Armored Vehicle Market

Global Armored Vehicle Market

As stated in our extensive report; the Global Armored Vehicle Market accounted for USD 17.2 Billion in the year 2022 and is projected to reach a value of USD 108.5 Billion by 2030.

The production and marketing of vehicles built to offer high levels of protection for use in military, defense, law enforcement, and security purposes are referred to as the Armored Vehicle market. To protect the occupants and defend against numerous dangers like ballistic, explosive, and chemical attacks, these vehicles are outfitted with cutting-edge technology and armaments. Tanks, armored personnel carriers, infantry combat vehicles, and mine-resistant, ambush-protected vehicles are only a few examples of the various sizes and designs of Armored Vehicles. The level of protection offered by Armored Vehicle has also improved as a result of the utilization of cutting-edge materials and technology, including composites and active protection systems. The market for Armored Vehicles has been expanding steadily in recent years as a result of growing worries about border and national security threats, as well as increased demand from military and defense organizations for cutting-edge vehicles.

The Armored Vehicle market is being driven by the increased demand for VIP security to protect the lives of diplomats. Political tensions within the boundaries have increased, raising serious concerns about the protection and survivability of dignitaries such as legislators, government officials, and others. In addition to having primary guns, ballistic goggles, protective plates, an armored shell, a GPS, and a siren system, Armored Vehicles are made to provide excellent protection.

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Compared to normal cars, Armored Vehicles are typically known to provide greater comfort, privacy, and protection. The efficacy Armored Vehicles offer for prominent people is driving the demand for cutting-edge armored cars.

Key factors influencing Armored Vehicle Market Growth

• The market for personnel Armored Vehicles is anticipated to increase due to increased awareness of commercial security.
• Market expansion is predicted to be fueled by rising defense budgets, notably in the Asia Pacific region. The market is expected to increase at a faster rate during the forecast period due to rising demand for bulletproof automobiles.
• Armed forces typically employ Armored Vehicles, which can either roll on wheels or drive along continuous tracks. Armored SUVs, sedans, limousines, cash-in-transit vehicles, and other special-purpose vehicles are all included in the Armored Vehicle business for commercial usage.

Asia Pacific Region to Lead the Market

The region with the most share in 2022 was Asia Pacific. The region’s market expansion can be attributed to the government’s growing efforts to bolster its military might in order to fight terrorism. The growth of the defense sector is being prioritized by numerous government organizations. Otokar, a Turkish manufacturer of buses and military vehicles, grew its market share in the Asia Pacific in March 2022. At Kuala Lumpur, Malaysia, during the Military Services Asia expo, the company presented its COBRA II tactical Armored Vehicle and ARMA 66-wheeled Armored Vehicle.

China, South Korea, and India are among the nations making investments in the creation and acquisition of cutting-edge Armored Vehicles. Asia Pacific manufacturers are investing a lot in research and development to create innovative and hybrid Armored Vehicles for improved marine and border patrolling. During the course of the projected period, rising military spending and a rise in the need for medium-sized, light-Armored Vehicles for patrolling activities are also anticipated to spur market expansion in the area.

A contract for the supply of tanks and Armored Vehicles was signed by Elbit Systems Ltd. with the Asia Pacific government in January 2021. Elbit Systems Ltd. is a global high-technology company active in a wide range of homeland security, defense, and commercial applications. As the project’s main contractor, the business will provide the Pandur II eight-wheel drive vehicle and the Sabrah light tank, a tracked or wheeled light tank built on the tracked ASCOD platform.

Conclusion

The Rising Focus on Protecting Soldiers from External and Internal Threats is Expected to Propel Market Growth.

Some of the key players in the Global Armored Vehicle market include- BAE Systems (UK), Denel SOC Ltd (South Africa), General Dynamics Corporation (U.S.), IVECO DEFENCE VEHICLES (Italy), Krauss-Maffei Wegmann GmbH & Co. KG (Germany), NORINCOGROUP.com Inc. (China), Oshkosh Defense – LLC An Oshkosh Corporation Company (U.S.) and others.