CHICAGO, Oct. 20, 2022 /PRNewswire/ — Armored vehicles market is projected to grow from USD 29.3 billion in 2022 to USD 34.1 billion by 2027, at a CAGR of 3.1% from 2022 to 2027 according to a new report by MarketsandMarkets™. The market is driven by factors such as increasing demand for armored vehicles to tackle cross-border conflicts, improvising ISR and target acquisition capabilities of defense forces, etc.
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Key players in the armored vehicles market include Oshkosh Corporation (US), Hanwha Defense (South Korea), Northrop Grumman Corporation (US), BAE Systems (UK), Lockheed Martin Corporation (US), Rheinmetall AG (Germany), among others. The report covers various industry trends and new technological innovations in the armored vehicles market for the period, 2019-2027.
Improving ISR and target acquisition capabilities of defense forces
The need for improved monitoring of water and land borders is of utmost importance for defense forces, especially due to the rising incidents of terror attacks across the globe. In some cases, defense forces find it difficult to effectively tackle a situation as the reaction time from the detection of threats to their interception is high. In such cases, robots can act as an alternative to humans as they are capable of carrying out improved cross-border surveillance and intelligence gathering with a faster reaction time. Robots can effectively and efficiently monitor borders and continuously relay real-time data to ground stations.
The demand for robots is increasing across the globe as they are used for carrying out target acquisition and surveillance operations by defense forces of different countries. Companies like Northrup Grumman Corporation (US), the Boeing Company (US), IAI (Israel), and Textron Inc. (US), are developing military robots with intelligence, surveillance, reconnaissance (ISR) and target acquisition capabilities.
Combat vehicles segment projected to lead the armored vehicles market by platform, during the forecast period
Based on platform, the armored vehicles market has been segmented into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. The combat vehicles segment of the armored vehicles market is projected to grow from USD 17.7 billion in 2022 to USD 20.2 billion by 2027, at a CAGR of 2.7% during the forecast period. The increasing demand for light armored vehicles (LAVs), main battle tanks (MBTs), infantry fighting vehicles (IFVs), etc., is expected to contribute to the growth of the combat vehicles segment of the market during the forecast period.
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North America region accounts for the largest market share in armored vehicles market
North America led the market in 2022, with the US accounting for the largest share of the regional market. The North American armored vehicles market is projected to witness significant growth during the forecast period. The region is increasingly focusing on the procurement of armored vehicles, owing to their growing deployment in overseas operations undertaken by the US. The US is the largest developer, operator, and exporter of armored vehicles, globally, thereby making the North American region one of the largest consumers of armored vehicles across the globe.
Major companies profiled in the report are Oshkosh Corp. (US), L3harris Technologies (US), Northrop Grumman Corporation (US), Lockheed Martin Corporation (US), and Hanwha Defense (South Korea), among others. (30 Companies)
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