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Pulished Date February, 2020
ID: 9610
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Armored Vehicle Market by Product (Commercial Armored Vehicle and Defense Armored Vehicle), System (Navigation Systems and Power Systems, Hulls/Frames, Observation & Display Systems, Command & Control (C2) Systems, Armaments, Countermeasure Systems, Fire Control Systems (FCS), Turret Drives, Ammunition Handling Systems, Ballistic Armor, Engine, and Drive Systems), End-User (Defense and Commercial), and Regional (North America, Europe, Asia Pacific, Latin America, Middle East and Africa, and Rest of the world) – Global Industry Size, Growth, Trends, Value, and Competitive Analysis Forecast Report 2020-2025

Pulished: February, 2020
ID: 9610
Pages: 175

Armored Vehicle Market Analysis 2020-2025

Armored Vehicle Market is determined to develop from USD 14.4 billion in 2020 to USD 16.9 billion in 2025, at a compound annual rate of 3.25% from 2020 to 2025. Armored vehicles are security vehicles used to transport armed security. The armored vehicles were owned and used exclusively by the military, law enforcement, and ministers, but in recent years, prominent corporate figures, VIPs, and celebrities have also contributed to the request for these vehicles. Increasing security concerns are the major cause for the adoption of armed vehicles by various government and civil agencies. Demand for new, technologically advanced transmission equipment in an armored vehicle, which is highly efficient and safe, is essential to maintain an advantage over extremist powers. Frequent investments in R&D activities and the development of highly advanced and innovative technologies will be at the core of growth strategies for the coming years.

Recent Developments

  1. In May 2015, Rheinmetall AG, PolskaGrupaZbrojeniowa SA, Obrum, the company's subsidiary, signed a cooperation agreement to develop a new 6X6 army amphibious car for the Polish army.
  2. In April 2015, BAE Systems implemented an upgrade to the Active Damping System for the CV90 Fighter Car, thereby increasing its agility by reducing the vehicle's pitch acceleration by approximately 40%. In December 2014, the company also announced that it had received a $ 1.2 billion contract from the US Army. USA For multipurpose armored vehicles.

Market Drivers and Restraints:

The market has grown considerably due to the increasing importance given to protecting soldiers from external and internal threats. The rise in awareness related to commercial security is foreseen to stimulate demand for various armored vehicles over the calculated period. The market is also expected to be dragged down by several governments opting for the latest machines to counter emergencies caused by insurgencies and militant attacks. In addition, the increase in community unrest and organized crime in regions such as the Middle East and Africa, as well as Asia-Pacific, is expected to stimulate market demand. Increased defense budgets, particularly in the Asia Pacific, are expected to spur market growth. The goodwill of industry participants must play a key role in awarding contracts. Advances such as increasing energy efficiency and the use of high-tech sensors should stimulate the market in the coming years.

In modern years, there has been a rise in cases of armed conflict and disputes worldwide at the intrastate and interstate levels. Some of the happening tiffs across the globe like the war against the Islamic State in Iraq, the civil war in Syria, the crisis in North Korea, and others have also had a significant impact on the world economy. These conflicts have mobilized the armed forces and the police of the main world economies, in particular the United States, the United Kingdom, and France, among others. Although the defense budget cuts of these countries in recent years have resulted in a reduction in the size of their military troops, the demand for armored vehicles has remained more or less the same due to their increased use by civilians and local and national authorities. Law enforcement agencies in affected areas use these vehicles primarily for the safety and protection of users against ballistic attacks and explosions.

The increase in cross-border criminal activity and terrorism has caused an asymmetric war between different nations of the world, which is expected to further increase the demand for products. The development of light, robust, highly efficient, and compact armored vehicles suitable for defense operations should also maintain optimistic growth prospects. In addition, higher prices for raw materials, components, vehicle assembly, and machining  equipment are expected to hamper the market growth.

Armored Vehicle Market Segmentation:

The market segmentation for Armored Vehicle has been divided into system, product, and end-user.

According to the system, the market was divided into drive systems, motor, ballistic armor, ammunition management systems, turrets, fire control systems (FCS), countermeasures systems, weapons, systems command and control (C2), observation and visualization systems, helmets/frames, navigation systems and power systems. The armaments segment accounted for the substantial share in 2018 and is expected to grow to the highest CAGR during the forecast period. The increasing adoption of remote weapon stations in armored vehicles is fueling the growth of the segment.

