Vehicle Armor Market Size

Vehicle Armor Market Size

Vehicle Armor Market size valued at USD 6.7 billion in 2019 and will grow at a CAGR of 4.5% between 2020 and 2026. The rising government spending on the defense sector to strengthen armament power will propel the industry growth.

Rising military expenditures will accelerate the pace of procurement of armored vehicles in the upcoming years. The global military expenditure increased by over 7% during 2010 to 2019. Increasing conflicts and unstable political situations will change the course of combat operations. Global terrorism is another major threat faced by many countries, compelling them to strengthen their armaments. Additionally, growing concerns associated with small ballistic arms will generate the need for efficient vehicle armors by land armament sectors.

To get key market trends

  Download Free Sample

The emergence of political instability within the Middle East will support vehicle armor market demand. The civil war in Syria, violent conditions in Yemen, and surging terrorism activities are driving countries within this region to expand their military capabilities. The procurement of armored vehicles will see an upward growth trajectory backed by strong economic conditions and huge investments. This will help the countries to solidify the land arms sector to modernize inventories and reinforce military power.

The advent of technology will potentially generate many opportunities for the growth of vehicle armors through 2026. The integration of artificial intelligence, virtual training, sensor systems, active protection systems, and survivability equipment will aid in improving the capabilities of armor systems, thereby providing more safety to soldiers.

Moreover, companies are heavily investing in research & development activities to develop lightweight and efficient materials for the development of vehicle armor. This will help in reducing the vehicles’ weight and enhancing their mobility in combat situations.

Vehicle armor industry may face adversity due to limitations faced by vehicle armor manufacturers while entering into new and emerging markets. These manufacturers may find it difficult to get foothold of the market rapidly owing to stringent government regulations, inability to form strong relationship with suppliers, and budget constraints. Such trends may negatively influence the market growth.