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.
In depth research report on 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.
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
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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, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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