The defense sector in most countries is the most prominent consumer of different kinds of armored vehicles. An increase in defense funds by emerging countries reflects positively on the growth of the global armored vehicles market. The market is driven primarily by the rising military expenditures across emerging and developed economies and is on the verge of a technological transformation. Integration of compact, lightweight technologically advanced electronic and photonic components for enhancing the operational efficiency of armored vehicles is gaining increased popularity.
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Moreover, law enforcement agencies across the globe are also leading to an increased demand for armored vehicles with the aim of safeguarding human lives, undertaking critical missions, and securing VIPs. Transparency Market Research estimates that the global armored vehicles market will expand at a healthy CAGR of 5.2% over the period between 2015 and 2023. The market held an opportunity of US$22.73 bn in 2014 and is expected to rise to US$35.49 bn in 2023.
Active Mine Protection to Remain Dominant but Inter-operable Communication to Give Most Promising Returns
In terms of technology used across armored vehicles, the segment of active mine protection held the largest share of over 24% in the global armored vehicle market in 2014. The segment is expected to hold an equivalent share in the overall market by 2024 as well. However, the demand for inter-operable communication technology is expected to expand at the fastest CAGR of 5.5% over the period between 2015 and 2023.
Development across the commercial-off-the-shelf and embedded systems sectors, the inter-operable communication technology has observed significant development in the past few years and is expected to gain an increased level of adoption in future armored vehicles.
Fuelled by Swelling Military Investments, Demand for Armored Vehicles in Asia Pacific to Surge
Accounting for a share of over 40%, North America held the leading position in the global armored vehicle market in 2014. Vast defense funds, rising investment in the R&D of modern military vehicles, and the high concentration of some of the world’s most reputable and largest defense contractors will help the region retain its dominance in the next few years as well.
Europe held the second-largest position in the market in 2014. Owing to reductions in military budgets in most European countries in the past few years, the market for armored vehicles in the region is expected to witness expansion at a sluggish pace, bringing about a nominal reduction in its share in the global market in 2023.
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Asia Pacific acquired ranked third in the global armored vehicle market in 2014. The market for armored vehicles in Asia Pacific is expected to expand at the fastest pace of 5.8% CAGR from 2015 to 2023 among key regional markets. Rising investments in the fields of development and procurement of technologically advanced armored vehicles across several countries in the region will emerge as a highly promising growth opportunity for the global armored vehicle market in the next few years. China accounted for over half the Asia Pacific armored vehicle market in 2014 and is expected to remain the dominant market for armored vehicle in the next few years as well.
Some of the key vendors operating in the market are The Raytheon Company, INKAS Armored Vehicle Manufacturing, Krauss-Maffei Wegmann GmbH & Co. KG, STREIT Group, Oshkosh Corporation, Elbit Systems Ltd., BAE Systems plc, Lockheed Martin Corporation, Rheinmetall Defence, General Dynamics Corporation, and International Armored Group.
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