PUNE, India, May 5, 2016 /PRNewswire/ --
Worldwide armored vehicles market is expected to grow at a CAGR of 5.6% to 2021 from an estimated $23.75 billion in 2016 to reach $31.26 billion by 2021 due to factors such as rising number of wars and cross-border disputes, rise in terrorism, and increasing civilian use of armored vehicle for safety and self-defense or protection, globally.
Complete report on global armored vehicles market spread across 183 pages, profiling 11 companies and supported with 84 tables and 102 figures is now available at http://www.rnrmarketresearch.com/armored-vehicles-market-by-application-defense-commercial-defense-products-mbt-lpv-aav-mrap-ifv-apc-others-commercial-products-suv-sedan-limousine-bus-van-others-technology-active-passive-typ-st-to-2021-market-report.html .
The key technology considered for the market study is active and passive. The global armored vehicles market is dominated by the active technology segment, during the forecast period. This growth can be attributed to the increasing research and development worldwide for the development of advanced armoring technologies, combined with the enhanced reliability and ballistic or blast protection offered by the active technology. Active technology is also witnessing high demand from law enforcement agencies, following the trend of militarization of law enforcement worldwide.
The European region dominates the global armored vehicles market as of 2016, and is expected to continue its dominance during the forecast period of 2016 to 2021. In Europe, Russia is considered to be the largest market for armored vehicles, primarily owing to the technological advancements and rising incidences of armed violence or cross-border disputes in the country.
The market in Asia-Pacific is projected to grow at the highest CAGR during the forecast period. This rapid growth can be attributed to the increasing defense expenditure of major economies (China, India, South Korea and Australia), increasing investment for militarization of law enforcement agencies in the region, primarily as part of their modernization program as well as for advanced combat and counter-terrorist operations.
The major companies profiled in the report include General Dynamics Corporation (U.S.), BAE Systems, Plc. (U.K.), Lockheed Martin (U.S.), and Elbit Systems (Israel), among others. Order a copy of Armored Vehicles Market by Application (Defense, Commercial), Defense Products (MBT, LPV, AAV, MRAP, IFV, APC, Others), Commercial Products (SUV, Sedan, Limousine, Bus/Van, Others), Technology (Active, Passive), Type, & Region - Global Forecast to 2021 research report at http://www.rnrmarketresearch.com/contacts/purchase?rname=539783 .
In the process of determining and verifying, the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (35%), Tier 2 (45%) and Tier 3 (20%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-level Executives (35%), Director Level (25%) and others (40%) from various key organizations operating in the global armored vehicles market. The primary interviews were conducted worldwide covering regions such as North America (45%), Europe (30%), Asia-Pacific (20%), and RoW (5%).
On a related note, another research on Armor Materials Market Global Trends & Forecast to 2020 says, the global armor materials market is projected to reach USD ~10.5 billion by 2020 at a CAGR of 6.8% between 2015 and 2020. Vehicle armor is to dominate the market among all applications. Asia-Pacific has been estimated to dominate the armor materials market by 2020. Various market drivers, restraints, and opportunities have been discussed in detail in this report. Companies like ATI (U.S.), DSM (Netherlands), DuPont (U.S.), Royal TenCate (Netherlands), Alcoa Inc. (U.S.), SAAB Group (Sweden), and Honeywell (U.S.) have been profiled in this 186 pages research report available at http://www.rnrmarketresearch.com/armor-materials-market-by-type-metals-alloy-ceramic-composite-para-aramid-fibers-uhmwpe-fiberglas-by-application-vehicle-aerospace-body-civil-marine-and-by-region-global-trends-forecast-to-2020-market-report.html .
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