Depending on the product, the market has been separated into defense armored vehicles and commercial armored vehicles. The defense armored vehicle segment has been subdivided into Armored Personnel Transport Vehicles (APC), Lightly Protected Vehicles (LPV), infantry Combat Vehicles (IFV), mine Resistant Ambushes (MRAP), main Battle Tanks. (MBT), truck tactics, and others. The commercial armored vehicle segment has been subdivided into limousines, buses/vans, sedans, SUVs, and others. Defense armored vehicles dominated the market in 2018 and are expected to grow to a higher CAGR from 2020 to 2025. Increased spending on the development of advanced military transport vehicles is driving growth in the segment.

According to the end-user, the market has branched out into commercial and defense. The defense segment dominated the market in 2018 and is likely to experience a higher CAGR during the forecast period. The growing need to provide greater security for defense personnel is the engine of growth in the segment.

Impact of COVID-19 on Armored Vehicle Market

The impact of the global coronavirus epidemic is changing minute by minute. The pandemic has affected our lives, workplace, communities, and all walks of life. Given several unknown elements of this outbreak and the situation that continues to develop, it is difficult to assess what the future holds for us. To manage the impact of COVID-19, Airbus activates its Watchtower committee. This committee replicates a post-September 11 process that looks at the needs of airlines for the next two years and allows distressed customers who may not need the equipment this year to delay aircraft orders while leaving. Opportunistic shoppers skip the line.

Regional Analysis:

The global market for Armored Vehicle has been categorized into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.  Asia-Pacific recorded the most exceptional revenue of USD 7.9 billion in 2018, which is credited to government initiatives that strengthen the military power to address internal or external terrorism. In addition, several government agencies are making significant investments to develop the defense sector in the region. Countries like India, South Korea, and China are investing to buy and develop advanced armored vehicles. For example, in February 2018, South Korea announced its decision to create a research center to develop navigation algorithms for unmanned armored vehicles and artificial object recognition and tracking technology based on artificial intelligence. Manufacturers in the Asia-Pacific are funding more in research and development activities to implement advanced and hybrid armored vehicles to increase border and maritime patrols. Furthermore, increased military spending and growing demand for medium-sized light armored vehicles for patrol operations should spur regional growth in the coming years.

Leading Company

General Dynamics Corporation had the largest share of the Armored Vehicle Market in terms of sales and revenue in 2018.

Key Players

The Armored Vehicle Market is concentrated with well-established players. Key players in the Armored Vehicle Market include Elbit Systems Ltd, STREIT Group, General Dynamics Corporation, INKAS Armored Vehicle Manufacturing, BAE Systems, The Raytheon Company, Rheinmetall Defence, Lockheed Martin, Textron Inc., International Armored Group, Krauss-Maffei Wegmann GmbH & Co. KG, and Oshkosh Corporation

