Armored Vehicle Market Size, Share, Growth Drivers, Upcoming Trends, Business Challenges, Opportunities and Future Competition Till 2033: SPER Market Research
Armored vehicles are military, commercial, or passenger vehicles that are outfitted with full or partial armor plating to protect them from bullets, shell fragments, or other projectiles. The military employs armored vehicles that can travel on either continuous tracks or wheels. They are essential for reconnaissance, frontline combat, and modern battlefield logistics. Armored vehicles perform a number of critical roles in both the defence and commercial sectors. In defence applications, these vehicles are critical in ensuring the safety and security of military personnel and equipment.
According to SPER market research, ‘Armored Vehicle Market Size – By Application, By Drive type, By Vehicle type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Armored Vehicle Market is predicted to reach USD 29.90 billion by 2033 with a CAGR of 4.5%.
The increasing security challenges posed by insurgent activities and crime rates are driving up demand for civilian armored vehicles. Furthermore, armored vehicles are gaining popularity among public figures, and elite groups are adopting armored passenger vehicles for increased security. To meet the growing demand for armored vehicles, leading automobile manufacturers are introducing a diverse range of bulletproof vehicles. For example, Land Rover, a leading manufacturer of luxury vehicles, introduced the Range Rover Sentinel in March, which features armored glass and a ballistic steel plate inside its body. As a result, the increased demand for bulletproof vehicles is expected to fuel the growth of the armored vehicle market.
However, armored vehicles experience mechanical strain from moving over uneven terrain, as well as logistical strain from cross-country operations. The constant high-speed travel of these vehicles frequently results in mechanical failure of their engines and transmission systems. Power outages, component breakdown, and part jamming are also common occurrences. These failures are sometimes difficult to correct for rescue and recovery teams, resulting in critical situations during wartime. Detecting faulty components or parts that cause armored vehicles to malfunction can also be challenging at times. As a result, armored vehicle manufacturers are constantly working to correct these flaws by developing new and innovative designs using composites and incorporating advanced systems into these vehicles.
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Impact of COVID-19 on Global Armored Vehicle Market
Furthermore, The COVID-19 pandemic had a significant impact on the armored vehicle industry. It caused production and delivery delays by disrupting international supply chains. Government allocation of resources to healthcare had an impact on defence budgets. On the other hand, the pandemic highlighted the importance of quick action and medical assistance, highlighting the need for adaptable armored vehicles in emergency situations. Because of the pandemic’s emphasis on readiness, more money is being invested in the innovation and modernization of armored vehicles, particularly in the medical and disaster relief sectors.
Armored Vehicle Market Key Players:
Geographically, North America led the global Armored Vehicle market in terms of value. Additionally, some of the market key players are BAE Systems, General Dynamics Corporation, INKAS Armored Vehicle Manufacturing International Armored Group, Krauss-Maffei Wegmann GmbH & Co. (KMW), Lenco Industries, Inc. and Lockheed Martin Corporation.
Armored Vehicle Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Application: Based on the Application, Global Armored Vehicle Market is segmented as; Commercial, Defence.
By Drive Type: Based on the Drive Type, Global Armored Vehicle Market is segmented as Track, Wheel.
By Vehicle Type: Based on the Vehicle Type, Global Armored Vehicle Market is segmented as; Armored Personnel Carrier, Bus, Infantry Fighting Vehicle, Main Battle Tanks, Limousine, Sedan, Tactical Tracks.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Armored Vehicle Market Future Outlook
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