Europe Armored Fighting Vehicles Market Size, Share, Revenue, Upcoming Trends, Demand, Key Players, Growth Drivers, Challenges and Future Opportunities Till 2033: SPER Market Research
Combat vehicles with armored protection, mobility, and firepower are known as armored fighting vehicles, or ARVs. These vehicles, which are essential in today’s fight, let ground forces to move around efficiently even when they are under fire. Among the many varieties of AFVs are infantry fighting vehicles (IFVs), tanks, APCs, and self-propelled artillery. Tanks’ primary job is to engage opposing armor and strongholds because they are the best-equipped and armored AFVs. In order to help infantry units during combat, IFVs combine a significant amount of firepower with the ability to transport troops.
According to SPER market research, ‘Europe Armored Fighting Vehicles Market Size- By Type – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Europe Armored Fighting Vehicles Market is predicted to reach USD 14.9 billion by 2033 with a CAGR of 5.91%.
Drivers: The market for armored combat vehicles (AFVs) is expanding due to a number of factors. The primary force behind military modernization initiatives, such as the procurement or modification of armored vehicles, is primarily the global increase in defense budgets. Furthermore, changing threat perceptions brought on by geopolitical tensions and regional wars raise need for enhanced anti-frontier vehicles (AFVs) that can handle modern security issues. Technological advancements in communication, weaponry, and armor materials all contribute to the market’s expansion as producers work to provide cutting-edge products with more firepower and protection. Market expansion is also fueled by modernization initiatives meant to update outdated fleets and adjust to evolving warfare paradigms.
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Challenges: The market for Armored Fighting Vehicles (AFVs) are facing several obstacles due to evolving defense objectives, technical advancements, and shifting geopolitical landscapes. One significant challenge is the growing costs associated with designing, producing, and maintaining advanced armored vehicles. AFVs require more sophisticated equipment for lethality, survivability, and communication as technology advances, which drives up prices. Strict regulations and export bans that limit the export of AFVs and their parts overseas are another issue the sector must cope with.
The worldwide outbreak of COVID-19 has resulted in significant disturbances to the Armored Fighting Vehicle (AFV) sector, affecting procurement, supply chains, and manufacturing worldwide. The implementation of lockdowns and travel restrictions in an attempt to curb the virus’s spread led to a labor shortage, factory closures, and logistical challenges that hindered the production of anti-fatigue vehicles. Furthermore, travel restrictions and social distancing laws hindered international collaboration and delayed crucial decision-making processes related to defense modernization and acquisition. The pandemic’s consequences on the economy and economic restrictions have also caused governments to reevaluate their priorities for defense spending. This can entail lowering or delaying plans for AFV acquisition.
Additionally, some of the market key players are; ARQUUS Defense, BAE Systems, General Dynamics Corporation, Iveco Defence Vehicles, KNDS N.V.
Europe Armored Fighting Vehicles Market Segmentation:
By Type: Based on the Type, Europe Armored Fighting Vehicles Market is segmented as; Armored Personal Carrier, Infantry Fighting Vehicle, Others.
By Region: This research also includes data for UK, France, Germany, Italy, Spain, Rest of 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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Europe Armored Fighting Vehicles Market Outlook
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