The armored vehicles market is projected to grow at a CAGR 4.87% rate during the forecast period. Growing demand for armored vehicles due to rise in the instances of cross-border conflicts and increasing incidences of asymmetric warfare across the globe. However, the absence of major OEMs of armored vehicles in the Middle East and Asia Pacific region and occurrence of mechanical, electrical, and other kinds of failure in armored vehicles are projected to hinder the growth of the market.
The combat vehicles segment is projected to lead the market during the forecast period. Increasing demand for Armored Personnel Carriers (APCs) and Light Armored Vehicles (LAVs) across the globe is leading to the growth of the combat vehicles segment of the market.
The armaments segment is estimated to lead the armored vehicle market during the forecast period. The growth of this segment can be attributed to the increased demand for remote weapon stations, Anti-tank Guided Missile (ATGM) launchers, and other armaments across the globe.
The Asia Pacific armored vehicles market is projected to grow at the highest CAGR from 2018 to 2023. The growth of the market in this region can be attributed to the rising number of terrorist activities in this region and increasing spending of emerging economies on defense operations. Countries such as India and China have increased their defense budgets and are procuring advanced armored vehicles for their military operations.
Key Market Players include Oshkosh Corporation (US), UralVagonZavod (Russia), Ukroboronprom (Ukraine), General Dynamics Corporation (US), BAE Systems plc (UK), NORINCO (China), Rheinmetall AG (Germany), and Textron Inc. (US).
- What are the drivers, restraints, challenges, and opportunities that affect the dynamics of the market, and what is the subsequent market analysis of the associated trends?
- What are the key sustainability strategies adopted by leading players operating in the market?
- What are the upcoming disrupters in this market that can be potential targets for partnerships/mergers?
- Who are the top players operating in this market?
- Which geographies can be the potential revenue-generating pockets for the market?
2. Research Methodology
Limitation and Assumptions
3. Executive Overview
4. Market Overview
5. Armored Vehicles Market, By System
Fire Control Systems (FCS)
Observation & Display Systems
Ammunition Handling Systems
Command & Control (C2) Systems
6. Armored Vehicles Market, By Platform
Combat Support Vehicles
Unmanned Armored Ground Vehicles
7. Armored Vehicles Market, By Mobility
8. Armored Vehicles Market, By Region
Rest of Europe
Rest of APAC
Rest of Middle East
Rest of the World
9. Company Profiles
Denel Soc Ltd.
General Dynamics Corporation
Ordnance Factory Board
Otokar Otomotive Ve Savunma Sanayi