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Scope of the report                

                1.3 Study Assumptions                 

                1.4 Base Currency, Base Year and Forecast Periods 

2. Research Methodology                                           

                2.1 Analysis Design                         

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Data Modelling      

                                2.2.4 Expert Validation  

                2.3 Study Timeline                          

3. Report Overview                                        

                3.1 Executive Summary                

                3.2 Key Inferencees                       

4. Market Dynamics                                       

                4.1 Impact Analysis                         

                                4.1.1 Drivers      

                                4.1.2 Restaints  

                                4.1.3 Opportunities        

                4.2 Regulatory Environment                       

                4.3 Technology Timeline & Recent Trends 

5. Competitor Benchmarking Analysis                                    

                5.1 Key Player Benchmarking                     

                                5.1.1 Market share analysis        

                                5.1.2 Products/Service  

                                5.1.3 Regional Presence               

                5.2 Mergers & Acquistion Landscape                      

                5.3 Joint Ventures & Collaborations                        

6. Market Segmentation                                              

                6.1 Armored Vehicle Market, By Prodcut                             

                                6.1.1 Commercial Armored Vehicle         

                                6.1.2 Defense Armored Vehicle

         6.1.3 Market Size Estimations & Forecasts (2019-2024)   

                                6.1.4 Y-o-Y Growth Rate Analysis             

                                6.1.5 Market Attractiveness Index          

                6.2 Armored Vehicle Market, By System                              

                                6.2.1 Navigation Systems and Power Systems    

                                6.2.2 Hulls/Frames          

                                6.2.3 Observation & Display Systems      

                                6.2.4 Command & Control (C2) Systems

                                6.2.5 Armaments            

                                6.2.6 Countermeasure Systems

                                6.2.7 Fire Control Systems (FCS)               

                                6.2.8 Turret Drives          

                                6.2.9 Ammunition Handling Systems      

                                6.2.10 Ballistic Armor     

     6.2.11 Market Size Estimations & Forecasts (2019-2024)

                                6.2.12 Y-o-Y Growth Rate Analysis           

                                6.2.13 Market Attractiveness Index        

                6.3 Armored Vehicle Market, By End-User                          

                                6.3.1 Defense   

                                6.3.2 Commercial            

     6.3.3 Market Size Estimations & Forecasts (2019-2024)   

                                6.3.4 Y-o-Y Growth Rate Analysis             

                                6.3.5 Market Attractiveness Index          

7. Geographical Landscape                                         

                7.1 Global Identity Governance and Administration Market, by Region  

                7.2 North America - Market Analysis (2018 - 2024)   

                                7.2.1 By Country              

                                                7.2.1.1 USA

                                                7.2.1.2 Canada

                                7.2.2 By Prodcut              

                                7.2.3 By System

                                7.2.4 By End-User           

                7.3 Europe                         

                                7.3.1 By Country              

                                                7.3.1.1 UK

                                                7.3.1.2 France

                                                7.3.1.3 Germany

                                                7.3.1.4 Spain

                                                7.3.1.5 Italy

                                                7.3.1.6 Rest of Europe

                                7.3.2 By Prodcut              

                                7.3.3 By System

                                7.3.4 By End-User           

                7.4 Asia Pacific                  

                                7.4.1 By Country              

                                                7.4.1.1 China

                                                7.4.1.2 India

                                                7.4.1.3 Japan

                                                7.4.1.4 South Korea

                                                7.4.1.5 South East Asia

                                                7.4.1.6 Australia & NZ

                                                7.4.1.7 Rest of Asia-Pacific

                                7.4.2 By Prodcut              

                                7.4.3 By System

                                7.4.4 By End-User           

                7.5 Latin America                             

                                7.5.1 By Country              

                                                7.5.1.1 Brazil

                                                7.5.1.2 Argentina

                                                7.5.1.3 Mexico

                                                7.5.1.4 Rest of Latin America

                                7.5.2 By Prodcut              

                                7.5.3 By System

                                7.5.4 By End-User           

                7.6 Middle East and Africa                           

                                7.6.1 By Country              

                                                7.6.1.1 Middle East

                                                7.6.1.2 Africa

                                7.6.2 By Prodcut              

                                7.6.3 By System

                                7.6.4 By End-User           

8. Key Player Analysis                                    

                8.1 Elbit Systems Ltd                      

                                8.1.1 Business Description           

                                8.1.2 Products/Service  

                                8.1.3 Financials 

                                8.1.4 SWOT Analysis       

                                8.1.5 Recent Developments       

                                8.1.6 Analyst Overview 

                8.2 STREIT Group                             

                8.3 General Dynamics Corporation                          

                8.4 INKAS Armored Vehicle Manufacturing                         

                8.5 BAE Systems                              

                8.6 The Raytheon Company                       

                8.7 Rheinmetall Defence                             

                8.8 Lockheed Martin                      

                8.9 Textron Inc                 

                8.10 Oshkosh Corporation                           

9. Market Outlook & Investment Opportunities                                

Appendix                                           

                List of Tables                     

                List of Figures                   

  • Global, Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of by Product, by System, by the end-user, along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Armored Vehicle Market By Region, From 2020-2025 ( USD Billion )
  2. Global Armored Vehicle Market By Product, From 2020-2025 ( USD Billion )
  3. Global Commercial Armored Vehicle Market By Region, From 2020-2025 ( USD Billion )
  4. Global Defense Armored Vehicle Market By Region, From 2020-2025 ( USD Billion )
  5. Global Armored Vehicle Market By System, From 2020-2025 ( USD Billion )
  6. Global Navigation Systems and Power Systems Market By Region, From 2020-2025 ( USD Billion )
  7. Global Hulls/Frames Market By Region, From 2020-2025 ( USD Billion )
  8. Global Observation & Display Systems Market By Region, From 2020-2025 ( USD Billion )
  9. Global Command & Control (C2) Systems Market By Region, From 2020-2025 ( USD Billion )
  10. Global Armaments Market By Region, From 2020-2025 ( USD Billion )
  11. Global Countermeasure Systems Market By Region, From 2020-2025 ( USD Billion )
  12. Global Fire Control Systems (FCS) Market By Region, From 2020-2025 ( USD Billion )
  13. Global Turret Drives Market By Region, From 2020-2025 ( USD Billion )
  14. Global Ammunition Handling Systems Market By Region, From 2020-2025 ( USD Billion )
  15. Global Ballistic Armor Market By Region, From 2020-2025 ( USD Billion )
  16. Global Armored Vehicle Market By End-User, From 2020-2025 ( USD Billion )
  17. Global Defense Market By Region, From 2020-2025 ( USD Billion )
  18. Global Commercial Market By Region, From 2020-2025 ( USD Billion )

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