An armored vehicle, also known as an armored car or military armored vehicle, is a vehicle designed to provide protection to its occupants through armor plating and other defensive measures. These vehicles are used by military forces, law enforcement agencies, and other security organizations to transport personnel and equipment in high-threat environments.
Armored Vehicle Market Summary
According to the new market research report “Global Armored Vehicle Market Insights, Forecast to 2030”, published by QYResearch, the global Armored Vehicle market size is projected to reach USD 26.95 billion by 2029, at a CAGR of 4.8% during the forecast period.
- Global Armored Vehicle MarketSize(US$ Million), 2018-2029
Source: QYResearch, "Global Armored Vehicle Market Insights, Forecast to 2030”
- Global Armored Vehicle Top20Players Ranking and Market Share (Ranking is based on the revenue of 2022, continually updated)
Source: QYResearch, "Global Armored Vehicle Market Insights, Forecast to 2030”
According to QYResearch Top Players Research Center, the global key manufacturers of Armored Vehicle include General Dynamics, BAE Systems, Oshkosh, Rheinmetall, Inner Mongolia First Machinery Group, Nexter Systems, Hyundai Rotem, Uralvagonzavod, FNSS, STREIT Group, etc. In 2022, the global top 10 players had a share approximately 74.0% in terms of revenue.
Military modernization needs: In the process of military modernization and armament renewal in many countries, the demand for armored vehicles continues to grow. With the continuous advancement of technology and changes in the battlefield environment, armored vehicles need to have higher mobility, protection and fire strike capabilities. This provides armored vehicle manufacturers with the opportunity to expand market share and develop innovative products.
Regional conflicts and terrorist threats: The increase in regional conflicts and terrorist threats has provided opportunities for the demand for armored vehicles. Many countries need to equip advanced armored vehicles to improve anti-terrorism capabilities, border defense and internal security.
Technological innovation and digital transformation: With the development of science and technology, the armored vehicle industry is also facing opportunities for technological innovation and digital transformation. The application of new materials, sensors, communication technologies and automation systems provides armored vehicles with more advanced functions and performance. At the same time, the application of digital technology can improve the intelligence level and combat effectiveness of armored vehicles.
Restraint:
Financial pressure: Armored vehicles are high-cost military equipment that require large amounts of funds to develop, produce and maintain. Factors such as the instability of the country's fiscal situation, military budget cuts and the economic recession may lead to reduced demand for armored vehicles, with manufacturers facing market pressure and profitability difficulties.
Geopolitical risks: The armored vehicle industry is affected by geopolitical factors. Conflicts, tensions and military confrontations can lead to fluctuations and uncertainty in demand for armored vehicles. Factors such as political decisions, trade restrictions and sanctions may also have a negative impact on international trade and cooperation in the armored vehicle industry.
Reliability and safety requirements: Armored vehicles are key combat tools, and their reliability and safety are crucial. Manufacturers need to ensure the design and manufacturing quality of armored vehicles to provide highly reliable and safe products. Any quality issues or security breaches can have a serious impact on a manufacturer's reputation and market position.
About The Authors
Airong Wang– QYResearch Junior Analyst; Received a master's degree in logistics and utilizes technical knowledge to provide insight into the logistics industry; Have certain data search and analysis capabilities, and be good at feasibility analysis of the industry
Email: wangairong@qyresearch.com
About QYResearch
QYResearch founded in California, USA in 2007.It is a leading global market research and consulting company. With over 16 years’ experience and professional research team in various cities over the world QY Research focuses on management consulting, database and seminar services, IPO consulting, industry chain research and customized research to help our clients in providing non-linear revenue model and make them successful. We are globally recognized for our expansive portfolio of services, good corporate citizenship, and our strong commitment to sustainability. Up to now, we have cooperated with more than 60,000 clients across five continents. Let’s work closely with you and build a bold and better future.
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