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Armored Vehicles Market Trends

Report ID: GMI3279
Published Date: Oct 2023
Report Format: PDF

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Armored Vehicles Market Trends

The trend of continuous technological advancements can be witnessed in armored vehicles integrating cutting-edge technologies such as autonomous systems, improved communication, and heightened situational awareness. Modular design is on the rise, enabling adaptability for diverse mission profiles. Lightweight materials are being developed to enhance mobility without compromising security. With conflicts increasingly shifting to urban areas, armored vehicles are being designed for urban warfare scenarios. There is a growing emphasis on electrification to improve efficiency and reduce environmental impacts.

The global market is expanding, presenting export opportunities as various countries seek armored vehicles for security and military applications. The threat of Unmanned Aerial Systems (UAS) has led to the integration of anti-drone capabilities into armored vehicles. Sustainability is gaining traction, with a focus on developing more fuel-efficient and eco-friendly armored vehicles. Overall, the armored vehicles industry is evolving to meet modern security challenges, enhance versatility, and address environmental concerns, reflecting the dynamic nature of global defense and security needs.

Authors: Suraj Gujar , Sandeep Ugale

Frequently Asked Questions (FAQ) :

Market size for armored vehicles crossed USD 21.7 billion in 2022 and will register over 5% CAGR from 2023-2032 due to the rising prevalence of urban conflict including terrorism and civil unrest worldwide.

The combat vehicle type segment held over 55% share of the armored vehicles industry in 2022 and is expected to register appreciable CAGR from 2023-2032 on account of the escalating security concerns due to regional conflicts and rising geopolitical tensions.

North America recorded over 30% share of the armored vehicles market in 2022 and is expected to register commendable CAGR from 2023-2032 owing to the increased defense spending and the heightened concerns about domestic security in the region.

BAE Systems, General Dynamics Corporation, Hanwha Defense, IVECO Defence Vehicles, Krauss-Maffei Wegmann GmbH & Co., L3harris Technologies, and Oshkosh Corporation, Inc. are some of the major armored vehicles companies worldwide.