Armored Vehicles Market Size, Share, Growth, Report 2023-2028

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The latest research study “Armored Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 ” by IMARC Group, finds that the global armored vehicles market size reached US$ 16.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 24.0 Billion by 2028, exhibiting a growth rate (CAGR) of 5.78% during 2023-2028.

Armored vehicles refer to automobiles specially designed with partial or complete armor plating to withstand attacks and explosions. Common variants include private carriers, main battle tanks, tactical trucks, buses, infantry fighting vehicles, limousines, and sedans. Armored vehicles provide high protection against basaltic threats, such as bullets, missiles, and improvised explosive devices (IEDs). They are also used in transporting military personnel and valuable items, including money and jewelry. Armored vehicles are usually fitted with weapons and a protective shell manufactured from various plates of corrosion-resistant steel, alloys, or unique composite materials. They also offer enhanced performance and higher reliability and durability to withstand attacks. As a result,

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Armored Vehicles Market Trends and Drivers:

The escalating product demand for frontline combat, armed escorting, surveillance, and goods transportation on battlefields is among the primary factors driving the armored vehicles market. Besides this, the elevating requirement for these automobiles for self and family protection, safeguarding public figures, and securing valuable materials, owing to the rising insurgent activities and threat levels, is further augmenting the market growth. Moreover, the integration of an active protection system (APS) that uses launchers, sensors, tracking radar, and countermeasure munitions to automatically detect and counteract incoming threat projectiles is also catalyzing the global market. Apart from this, the growing popularity of unmanned variants in defense forces to carry out intelligence, surveillance, and reconnaissance (ISR) and combat operations is acting as another significant growth-inducing factor. Furthermore, the increasing incidences of asymmetric warfare across the globe, inflating military modernization, and the launch of several policies by the government bodies toward strengthening the armed forces are expected to bolster the armored vehicles market in the coming years.

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Armored Vehicles Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

BAE Systems plc, Elbit Systems Ltd., General Dynamics Corporation, INKAS Armored Vehicle Manufacturing, International Armored Group, IVECO, Krauss-Maffei Wegmann GmbH & Co. KG (KMW+Nexter Defense Systems NV), Lenco Armored Vehicles Inc, Lockheed Martin Corporation , Oshkosh Defense, LLC (Oshkosh Corporation), Rheinmetall AG and Textron Inc.

The report has segmented the market on the basis of product, system and drive type.

Breakup by Product:

  • Defense
    • Armored Personnel Carrier (APC)
    • Infantry Fighting Vehicles (IFVs)
    • Light Protected Vehicles (LPVs)
    • Main Battle Tanks (MBTs)
    • Mine-resistant Ambush Protected (MRAP)
    • Tactical Vehicle
    • others
  • Commercial
    • Bus/Van
    • Limousine
    • Sedan
    • SUV
    • others

Breakup by System:

  • Engine
  • Drive System
  • Ballistic Armor
  • Turret Drives
  • Ammunition Handling System
  • Fire Control Systems (FCS)
  • Armaments
  • Countermeasure System
  • Command and Control (C2) System
  • Power System
  • Navigation System
  • Observation and Display System
  • Hulls/Frames

Breakup by Drive Type:

  • Wheeled
  • Tracked

Breakup by Region:

  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa

Key highlights of the report:

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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