NEW YORK, Dec. 10, 2021 /PRNewswire/ -- The military armored vehicles and counter-IED vehicles market has been segmented by product (IFV, APC, MBT, SPH, and others) and geography (APAC, North America, MEA, Europe, and South America).
By product, the IFV segment will have significant market share growth during the forecast period. IFVs have a variety of features and a plethora of strategic options that they can deliver when deployed on the battlefield. This is leading to an increase in their demand. Moreover, technological and strategic collaborations between manufacturers have led to the development and integration of advanced technologies into IFVs in the last decade.
By geography, APAC is expected to dominate the market, with 38% of the market growth originating from the region during the forecast period. China, Japan, and India are the key countries for the military armored vehicles and counter-IED vehicles market in APAC. Moreover, market growth in this region will be faster than the growth of the market in Europe, North America, and South America. Rapid development in terms of procurement initiatives and placement of adjoining orders will drive the growth of the military armored vehicles and counter-IED vehicles market in APAC during the forecast period.
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The military armored vehicles and counter-IED vehicles market is expected to grow by USD 6.02 billion from 2020 to 2025. The growth momentum of the market will accelerate at a CAGR of 3.61%. The year-over-year growth rate of the market in 2021 is 3.30%.
Read the 120-page report with TOC on "Military Armored Vehicles and Counter-IED Vehicles Market Analysis Report by Product (IFV, APC, MBT, SPH, and others) and Geography (APAC, North America, MEA, Europe, and South America), and the Segment Forecasts,2021-2025".
The military armored vehicles and counter-IED vehicles market is driven by ongoing digitization of battlefield operations. However, factors such as high R&D costs and successive project cancellations may challenge market growth.
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Military Armored Vehicles And Counter-IED Vehicles Market Product Outlook (Revenue, USD bn, 2020-2025)
Military Armored Vehicles And Counter-IED Vehicles Market Geography Outlook (Revenue, USD bn, 2020-2025)
Related Reports:
Military Armored Vehicles and Counter-IED Vehicles Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.61% |
Market growth 2021-2025 |
USD 6.02 billion |
Market structure |
Fragmented |
YoY growth (%) |
3.30 |
Regional analysis |
APAC, North America, MEA, Europe, and South America |
Performing market contribution |
APAC at 38% |
Key consumer countries |
US, China, Japan, India, and Saudi Arabia |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Alpine Armoring Inc., BAE Systems Plc, Denel SOC Ltd., General Dynamics Corp., Hyundai Heavy Industries Co. Ltd., Lockheed Martin Corp., Navistar International Corp., Oshkosh Corp., Rheinmetall AG, and Rostec State Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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