Armored Vehicles Market Size, Share & Trends Analysis Report Forecast Period 2024-2031.
Armored Vehicles Market Size, Share & Trends Analysis Report Forecast Period 2024-2031.
Blog Article
The global armored vehicles market is anticipated to grow at a significant CAGR of 6.1% during the forecast period. One of the major factors that are contributing to market growth is the growing demand for the tensions between the nations in recent years. Countries such as China, India, the US, Russia, and others have been continuously raising the demand for armored vehicles for safety. For instance, in September 2019, Thailand received 10 US-made armored vehicles. Thailand’s government planned to acquire 120 US-made armored vehicles by the end of 2020.
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Impact of COVID-19 Pandemic on Global Armored Vehicles Market
COVID-19 pandemic had impacted most of the industries owing to the nationwide lockdowns in most of the countries across the globe. However, the armored vehicle market did not get affected much owing to the ongoing procurement projects being on track at the time, and sales and revenues of the market players of armored vehicles increased steadily. As per the annual report of BAE Systems, the company generated $22.04 billion in revenue in 2020, which was $1.14 billion more than the revenue of the company in 2019.
Segmental Outlook
The global armored vehicles market is segmented based on the vehicle type, drive type, and application. Based on the vehicle type, the market is segmented into armored personnel carrier (APC), infantry fighting vehicle (IFV), mine-resistant ambush-protected (MRAP), main battle tank (MBT), and others. Other type of vehicle is segmented into light-protected vehicle and armored mortar carrier. Based on the drive type, the market is sub-segmented into the wheel and track. Based on the application, the market is sub-segmented into defense, and commercial. The above-mentioned segments can be customized as per the requirements. Based on vehicle type, infantry fighting vehicle (IFV) holds the major share in the market owing to the tactical advantage to provide direct-fire support along with infantry troop carrying capabilities.
by Vehicle Type (Armored Personnel Carrier, Infantry Fighting Vehicle, Mine-resistant Ambush Protected, Main Battle Tank, and Others),
by Drive Type (Wheel, and Track), and by Application (Defense, and Commercial)
Market Players Outlook
The major companies serving the global Armored Vehicles market include BAE Systems, General Dynamics Corp., Nexter group KNDS, Oshkosh Corp., Rheinmetall Landsysteme GmbH, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in July 2019, BAE Systems and Rheinmetall launched a new, independent UK-based joint venture (JV) for military vehicle manufacture, design, and support – known as Rheinmetall BAE Systems Land (RBSL).
The Report Covers
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global armored vehicles market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market
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