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Global Armored Vehicle Market Strengthened by Military Modernization Drives and Heavy APAC Demand

Press release Description

Albany, New York, October 26, 2016: Market Research Reports Search Engine (MRRSE.com) has added a new research report to its massive database on the global industries in the defense sector. The latest report, titled “Armored Vehicle Market  – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,” allows a reader to form a complete perception of the market in order for them to take their next business strategy to the next level. The report covers all factors that have affected the global armored vehicle market in the recent past and in the present. These factors are essential in understanding how the market is expected to turn out in the near future. 

The global armored vehicle market is expected to expand at a CAGR of 5.2% within a forecast period from 2015 to 2023, in terms of revenue. This revenue is expected to reach US$35.49 bn in 2023, after it was calculated at US$22.73 bn in 2014. The key factor attributed to the current growth rate shown by the global armored vehicle market is the growing demand for military modernization in all defense bodies across the world. The growing number of terrorism activities and insurgencies is creating a high cause of concern for security and for the undertaking of necessary procedures. 

Active Mine Protection Segment to Keep Lead in Global Armored Vehicle Market

Among the various technology-based segments in the global armored vehicle market, active mine protection has consistently been the leading one in terms of demand. In 2014, this segment held 24% of the market value and is expected to retain its leading position till 2023. 

The overall market share held by active mine protection, however, is being challenged by the speedily growing segment of interoperable communications. This segment is being projected at a CAGR of 5.5% from 2015 to 2023 owing to a high rate of development across the sectors of embedded systems and commercial off-the-shelf systems. It is expected that the rate of adoption of interoperable communication systems is only bound to increase over time. 

APAC Shows Promising Opportunities in Global Armored Vehicle Market

Although North America has been the leading region in terms of demand for the global armored vehicle market, Asia Pacific is showing a much greater rate of increase in its demand. In 2014, North America held more than 40% of the global armored vehicle market’s value, owing to a massive defense sector and heavy investments in research and development. Asia Pacific, on the other hand, while being at the third position in terms of demand volume in 2014, is showing a CAGR 5.8% from 2015 to 2023 in its demand for armored vehicles. 

The key players in the global armored vehicle market include The Raytheon Company, INKAS Armored Vehicle Manufacturing, Oshkosh Corporation, Krauss-Maffei Wegmann GmbH & Co. KG, Elbit Systems Ltd., BAE Systems plc, General Dynamics Corporation, Lockheed Martin Corporation, Rheinmetall Defence, STREIT Group, and International Armored Group. 

Browse Full Global Armored Vehicle Market Report with TOC:http://www.mrrse.com/armored-vehicle-market

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