Armored Vehicle Market Will Witness Growth Demand In Defense Sector Till 2022

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New Market Research Reports Title “Armored Vehicle Market Analysis Size and Segment Forecasts to 2022” Has Been Added to Grand View Research Report Database

The global armored vehicle market is expected to reach USD 26.79 billion by 2022, according to a new report by Grand View Research, Inc. Increasing defense expenditure worldwide to improve military capabilities is expected to contribute to revenue growth.

Rising internal and external terrorism activity worldwide is expected to drive industry demand over the forecast period. Technology advancements such as unmanned vehicles are expected to fuel market growth. Increased focus of government such as India, China and the U.S. will contribute to industry growth.

Browse to access In-depth research report on Global Armored Vehicle Market with detailed charts and figures: http://www.grandviewresearch.com/industry-analysis/armored-vehicle-market

According to Department of Industrial Policy & Promotion (DIPP) Indian government is expected to make investment of USD 130 billion on defense forces and additional USD 110 billion on homeland security over the next seven years. Rising unrest or civil war such as civil war in Iraq may also drive the armored vehicle market.

Companies are continuously investing in R&D to drive new technology and products. Enhanced fuel efficiency and protection are key aspects for future development. Budget limitations and macroeconomic conditions may delay the ongoing or future development over the forecast period.

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Further key findings from the report suggest:

APC is key product segment and estimated to grow at a CAGR of 2.5% from 2015 to 2022. They are primarily used for safer deployment of infantry to battle fields or high threat areas and can be distinguished from IFVs based on the weapons they carry. Principally, APCs are not intended to take part in direct-fire battle, but are armored to provide protection from shrapnel and small arms fire and armed for self-defense. Mine-resistant ambush protected (MRAP) market is expected to growth at a CAGR of over 2.5%.Armored vehicles can be used to enhance defense capabilities, maintain homeland security, and for commercial applications. Homeland security works to prevent terrorist attacks with the country, reduce the vulnerability to terrorism, and minimize the damage from attacks that do occur.Asia Pacific armored vehicle market is estimated to be the key regional segment and accounted for over 30% of the overall revenue share in 2014. Rising defense budget of countries and increase in border or terrorism threats in Asia Pacific is expected to contribute to regional growth over the forecast period. North America armored vehicle market is estimated to hold over 25% of overall revenue share by 2022.This industry is highly competitive, key industry participants include BAE Systems, General Dynamics Corporation, Elbit Systems, INKAS, International Armored Group, Krauss-Maffei Wegmann, Iveco, Rheinmetall Ag, Lenco Industries, Inc, and Lockheed Martin.In September 2015, BAE Systems announced that it delivered the first production series ARCHER artillery system to the Swedish Defense Materiel Administration (FMV). Lenco Industries’ Bearcat and BEAR are used as military counter attack and rescue automobile; they are also used as patrol automobile on a military base or in urban environment. 

Browse more reports of this category by Grand View  Research: http://www.grandviewresearch.com/industry/automotive-and-transportation

Grand View Research has segmented the armored vehicle market on the basis of product, application, and region:

Armored Vehicle Product Outlook (Revenue, USD Million, 2012 – 2022)

Armored Personnel Carriers (APC)Infantry Fighting Vehicle (IFV)Light Protected Vehicle (LPV)Main Battle Tanks (MBT)Mine-Resistant Ambush Protected (MRAP)Tactical TrucksOthers

Armored Vehicle Application Outlook (Revenue, USD Million, 2012 – 2022)

DefenseHomeland SecurityCommercial

Armored Vehicle Regional Outlook (Revenue, USD Million, 2012 – 2022)

North AmericaEuropeAsia PacificLatin AmericaMEA

 

 

 

 

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