Infinium Global Research’s recent report on the Armoured Vehicle Market (By Type (Wheeled, Tracked), By platform (Infantry Fighting Vehicle, Main Battle Tank, Armoured Personnel Carrier, Armoured Support Vehicle, Tactical Truck, Others), By Applications (Military, Non Military), By Mode of Driving (Manned and Unmanned): Global Industry Analysis, Trends, Size, Share and Forecasts up to 2026” provides a comprehensive outline of the factors responsible for the growth of the market.
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Global Armoured Vehicle Market to grow with a CAGR of 4.5% over the forecast years
The global armoured vehicle market is poised to grow at a rapid growth as a result of wide adoption of the armoured vehicles throughout the militaries, law enforcement forces, private security organizations and corporations as more importance is shifted towards protecting the soldier, individual or high value properties from external as well as internal threats. The use of composites, new innovative material blends and fabrication techniques have helped in gaining superior protection as compared to conventional materials, the composites have helped in making these vehicles lighter, enabled them to carry heavy payloads, higher fuel efficiency and higher speed capability making them ultimate vehicles to use in most hostile environments.
The armoured vehicles provide occupant with the protection from small, medium and heavy arms, blasts, small sharpnels, IED, mines and various other ballistics threats. The introduction of unmanned combat vehicles is turning out be the real game changer, these vehicles can be controlled remotely or they can operate autonomously through artificial intelligence enabled software thus ensuring the safety of human life.
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The uplifting of nationwide lockdowns, global economic recovery and the residing of COVID-19 pandemic has enabled the manufacturers to restart factories and resume production of the vehicles. The COVID-19 and other evolving security threats has forced the governments to recalibrate their national security strategies and threat perception. Therefore, they are placing more focus on adopting and procuring latest technologies including armoured vehicles and platforms for better preparedness which is going to increase the demand for armoured vehicles. Infinium Global Research’s recent report on the
Military Application Segment to Dominate the Armoured Vehicle Market
Armoured vehicles provide militaries and other law enforcement agencies and forces with unparalleled safety from external and ballistic threats with its superior armour to their troops with high mobility, lethal firepower with manned and unmanned weapons stations to dominate and navigate through hostile territories effectively. Military application segment will be the dominant one in the market as militaries around the world are emphasising on protecting the life of their troops and always remain in the high state of readiness.
Europe to be the Dominant Region in Armoured Vehicle Market
Geographically, Europe has generated the highest revenue in Armored Vehicle Market. While Asia-Pacific and North America are second and third highest revenue generating regions. Asia-Pacific region is likely to show remarkable growth and is set to overtake Europe as the highest revenue generating region in the market. It is due to Asia-Pacific is home to some major military powers who are keen on modernizing and augmenting their military power also smaller military powers are also looking to upgrade their militaries for better preparedness as Asia-Pacific region is home to rising economic powerhouses.
Companies Operating in Armoured Vehicle Market to Focus on Business Development Intiatives and Ramp Up Production Facilities to Cater Rising Demands
The armoured vehicle market is highly competitive with the presence of several multinational and regional players. The major players Oshkosh Defense, LLC, BAE Systems, Rheinmetall AG, General Dynamics Corporation are focusing on business development and marketing activities as the marquee events like defence expos and military exercises are resuming which facilitates the companies showcase the performance of their products to the prospective buyers. The companies are focusing on development of new platforms and supplementing systems for varying market needs. They are planning to enter into joint ventures thus offering localisation of their products and easy availability of spares.
As the global supply lines and distribution networks are returning to normalcy the manufacturers are able to procure essential raw materials and critical components.Thus, they are planning to ramp up existing production facilities to cater the current and future orders. Infinium Global Research’s recent report on the global Armoured Vehicles Market is an encompassment of such recent developments in the global marketplace. The report delivers insights into the recent developments by leading players that have contributed to the growth of the market and also estimates the impact of recent developments the global market.
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