by These vehicles are equipped with specially treated metals or ceramic armoring that can withstand bullet fire and explosions from bombs and mines. Armored vehicles play a critical role in military operations by transporting troops and providing protection and tactical ground support. The increasing incidences of terrorism and asymmetric warfare have boosted the demand for armored vehicles to enhance the safety of troops in conflict areas.
The Global Armored Vehicle Market is estimated to be valued at US$ 42.21 Bn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the armored vehicle market are BAE Systems, BMW AG, Daimler AG (Mercedes Benz), Ford Motor Company, General Dynamics Corporation, INKAS Armored Vehicle Manufacturing, International Armored Group, Lenco Industries, Inc., Lockheed Martin Corporation, Navistar, Inc., Oshkosh Defense, LLC, Rheinmetall AG, STAT, Inc., Textron, Inc., and Thales Group. These players are focusing on developing advanced armor technologies and networked C4ISR systems to gain a competitive edge in the market.
The growing instances of asymmetric warfare and rising defense spending of developing economies are fueling the demand for Armored Vehicle Market Size globally. Furthermore, the upgradation of existing armored vehicle fleets is a major opportunity area for established armored vehicle manufacturers.
Key players are also exploring new regions for geographical expansion to tap into the demand from emerging markets such as Africa, Middle East, and Asia Pacific. Oshkosh Defense recently opened a facility in UAE to serve the armored vehicle needs in the Middle East and North Africa region.
Market Key Trends
The demand for lightweight armored vehicles is growing significantly owing to their tactical mobility and transportability. Lightweight composite armors and ceramic composite materials are enabling the production of vehicles with enhanced protection at lower weight. Furthermore, active protection systems (APS) based on radar and optoelectronics are emerging as an important trend to provide 360-degree protection against rocket-propelled grenades and anti-tank guided missiles for armored vehicles.
Porter’s Analysis
Threat of new entrants: The armored vehicle market Size and Trends requires high capital investment for manufacturing facilities and technology which poses significant threat for new entrants.
Bargaining power of buyers: Individual buyers have low bargaining power compared to organized groups like governments and armed forces which have high bargaining power.
Bargaining power of suppliers: Suppliers of raw materials and components required for manufacturing armored vehicles have moderate bargaining power due to availability of substitute materials and components.
Threat of new substitutes: There is low threat of new substitutes since armored vehicles serve specialized application of protection against threats which very few alternative options provide.
Competitive rivalry: The market is consolidated with large players dominating the market. However regional players compete based on technological capabilities and customized offerings.
Geographical Regions
North America accounts for the largest share of the global armored vehicle market in terms of value owing to heavy investments in defense technologies by US and Canada.
Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising defense budgets of major economies like India and China coupled with increasing incidences of cross-border conflicts and insurgency. Countries are procuring modern armored vehicles to strengthen their armed forces.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
