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Armored vehicles are vehicles used for transportation under armed security or by replacing standard windows with bulletproof windows. These vehicles are widely used by military, law enforcement, corporate people, VIPs and celebrities. The global armored vehicles market has gained popularity with the increasing need to fight terrorism and growing number of wars and cross-border disputes.
Armored vehicles are broadly used for enhancing defense capabilities and maintaining homeland security. Homeland security prevents terrorist attacks and reduces the vulnerability to terrorism within the country. Additionally, homeland security is driving modernization program in Middle East, Asia and Latin America thereby creating huge growth potential for armored vehicles in these regions. The requirement for lightweight armored vehicles, growing popularity of rental and leasing of armored cars among civilians and increasing commercial applications due to civil unrest has significantly led to the adoption of armored vehicles across the globe.
The global market for armored vehicles is expected to witness a CAGR of 5.8% during the forecast period (2017-2023) due to their growing civilian use for self-defense and safety, rising number of wars and cross-border disputes and increasing rate of terrorism worldwide. Based on technology, active mine system is expected to be the largest segment in the global armored vehicles market during the forecast period. Defense sector emanated the largest demand in the global armored vehicles market while commercial sector is expected to witness fastest growth during the forecast period. Wheeled type is expected to be the largest segment in the global defense armored vehicles market, by type, during the forecast period. Infantry fighting vehicles is the largest segment in the global defense armored vehicles market, by product. The segment is expected to follow the same trend during the forecast period.
GLOBAL ARMORED VEHICLES MARKET, BY PRODUCT, USD MILLION (2013-2023)
The key trend observed in the global armored vehicle market is that major players are increasingly investing in R&D activities for development of advanced armored technologies and focusing on strategic partnerships and other expansion plans to strengthen their position in the global market.
The factors driving the growth of global armored vehicles market are the ever-increasing security challenges faced by the government bodies and civilians across the globe on account of rising terrorism rates and growing political disputes. The Asia-Pacific region has witnessed increased defense expenditure from various countries including China, India, South Korea and Australia, which is expected to spike the demand for armored vehicles during the forecast period. Additionally, the rising investment for militarization of law enforcement agencies as a part of their modernization program and for advanced combat and counter-terrorist operations is expected to further propel the demand for armored vehicles during the forecast period.
Growing concerns to protect military personnel during civil wars and the increasing need to protect the nation from a plethora of situations and scenarios, ranging from natural disasters to acts of terrorism, is expected to drive homeland security applications across the globe. This would in turn, increase the demand for armored vehicles during the forecast period.
Backed by growing incidences of armed violence and technological advancements in Russia and other European nations, the European region is expected to drive the global market during the forecast period. Additionally, the growing need for modernized military sector is expected to emanate the largest demand during the forecast period.
The U.S. and the European nations were the biggest consumers of armored vehicles for a considerable period of time; however, with the advent of sequestration in the U.S. in the recent years, both the U.S. and European governments decided to cut down their defense budgets. This significantly affected the demand for armored vehicles; however, the growing security concerns in the Asia-Pacific region and the peace initiative missions undertaken by the Middle East nations have helped in reducing the impact to a considerable level. Additionally, the multilateral collaboration between North Atlantic Treaty Organization (NATO) and the African Union to counter terrorism is expected to further propel the growth of global armored vehicles market during the forecast period.
The major factor hindering the growth of the overall market includes the lack of regulatory standards across the globe. Additionally, the withdrawal of troops from Afghanistan and Iraq by the U.S. and their allies has hindered the North American market at a considerable level thereby resulting in a steady decline in the region. Moreover, the U.S. and European nations witnessed a decline in the defense budgets in the recent years, which is expected to further hamper the growth of global armored vehicles market during the forecast period.
The global armored vehicles market is highly competitive and has considerable number of quarrying and mining lubricants manufacturers. Some of the key players in the global armored vehicles market include General Dynamics Corporation, Lockheed Martin Corporation, BAE Systems plc, Elbit Systems Ltd., Oshkosh Corporation, Textron Inc., International Armored Group (IAG), Denel Land Systems, Rheinmetall AG, Thales Group and INKAS Armored Vehicle Manufacturing.
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