The Global Armored Vehicles Market is projected to grow at a CAGR of 4.1% in the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The market growth is predominantly driven by the increased defense expenditure of several countries due to uncertain geopolitical tension and cross-border disputes. In addition, technological advancement in combat vehicles, with added features providing more safety, the scope of modification, and advanced functionality, is adding to the market’s expansion. Moreover, integrating new technology like Programmable Ammunition and Active Protective Systems (APS) into the vehicle with continuous research and development by numerous governments and market players fuels the industrial acceleration, further states the research report, “Global Armored Vehicles Market Analysis, 2023.”
The market is broadly fragmented on the basis of Platform, System, Type, Mode of Operation, Mobility, and Sales Channel. Based on Platform, the market is segmented into Combat Vehicles, Combat Support Vehicles, and Unmanned Armored Ground Vehicles. Additionally, based on System, the market is distributed amongst Engines, Turret Drives, Ammunition Handling Systems, Fire Control Systems, Armaments, Ballistic Armor, Countermeasure System, Command and Control System, Power System, and Others (Navigation System, Observation and Display Systems, etc.). Based on Type, the market is divided between Electric and Conventional. Likewise based on Mode of Operation, the market is fragmented into Manned and Unmanned. Then, on the basis of Mobility, the market is divided between Wheeled and Tracked. Finally, based on Sales Channel, the market is distributed amongst OEM and Retrofit.
Highly Proliferating Demands for Combat Vehicles Facilitates Its Growth
Based on Platform, Combat Vehicles are expected to garner the highest market share attributed to the rising demand for numerous combat vehicles such as Armored Personnel Carriers and Light Armored Vehicles (LAVs). Moreover, the rising concerns and insurance to secure military personnel’s safety are increasing the requirement for Mine-Resistant Ambush Protected Vehicles as they ensure the safe deployment of infantry in battlefields and high-threat areas extending the industrial acceleration.
Highest Military Budget of US Rewards North America the Winning Share
Globally, North America dominates the market with the largest share attributed to the US government’s highest military budget combined with the region’s effective defense and military equipment manufacturer companies. Additionally, US Army continuing to invest in autonomous vehicle technology and other advancements to develop next-generation armed vehicles will likely accelerate the industry further. On the other hand, the goal of strengthening the defense and military power of countries residing in Asia-Pacific will bode well for market expansion.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including L3Harris Technologies, Inc., Hanwha Group, General Dynamics Corporation, Lockheed Martin Corporation, Northrop Grumman, Oshkosh Defense, LLC, BAE Systems, Thales Group, ST Engineering, Mitsubishi Heavy Industries, Textron Systems, Denel Soc Ltd, FNSS, Arquus, Iveco Defence Vehicles, and Others are looking forward to strengthening their market position.
Key Questions Answered in the Research Report