MarkNtel Advisors recently published a detailed industry analysis of the Armored Vehicles Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
Armored Vehicles Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2028
The Armored Vehicles Market is projected to grow at a CAGR of around 4.1% during the forecast period, i.e., 2023-28.
What are the major Driver the Armored Vehicles industry?
Rising Defense Budget and Cross-Border Disputes in Numerous Countries - Increasing defense expenditure and budget in several countries with rising cross-border disputes has primarily driven the market. The prevalence of conflicts, terrorist activities, and wars worldwide requires numerous countries to strengthen their military equipment and vehicles, fueling market expansion. Likewise, growing emphasis on the sustainability of military vehicles and personnel safety through added advanced safety features with increasing humanitarian missions also adds to the market acceleration. For instance,
In April 2021, Israel’s Ministry of Defense (MOD) signed a contract with Israel Aerospace Industries (IAI) to manufacture and supply nine Z-MAG all-terrain vehicles to the Israel Defense Forces (IDF), with an option to order 21 additional units.
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What segments define the Armored Vehicles market from 2023 to 2028? How do these segments contribute to market dynamics and growth?
- By Platform
- Combat Vehicles
- Main Battle Tanks
- Infantry Fighting Vehicles
- Armored Personal Carriers
- Armored Amphibious Vehicles
- Mine-Resistant Ambush Protected Vehicles
- Light Armored Vehicles
- Others (Self Propelled Howitzers, Air Defence Vehicles, etc.)
- Combat Support Vehicles
- Armored Supply Trucks
- Armored Command and Control Vehicles
- Repair and Recovery Vehicles
- Others (Bridge laying Tanks, Mine Clearance Vehicles, etc.)
- Unmanned Armored Ground Vehicles
According to report, Here, Combat Vehicles are expected to garner the highest market share in the forthcoming years following their high revenue contribution in the historical period.
- By System
- Engines
- Turret Drives
- Ammunition Handling Systems
- Fire Control Systems
- Armaments
- Ballistic Armor
- Countermeasure System
- Command and Control System
- Power System
- Others (Navigation System, Observation and Display Systems, etc.)
According to report, Among others, Armaments acquired a significant market share in the historical period and are anticipated to follow the same flow in the forecast period, owing to the rising requirement for remote weapon stations, anti-tank guided missile (AGTM) launchers, and other armaments worldwide.
- By Type
- Electric
- Conventional
- By Mode of Operation
- Manned
- Unmanned
- By Mobility
- Wheeled
- 4X4
- 6X6
- 8X8
- Others (10X10, 12X12, etc.)
- Tracked
- By Sales Channel
- OEM
- Retrofit
Explore the Complete Armored Vehicles Market Analysis Report – https://www.marknteladvisors.com/research-library/armored-vehicles-market.html
Geographical Analysis: Armored Vehicles Market
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Armored Vehicles Market Share & Competitive Landscape:
The Armored Vehicles Market is characterized by intense competition, with several key players driving growth through innovation, market expansion, and strategic investments. The competitive landscape provides valuable insights into the industry's leading companies, highlighting their strengths, financial performance, and market influence.
Leading Companies in the Armored Vehicles Market are:
- 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
- Others
Armored Vehicles Industry Recent Development:
- In January 2022, Oshkosh Defence, LLC launched its first hybrid-electric Joint Light Tactical Vehicle (JLTV)
- In April 2021, L3Harris Technologies and American Rheinmetall Vehicles signed an agreement to develop the U.S. Army’s new Optionally Manned Fighting Vehicle (OMFV) to replace the Bradley Infantry Fighting Vehicle.
Questions Addressed in this Study
1.What factors are driving the Armored Vehicles Market growth?
2.How is the Armored Vehicles Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Armored Vehicles Market?
4.What is the current size of the Armored Vehicles Market, and how is it projected to change in the future?
6.What is the future outlook for the Armored Vehicles Market in terms of technological advancements and market expansion?
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Why MarkNtel Advisors?
MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.
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