Armored Vehicles Market to grow by USD 7.22 billion from 2023 to 2028 | Rising incidences of asymmetric warfare globally to drive the growth- Technavio

NEW YORK, Nov. 30, 2023 /PRNewswire/ -- The armored vehicles market is expected to grow by USD 7.22 billion from 2023 to 2028. However, the growth momentum of the market will progress at a CAGR of 6.32% during the forecast period. The market is segmented by mobility type (wheeled and tracked), type (conventional and electric), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

Asymmetric warfare is a key factor driving the growth. Asymmetric warfare or irregular warfare is one in which the military capabilities and strategies adopted by belligerent forces are significantly different. Guerrilla warfare is a form of asymmetric warfare that engages militant groups and a conventional army. Usually, these groups do not occupy large, well-established bases and employ attack tactics, such as ambush and terrorist attacks, avoiding open battles. Thus, the rising incidence of asymmetric warfare globally increases the demand for armored vehicles.

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Key Highlights:

• The report recognizes the following as some of the key players in the armored vehicles market: AB Volvo, Alpine Armoring Inc., Armormax, BAE Systems Plc, Denel SOC Ltd., General Dynamics Corp., International Armored Group, Iveco Group N.V, KNDS N.V., Lockheed Martin Corp., Mahindra and Mahindra Ltd., Milkor Pty Ltd., Oshkosh Corp., Otokar Otomotiv ve Savunma Sanayi AS, Rheinmetall AG, Rostec, STREIT Group, SVI ENGINEERING, Textron Inc., and Traton SE
• Armored Vehicles Market is fragmented in nature.
• Market to observe 5.2% YOY growth in 2024.

Market Dynamics:

Major Trend

• The increased adoption of unmanned combat ground vehicles is a major trend in the market. 
• In recent years, the need for unmanned systems has grown strongly worldwide due to the increasing use of Unmanned Systems by military forces in several countries throughout intelligence, surveillance, and reconnaissance capabilities as well as combat operations. 
• Additionally, as defense budgets in advanced economies such as the UK, Italy, Spain, Germany, and France have shrunk, there has been an increase in the purchase of unmanned systems to take the place of their defensive personnel.

Significant Challenge

• Defense budget cuts affecting procurement patterns is a significant challenge restricting market growth.
• Due to budgetary constraints, the armed forces are increasingly focused on long-term preparedness rather than modernization.
• In addition, defense modernization has been delayed in Europe by the UK, France, Germany, and Spain to cope with their fiscal expenditure; they are also studying possibilities for common procurement and development of equipment.

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Keg Segments:

• The wheeled segment is estimated to witness significant growth during the forecast period. In terms of better road performance, increased fuel efficiency, and reduced maintenance costs, wheeled armored vehicles benefit from a wide range of advantages compared with track cars. ASLAV Australian LAV-25 series, Boxer AFV, armored personnel carriers M113, and Bushmaster IMV are some examples of armed vehicles. Moreover, the increased incidence of terrorist and enemy attacks in urban areas is going to increase demand for towed armored vehicles.

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Related Reports:

The military armored vehicles and counter-ied vehicles market size is estimated to grow at a CAGR of 3.71% between 2023 and 2028. The market size is forecast to increase by USD 6.86 billion. 

The small unmanned aerial vehicle (SUAV) market size is estimated to grow at a CAGR of 13.91% between 2023 and 2028. The market size is forecast to increase by USD 11,206.43 million. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Mobility Type

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio