According to a report published by Grand View Research, Inc.; the global armored vehicle market is expected to reach at USD 26.79 billion by 2022. The market will witness a significant growth due to increased defense expenditure by various governments across the globe to strengthen their military capabilities. Rising terrorist activities across the world are contributing toward increasing the demand for armored vehicles, thereby boosting the market growth.
On the other hand, macroeconomic conditions and budget limitations, specifically in Europe and North America, are likely to hamper the market expansion. However, growing awareness about commercial security is anticipated to increase the demand for personnel armored vehicles. This will drive the market over the next few years. Technological progressions, such as the development of unmanned vehicles and improvement in armor material, are also likely to support the market growth.
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U.S. armored vehicle market by product, 2012 – 2022 (USD Million)
The global armored vehicle market can be segmented on the basis of product, application, and region. Based on product, the market can be categorized into Armored Personnel Carriers (APC), Infantry Fighting Vehicle (IFV), Light Protected Vehicle (LPV), Main Battle Tanks (MBT), tactical trucks, Mine-Resistant Ambush Protected (MRAP), and others. The MBT segment is projected to be the key product segment, accounting for 25% of the total revenue share. The MRAP segment is likely to have high demand on account of growing need to protect military personnel from mine attacks.
The APC segment is anticipated to expand at a CAGR of 2.5% during the forecast period. APC is mainly used for deploying infantry in high threat areas or battle fields. Based on application, the market can be split into defense, commercial, and homeland security. The defense segment accounted for 75% of the overall revenue in 2014 and is likely to remain the dominant segment. The homeland security segment is expected to generate significant demand due to growing concerns regarding protecting soldiers’ lives at the time of internal terrorism or riots or civil war.
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Development of rental and leasing industry is anticipated to boost the commercial segment growth over the forecast period. Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific held for 30% of the total revenue share in 2014 and will witness a significant growth over the coming years due to increasing defense expenditure and rise in terrorist activities. India and china, in particular, are expected to offer more growth opportunities for the regional market.
For instance, Indian government is planning to make high investment in defense forces and homeland security in the coming years, as per the Department of Industrial Policy and Promotion (DIPP). North America is expected to have a steady growth due to limited budget for defense. U.S. is estimated to account for over 80% of the total revenue of the North America market. Middle East and Africa is expected to witness increased demand as a result of increased terrorist activities and unrest in the region.
Furthermore, multilateral collaboration between countries, such as the African Union, to control terrorist activities is also expected to support market growth. Some of the prominent companies in the global armored vehicle market include Lenco Industries, Inc.; Textron, Inc.; INKAS, International Armored Group; Elbit Systems; and Oshkosh Defense. Most of these companies are investing in R&D for the development technologically advanced products to gain competitive edge over others.
Grand View Research has segmented the armored vehicle market on the basis of product, application, and region:
Armored Vehicle Product Outlook (Revenue, USD Million, 2012 – 2022)
Armored Personnel Carriers (APC)
Infantry Fighting Vehicle (IFV)
Light Protected Vehicle (LPV)
Main Battle Tanks (MBT)
Mine-Resistant Ambush Protected (MRAP)
Tactical Trucks
Others
Armored Vehicle Application Outlook (Revenue, USD Million, 2012 – 2022)
Defense
Homeland Security
Commercial
Armored Vehicle Regional Outlook (Revenue, USD Million, 2012 – 2022)
North America
Europe
Asia Pacific
Latin America
MEA
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About Grand View ResearchGrand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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