected to contribute to revenue growth.
Rising internal and external
terrorism activity worldwide is expected to drive industry demand over the
forecast period. Technology advancements such as unmanned vehicles are expected
to fuel market growth. Increased focus of government such as India, China and
the U.S. will contribute to industry growth.
According to Department of
Industrial Policy & Promotion (DIPP) Indian government is expected to make
investment of USD 130 billion on defense forces and additional USD 110 billion
on homeland security over the next seven years. Rising unrest or civil war such
as civil war in Iraq may also drive the armored vehicle market.
Companies are continuously
investing in R&D to drive new technology and products. Enhanced fuel
efficiency and protection are key aspects for future development. Budget limitations
and macroeconomic conditions may delay the ongoing or future development over
the forecast period.
Browse full research report on Armored Vehicle Market: http://www.grandviewresearch.com/industry-analysis/armored-vehicle-market
Further key findings from
the report suggest:
- APC is key product segment and estimated to grow at a
CAGR of 2.5% from 2015 to 2022. They are primarily used for safer
deployment of infantry to battle fields or high threat areas and can be
distinguished from IFVs based on the weapons they carry. Principally, APCs
are not intended to take part in direct-fire battle, but are armored to
provide protection from shrapnel and small arms fire and armed for
self-defense. Mine-resistant ambush protected (MRAP) market is expected to
growth at a CAGR of over 2.5%.
- Armored vehicles can be used to enhance defense
capabilities, maintain homeland security, and for commercial applications.
Homeland security works to prevent terrorist attacks with the country,
reduce the vulnerability to terrorism, and minimize the damage from
attacks that do occur.
- Asia Pacific armored vehicle market is estimated to
be the key regional segment and accounted for over 30% of the overall
revenue share in 2014. Rising defense budget of countries and increase in
border or terrorism threats in Asia Pacific is expected to contribute to
regional growth over the forecast period. North America armored vehicle
market is estimated to hold over 25% of overall revenue share by 2022.
- This industry is highly competitive, key industry
participants include BAE Systems, General Dynamics Corporation, Elbit
Systems, INKAS, International Armored Group, Krauss-Maffei Wegmann, Iveco,
Rheinmetall Ag, Lenco Industries, Inc, and Lockheed Martin.
- In September 2015, BAE Systems announced that it
delivered the first production series ARCHER artillery system to the
Swedish Defense Materiel Administration (FMV). Lenco Industries’ Bearcat
and BEAR are used as military counter attack and rescue automobile; they
are also used as patrol automobile on a military base or in urban
environment.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/automotive-and-transportation
Grand View Research has segmented the armored vehicle market
on the basis of product, application, and region:
Armored Vehicle Product Outlook (Revenue, USD Million,
2012 – 2022)
- Armored
Personnel Carriers (APC)
- Infantry
Fighting Vehicle (IFV)
- Light
Protected Vehicle (LPV)
- Main
Battle Tanks (MBT)
- Mine-Resistant
Ambush Protected (MRAP)
- Tactical
Trucks
- Others
Armored Vehicle Application Outlook (Revenue, USD
Million, 2012 – 2022)
- Defense
- Homeland
Security
- Commercial
Armored Vehicle Regional Outlook (Revenue, USD Million,
2012 – 2022)
- North
America
- Europe
- Asia
Pacific
- Latin
America
- MEA
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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