Armored Vehicles Market Size, Share Expansion and Future Outlook 2028
Armored Vehicles Market Size, Share Expansion and Future Outlook 2028
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According to MarkNtel Advisors who is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. Recently released a report on Armored Vehicles Market - Industry Trends and Forecast to 2028 and provides a comprehensive analysis of the current and future market conditions. The market research insights offered in this report enhance understanding of the market landscape, potential challenges, and strategies to establish a strong brand presence. With detailed market segmentation, in-depth analysis of key players, examination of consumer and supply chain trends, and exploration of new geographic markets, the insights presented in this report simplify the effective marketing of products and services.
Global Armored Vehicles Market Analysis and Size
The Global Armored Vehicles Market is projected to grow at a CAGR of around 4.1% during the forecast period, i.e., 2023-28.
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Some of the major players operating in the Armored Vehicles Market are L3Harris Technologies, Inc., Hanwha Group, General Dynamics Corporation, Lockheed Martin Corporation, Northrop Grumman, Oshkosh Defense, LLC, BAE Systems, Thales Group, ST Engineering, Mitsubishi Heavy Industries, Textron Systems, Denel Soc Ltd, FNSS, Arquus, Iveco Defence Vehicles, Others.
Armored Vehicles Market Growth Driver:
Rising Defense Budget and Cross-Border Disputes in Numerous Countries - Increasing defense expenditure and budget in several countries with rising cross-border disputes has primarily driven the market. The prevalence of conflicts, terrorist activities, and wars worldwide requires numerous countries to strengthen their military equipment and vehicles, fueling market expansion. Likewise, growing emphasis on the sustainability of military vehicles and personnel safety through added advanced safety features with increasing humanitarian missions also adds to the market acceleration. For instance,
- In April 2021, Israel’s Ministry of Defense (MOD) signed a contract with Israel Aerospace Industries (IAI) to manufacture and supply nine Z-MAG all-terrain vehicles to the Israel Defense Forces (IDF), with an option to order 21 additional units.
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Market Segment and Geographical Analysis
By Platform
- Combat Vehicles
- Main Battle Tanks
- Infantry Fighting Vehicles
- Armored Personal Carriers
- Armored Amphibious Vehicles
- Mine-Resistant Ambush Protected Vehicles
- Light Armored Vehicles
- Others (Self Propelled Howitzers, Air Defence Vehicles, etc.)
- Combat Support Vehicles
- Armored Supply Trucks
- Armored Command and Control Vehicles
- Repair and Recovery Vehicles
- Others (Bridge laying Tanks, Mine Clearance Vehicles, etc.)
- Unmanned Armored Ground Vehicles
By System
- Engines
- Turret Drives
- Ammunition Handling Systems
- Fire Control Systems
- Armaments
- Ballistic Armor
- Countermeasure System
- Command and Control System
- Power System
- Others (Navigation System, Observation and Display Systems, etc.)
By Type
- Electric
- Conventional
By Mode of Operation
- Manned
- Unmanned
By Mobility
- Wheeled
- 4X4
- 6X6
- 8X8
- Others (10X10, 12X12, etc.)
- Tracked
By Sales Channel
- OEM
- Retrofit
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Note - Market research studies from MarkNtel Advisors are offered in PDF, Excel and PowerPoint formats. Within 24 hours of the payment being successfully received, the report will be sent to your email address.
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