The global armored vehicles market is anticipated to grow at a significant CAGR of 6.1% during the forecast period. One of the major factors that are contributing to market growth is the growing demand for the tensions between the nations in recent years. Countries such as China, India, the US, Russia, and others have been continuously raising the demand for armored vehicles for safety. For instance, in September 2019, Thailand received 10 US-made armored vehicles. Thailand’s government planned to acquire 120 US-made armored vehicles by the end of 2020.
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COVID-19 pandemic had impacted most of the industries owing to the nationwide lockdowns in most of the countries across the globe. However, the armored vehicle market did not get affected much owing to the ongoing procurement projects being on track at the time, and sales and revenues of the market players of armored vehicles increased steadily. As per the annual report of BAE Systems, the company generated $22.04 billion in revenue in 2020, which was $1.14 billion more than the revenue of the company in 2019.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Market Segmentation
Global Armored Vehicles Market by Vehicle Type
- Armored Personnel Carrier (APC)
- Infantry Fighting Vehicle (IFV)
- Mine-resistant Ambush Protected (MRAP)
- Main Battle Tank (MBT)
- Others (Light Protected Vehicle, and Armored Mortar Carrier)
Global Armored Vehicles Market by Drive Type
- Wheel
- Track
Global Armored Vehicles Market by Application
- Defense
- Commercial
Regional Analysis
- North America
- US
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Denel Vehicle Systems
- INKAS Armored Vehicle Manufacturing
- International Armored Group
- Iveco Defence Vehicles
- Krauss-Maffei Wegmann GmbH & Co.
- Lenco Armored Vehicles
- Lockheed Martin Corp.
- Otokar, a Koç Group
- STREIT Group
- Textron Inc.
- UkrOboronProm
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global armored vehicles market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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