Defense is considered as one of the most important sectors across the globe and the key consumer of different types of armored vehicles. The rise in the defense funds by developing nations owing to the increasing terrorist activities is one of the key factors augmenting the growth of the global armored vehicles market. The advent of enhanced and efficient vehicles is expected to accelerate the market’s growth in the coming years. As per the research study by Transparency Market Research (TMR), in 2014, the global market for armored vehicles was worth US$22.73 bn and is anticipated to reach a value of US$35.49 bn by the end of 2023. The market is anticipated to register a 5.20% CAGR between 2015 and 2023.
Rising Focus on Military Modernization to Bolster Global Armored Vehicle Market
The growing demand for advanced armored vehicles from security conscious civilians is one of the primary factors fuelling the growth of the market. In addition, enhanced features such as size, weight, and power (SWaP) added to the new armored vehicles are projected to attract more investments, thus driving the global market. The rising focus of key players on technological advancements and military modernization is further estimated to contribute extensively towards the growth of the overall market.
On the other hand, lack of uniform regulatory norms in Asia Pacific and Rest of the World is expected to restrict the growth of the global armored vehicle market in the coming years. Additionally, the maintenance of balance between quality and cost of the vehicles is the key challenge faced by the leading players, which is likely to hamper the growth of the market. Nevertheless, the increasing adoption rate of advanced technologies in order to improve the overall vehicle performance and the growing military expenses by developing nations are projected to offer promising opportunities for the leading players.
Asia Pacific to Offer Promising Opportunities in Coming Years
Among the key geographical segments, in 2014, North America led the global armored vehicle market accounting for a share of 40%. The high growth of this region can be attributed to the increasing investments in research and development activities and the presence of several prominent defense contractors. The availability of vast defense funds is further expected to encourage the growth of the armored vehicle market in North America. In the same year, Europe held the second position in the global market and is expected to experience sluggish growth in the next few years. Furthermore, the Asia Pacific market for armored vehicles is projected to register a healthy 5.80% CAGR between 2015 and 2023. The growing focus on research and development and technological developments are expected to generate potential opportunities for key players and fuel the growth of the market in the near future.
Browse the full Global Armored Vehicle Market report at : http://www.mrrse.com/armored-vehicle-market
The global armored vehicle market is consolidated in nature with the presence of a few players holding a massive share. Some of the key players operating in the armored vehicle market across the globe are Krauss-Maffei Wegmann GmbH & Co. KG, STREIT Group, Lockheed Martin Corporation, Oshkosh Corporation, Rheinmetall Defence, International Armored Group, The Raytheon Company, Elbit Systems Ltd., INKAS Armored Vehicle Manufacturing, General Dynamics Corporation, and BAE Systems plc.