The armored vehicle market was valued at US$16.063 billion in 2018 and is expected to grow at a CAGR of 3.90% over the forecast period to reach a total market size of US$20.203 billion in 2024. Armored vehicles are protected by uranium or stainless steel and equipped with robust weapons. Armored vehicles are majorly used by the military, law enforcement, VIPs, and celebrities. Armored vehicles are used either for defense or homeland security purposes. The increasing number of border and terrorist attacks have boosted demand for armored vehicles in defense. Landmines are major threats to military vehicles, which boosted the demand for armored defense vehicles. Civil wars and terrorist attacks are the drivers of the market for commercial armored vehicles. Geographically, the Europe region has a significant market share owing to the government's continuous spending on the defense sector. The market of the North American region is also expected to grow owing to increasing disposable income and safety concerns.
The declining defense budget of developed economies, increasing use of unmanned systems are hampering the growth of the market. Other major challenges of the markets are high initial cost and stringent government regulations for manufacturing armored vehicles. However, the market of armored vehicles is expected to boost due to globally increasing safety concerns, a rise in the demand for commercial armored vehicles, and increasing defense budgets.
The Armored vehicles Market – Forecasts from 2019 to 2024 is an exhaustive study that aims to present the key market trends through various chapters focusing on different aspects of the market. The study provides a detailed market overview through the market dynamics sections which detail key markets, drivers, restraints, and opportunities in the current market. The report analyzes key opportunity regional markets, and the current technology penetration through lifecycle analysis. The report also analyzes the market through comprehensive market segmentation by application and geography.
The armored vehicles market on segmented based on application, and geography. By application, the market has been classified into Defense and Commercial.
Regional analysis has been provided with detailed analysis and forecast for the period 2018 to 2024. The global market has been broken down into North America, South America, Europe, Middle East and Africa, and the Asia Pacific regions. The report also analyzes 15 countries across these regions with thorough analysis and forecast along with prevailing market trends and opportunities which each of these countries present for the manufacturers.
Major players in the armored vehicles market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in the Armored vehicles market.
|Market size value in 2018||US$16.063 billion|
|Market size value in 2024||US$20.203 billion|
|Growth Rate||CAGR of 3.90% from 2018 to 2024|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||International Armored Group, Lockheed Martin Corporation, Thales Group, General Dynamics Corporation, BAE Systems, Denel Vehicle Systems, Oshkosh Defense, LLC, Rheinmetall AG, Elbit Systems Ltd., INKAS Armored Vehicle Manufacturing|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the armored vehicle market size by 2024?
A1. The armored vehicle market is expected to reach a market size of US$20.203 billion in 2024.
Q2. What are the growth prospects for armored vehicle market?
A2. The armored vehicle market is expected to grow at a CAGR of 3.90% over the forecast period.
Q3. What is the size of global armored vehicle market?
A3. Armored Vehicle market was valued at US$16.063 billion in 2018.
Q4. What factors are anticipated to drive the armored vehicle market growth?
A4. The increasing number of border and terrorist attacks have boosted demand for armored vehicles in defense.
Q5. Which region holds the largest market share in the global armored vehicle market?
A5. Geographically, the European region has a significant share in the armored vehicle market owing to the government's continuous spending on the defense sector.
Lockheed Martin Corporation
General Dynamics Corporation
Denel Vehicle Systems
Oshkosh Defense, LLC
Elbit Systems Ltd.
INKAS Armored Vehicle Manufacturing
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