San
Francisco, 15 October 2018 - The global armored vehicle market is expected to reach USD
26.79 billion by 2022, according to a new report by Grand View Research, Inc.
Increasing defense expenditure worldwide to improve military capabilities is
expected to contribute to revenue growth.
Rising internal and external terrorism activity
worldwide is expected to drive industry demand over the forecast period.
Technology advancements such as unmanned vehicles are expected to fuel market
growth. Increased focus of government such as India, China and the U.S. will
contribute to industry growth.
According to Department of Industrial Policy &
Promotion (DIPP) Indian government is expected to make investment of USD 130
billion on defense forces and additional USD 110 billion on homeland security
over the next seven years. Rising unrest or civil war such as civil war in Iraq
may also drive the armored vehicle market.
Companies are continuously investing in R&D to
drive new technology and products. Enhanced fuel efficiency and protection are
key aspects for future development. Budget limitations and macroeconomic
conditions may delay the ongoing or future development over the forecast
period.
Full
Research Report On Global Armored Vehicle Market By Grand View Research:
www.grandviewresearch.com/industry-analysis/armored-vehicle-market
www.grandviewresearch.com/industry-analysis/armored-vehicle-market
Further
key findings from the study suggest:
- APC is key product segment and estimated to
grow at a CAGR of 2.5% from 2015 to 2022. They are primarily used for
safer deployment of infantry to battle fields or high threat areas and can
be distinguished from IFVs based on the weapons they carry. Principally,
APCs are not intended to take part in direct-fire battle, but are armored
to provide protection from shrapnel and small arms fire and armed for
self-defense. Mine-resistant ambush protected (MRAP) market is expected to
growth at a CAGR of over 2.5%.
- Armored vehicles can be used to enhance defense
capabilities, maintain homeland security, and for commercial applications.
Homeland security works to prevent terrorist attacks with the country,
reduce the vulnerability to terrorism, and minimize the damage from
attacks that do occur.
- Asia Pacific armored vehicle market is
estimated to be the key regional segment and accounted for over 30% of the
overall revenue share in 2014. Rising defense budget of countries and
increase in border or terrorism threats in Asia Pacific is expected to
contribute to regional growth over the forecast period. North America
armored vehicle market is estimated to hold over 25% of overall revenue
share by 2022.
- This industry is highly competitive, key
industry participants include BAE Systems, General Dynamics Corporation,
Elbit Systems, INKAS, International Armored Group, Krauss-Maffei Wegmann,
Iveco, Rheinmetall Ag, Lenco Industries, Inc, and Lockheed Martin.
- In September 2015, BAE Systems announced that
it delivered the first production series ARCHER artillery system to the
Swedish Defense Materiel Administration (FMV). Lenco Industries’ Bearcat
and BEAR are used as military counter attack and rescue automobile; they
are also used as patrol automobile on a military base or in urban
environment.
Browse
More Reports Of This Category By Grand View Research:
www.grandviewresearch.com/industry/automotive-and-transportation
www.grandviewresearch.com/industry/automotive-and-transportation
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
Access
Press Release Of This Research Report By Grand View Research:
www.grandviewresearch.com/press-release/global-armored-vehicle-market
www.grandviewresearch.com/press-release/global-armored-vehicle-market
About
Grand View Research
Grand
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.
For More
Information: www.grandviewresearch.com
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