Armored vehicles are combat vehicles intended to defend the nation’s borders and capable of defensive and offensive attacks. The security challenges faced by politicians and VVIPs in the civilian world have led to the rising adoption of armored vehicles. The global armored vehicles market report by Market Research Future (MRFR) has a comprehensive market overview with a list of drivers and restraints affecting the market growth.
Market Scope:
The armored vehicles market is envisaged to expand at a CAGR greater than 3% between 2017 and 2023 (forecast period), as per the latest report by MRFR. The increasing need for secure vehicles for ensuring the protection of prominent figures is predicted to be the primary growth driver. Adoption of tough and resistant materials for enhancing the exterior and interior of armored vehicles can drive its growth.
Investment in research and development activities and continuous technological breakthroughs can work in favor of the market. Agreements between international organizations such as the African Union and North Atlantic Treaty Organization (NATO) to curb terrorist threats can influence market demand considerably. The inflated defense expenditure of nations and need for vehicles for defense operations will offer future growth opportunities.
Segmentation:
By technology, the market is segmented into active and passive.
By end-user, the market is divided into commercial and defense. The defense segment is expected to contribute significant revenue to the armored vehicles market by 2023. This can be credited to efforts taken by nations to increase the strength of their armies in order to safeguard borders. On the other hand, the commercial segment can thrive by renting out armored vehicles for protecting VVIPs, celebrities, and corporate bigwigs
Competition:
Key manufacturers include Oshkosh Corporation, Thales Group, Lockheed Martin, Sabiex International, Textron Inc., Rheinmetall AG, BAE Systems, Plc., Elbit Systems Ltd., Denel Land Systems, General Dynamics Corporation, and Diehl Defense. Investments in research and development and collaborations between companies to offer rapid upgrades to defense vehicles are prime strategies of these players.
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