In a recent published report, Kenneth Research has updated the market report for Armored Vehicle Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Armored Vehicle Market products.
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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Global Armored Vehicle Market is estimated to reach $39 billion by 2024; growing at a CAGR of 4.7% between 2016 and 2024. Armored vehicles are defensively covered vehicles used to transport with a high level of security. Such vehicles are mainly used by military, law enforcement, ministers and diplomates. Technological advancements have also influenced the demand for armored vehicles from the defense sector. In the recent years, there has been shift in the preference, as armored vehicles are being used by prominent corporate people, VIPs and celebrities as well owing to increasing internal terrorism or riots. Manufacturers of armored vehicles use globally recognized standards such as American Standard and Euronorm Standards. Moreover, the drivers of these vehicles need specialized training in strategic driving due to its high weight and difficulty in handling.
Expanding defense budgets in emerging economies and availability of armor cars on rental & leasing basis support the growth of the armored vehicle market. Rising internal & external security threats and increasing violence among neighboring countries and other regions in the world also fuel the demand for the market. Additionally, rising demand from commercial sectors and need for light weight armor vehicles would provide market opportunities in the coming years. However, lack of regulatory standardization may limit the growth of the market.
The global armored vehicle market is categorized on the basis of type, technology, application and geography. By type, the market is segmented into light protected vehicles, infantry fighting vehicles, armored personnel carriers, armored amphibious vehicles, main battle tanks, mine-resistant ambush protected and others. Technology segment is categorized into inter operable communication, active protection systems, electric armor, situational awareness, modular ballistic armor, active mine protection and vehicle information integration. Furthermore, by application, the market is segmented into military, law enforcement and commercial.
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By geography the armored vehicle market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Canada and Mexico are covered under North America wherein Europe covers Russia, U.K., Germany, France, Italy and others. Asia-Pacific covers China, India, Japan and others. RoW covers South America, Middle East and Africa.
Key players in the armored vehicle market include Lockheed Martin, International Armored Group, General Dynamics Corporation, Thales Group, Denel Land Systems, BAE Systems, Oshkosh Defense, Elbit Systems Ltd., INKAS Armored Vehicle Manufacturing, and Rheinmetall Landsysteme GmbH, among others.
The key takeaways from the report:
The report will provide detailed analysis of Armored Vehicle Market with respect to major segments such as type, technology and application
The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024. Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report. An exhaustive regional analysis of Armored Vehicle Market has been included in the report.
Profile of the key players of the Armored Vehicle Market, will be provided, which include key financials, product & services, new developments and business strategies.
Scope of Armored Vehicle Market
Infantry Fighting Vehicles
Light Protected Vehicles
Main Battle Tanks
Armored Personnel Carriers
Armored Amphibious Vehicles
Mine-Resistant Ambush Protected
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Inter Operable Communication
Vehicle Information Integration
Active Protection Systems
Modular Ballistic Armor
Active Mine Protection
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