PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1372024
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1372024
According to Stratistics MRC, the Global Armoured Vehicles Market is accounted for $21.10 billion in 2023 and is expected to reach $36.63 billion by 2030 growing at a CAGR of 8.2% during the forecast period. An advanced vehicle with potential protection against rifles, bullets, and other dangerous projectiles is an armoured vehicle. These vehicles are made to withstand difficult circumstances for both commercial and military users. Police officers, soldiers, public figures, and even civilians in conflict zones can move with confidence thanks to armoured vehicles. Moreover, armoured plates, primary weapons, bulletproof goggles, a navigational system, an engine, a fire control system, an observation system, armaments, frames, and other ballistic materials are the standard components of an armoured vehicle.
According to the U.S. Army, the fortified force, masterminds, and scientists are developing technology prototypes manufactured as part of the Advanced Targeting and Lethality Back System (ATLAS) program.
Numerous nations are allocating resources towards military modernization initiatives due to the deteriorating armored vehicle fleets and the imperative to remain ahead of progressive threats. Additionally, this includes equipping defense forces with cutting-edge armored vehicles that can adapt to new threats like electronic warfare and sophisticated anti-tank weaponry, so they can continue to be effective and well-equipped.
Armed vehicles come with high acquisition and maintenance costs. Budgetary restrictions impede the ability of many governments and organizations to invest in the purchase of new vehicles or the retrofitting of existing ones. However, financial resources may be strained by the high cost of skilled labor, spare parts, and maintenance.
Armoured vehicle operational effectiveness can be increased with the use of advanced communication and command, control, communications, computers, intelligence, surveillance, and reconnaissance (C4ISR) systems. Moreover, armored vehicles are at the forefront of technological innovation thanks to features like network-centric operations, real-time data sharing between vehicles and headquarters, and adaptability to hybrid warfare tactics. In an increasingly data-driven battlefield, manufacturers of integrated communication and C4ISR systems are improving the capabilities of their vehicles.
The impact of budget cuts or financial constraints faced by governments and organizations is a common threat in the armored vehicle market. Additionally, financial limitations, shifting budgetary priorities and economic downturns can all lower the amount of money available for armored vehicle acquisition and upkeep, which will lower demand.
The COVID-19 pandemic affected the market for armoured vehicles in many ways. During the early stages of the epidemic, manufacturers experienced production delays and disrupted supply chains, which resulted in brief delays in vehicle deliveries. Moreover, armed vehicle procurement plans were delayed, and defense spending was temporarily reduced as governments around the world diverted budgetary resources to healthcare and pandemic response initiatives. On the other hand, demand for sophisticated armoured vehicles for crisis management, medical evacuations, and logistical support surged as the pandemic highlighted the necessity of safe transportation and emergency response capabilities.
The market's largest revenue share belonged to the fire control systems (FCS) segment. Armed vehicles are more effective and lethal in combat situations when fire control systems are in place to help operators target and engage enemy targets with accuracy. In order to stay ahead of the curve, armored vehicle manufacturers also invest in the development of new FCS technology as the threat environment changes. Furthermore, to increase target identification, engagement accuracy, and speed, it integrates cutting-edge AI and machine learning algorithms.
During the forecast period, the wheeled segment is growing at the highest CAGR. Due to its usefulness in special operations, troop deployment, border patrol operations, combat support operations like command and control, and military medical support, it is projected to have a high adoption rate. The increase in demand for 4x4 LAVs is attributed to the military's use of them for transportation and intelligence, surveillance, and reconnaissance (ISR) purposes. Additionally, the increased acquisition of main battle tanks and vehicles used in difficult terrain will result in a significant expansion of the segment.
North America held the largest market share for armoured vehicles worldwide. Due to its large defense budget, sophisticated military equipment, and widespread use of armoured vehicles for military operations, law enforcement, and homeland security, the United States in particular maintained a commanding position. However, the strong defense industrial base in North America, which is made up of both government-owned and private sector companies, was crucial in maintaining this market share.
In the global armoured vehicle market, the Middle East and North Africa is projected to have the highest CAGR. In order to meet security challenges and strengthen their defense capabilities, a number of Middle Eastern nations, such as Saudi Arabia, the United Arab Emirates, and Qatar, were aggressively adding to and updating their fleets of armoured vehicles. Moreover, a number of geopolitical and security concerns fuelled the MENA region's demand for armoured vehicles, resulting in notable growth.
Some of the key players in Armoured Vehicles market include: Northrop Grumman Corporation, Ford Motor Company, BAE Systems, Lockheed Martin Corporation, KOC Group Company, General Dynamics Corporation, IVECO DEFENCE VEHICLES, Daimler AG (Mercedes Benz), Krauss-Maffei Wegmann GmbH, Hanwha Defense, Rheinmetall AG, INKAS Armored Vehicle Manufacturing, L3harris Technologies, International Armored Group, Thales Group., BMW AG, Textron, Inc., Lenco Armored Vehicles and Oshkosh Corporation, Inc.
In October 2023, Voyager Space announced they plan to enter a teaming agreement with Northrop Grumman to develop fully autonomous rendezvous and docking technology for Northrop Grumman's Cygnus spacecraft and provide cargo resupply services for the Starlab space station, which will be built and operated under a transatlantic joint venture between Voyager Space and Airbus Defence and Space (Airbus).
In October 2023, L3Harris Technologies has signed a multi-year strategic agreement with Creation Technologies to support critical defense and aerospace programs. The agreement involves streamlining manufacturing and design processes with the aim of improving the capability of the defense industrial supply base, L3Harris said Monday.
In September 2023, BAE Systems Inc has signed an agreement with Larsen & Toubro (L&T) to offer its articulated all-terrain vehicle (AATV), the BvS10, for an Indian Army acquisition programme. An articulated vehicle consists of two or more separate frames connected by suitable couplings. It has a permanent or semi-permanent pivot joint, which allows it to turn more sharply. There are many kinds of articulated vehicles, including buses, trams and trains.
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.