Pune, India, Oct. 09, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Armored Vehicle Market Forecast to 2030 – Global Analysis –By Platform (Combat Vehicle, Combat Support Vehicle, and Unmanned Armored Ground Vehicles); By Propulsion (Conventional, and Electric); By Application (Defense, and Commercial), By Vehicle Type (Armored Personnel Carrier, Infantry Fighting Vehicle, Main Battle Tanks, Tactical Truck, and Others),” the market size is expected to grow from US$ 22.38 billion in 2022 to US$ 31.80 billion by 2030; it is estimated to grow at a CAGR of 4.5% from 2022 to 2030. The increased government spending on military operations and the growing advancement of advanced technology-based vehicles drives the market growth. However, the high initial investment required for manufacturing is expected to hinder the growth of the market.
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The adoption of armored vehicles is high in the US, China, India, Russia, and South Korea. Rising conflicts in geopolitical and diplomatic activities around the globe are driving market growth. For instance, Russia and Europe conflict has created a massive impact on the global economy. With rising such conflicts, the demand for armed vehicles in European countries has increased astoundingly. In October 2021, Russian troops gathered movement to build military forces on a mass scale to defend Ukraine.
Further, the US government administration planned to increase military and defense spending. Also, the UK’s government planned to adopt the army vehicles for strengthening the military operations. These factors contributed to increasing the demand for the global armored vehicles market in the upcoming years.
Further, Turkey targeted to manufacture armoured vehicles to supply around the globe. The European Union (EU) members agreed to fund military and defense, which has created a massive demand for armored vehicles. In 2021, the European Union allocated US$ 1.71 billion per year for the development of defense funding. This funding was planned to buy armed vehicles and military weapons. Many countries' military forces have adopted definitive action on the adoption of the armored vehicle to pursue ambitions of modernization through strengthening military operations.
Further, in Italy, the demand for armored vehicles is rapidly increasing with rising investment towards the development of the army. For instance, in January 2021, the Italian army received 12 LMV 2 light tactical armored vehicles, which were manufactured by Iveco Defense Vehicles. These vehicles were delivered under a contract by Italy’s Ministry of Defense, with a contract valued at around US 54 million. Italy’s government planned to provide more than 2,000 LMV 2 for the Italian army.
Armored Vehicle Market Analysis: Competitive Landscape and Key Developments
General Dynamics Corporation, Oshkosh Corporation, BAE Systems plc., Rheinmetall AG, Lockheed Martin Corporation, Nexter Group, INKAS Armored Vehicle Manufacturing, International Armored Group, Krauss-Maffei Wegmann GmbH & Co., and Lenco Armored Vehicles are a few of the key companies operating in the armored vehicle market. The market leaders are procuring contracts from various countries' government officials to manufacture the armored vehicles. The companies are adopting several strategies, including partnerships, collaborations, new product launches, expansion and diversification, to access future business opportunities.
In July 2023, General Dynamics received a contract worth US$ 257.6 million from the US Army to manufacture M10 Booker combat armored vehicles. The contract ordered more than 26 armored vehicles. Also, previously, in June 2022, the company was awarded a US$ 1.14 billion contract to deliver 96 new armored vehicles for the US Army with infantry brigade system deployments.
In June 2023, Mahindra & Mahindra’s subsidiary Mahindra Defense Systems provided Armado Armado Armoured Light Specialist Vehicle to the Indian armed forces. The Armado vehicle was designed with 215 horsepower, 500 N-m, and a 3.2-litre turbo-diesel engine. The vehicle is used to protect the country from terrorists.
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Increasing Government Spending and Investment for the Strengthening the Military Operations is Expected to Create Opportunities for the Armored Vehicle Market:
The increasing adoption of armored vehicles by government authorities in several countries for strengthening their military and defense operations drives the global market growth. In the first quarter of 2021, Italy’s army approved the purchase of 650 Lince 2 NEC armored vehicles with 165 units under its budget. Russia, the UK, Germany and Italy are the leading countries in Europe to manufacture combat vehicles for various countries' military and defense sectors. These countries are conducting the programs and providing huge funding & investments to adopt the combat vehicles. Rheinmetall and BAE Systems Land signed a contract worth US$ 1 billion to provide armoured vehicles for the British Defence Ministry and to upgrade the Challenger 2 battle tanks.
The British Government confirmed the upgrade of its fleet tanks to provide security. Several key players in the market are signing contracts with the official government authorities in order to launch armored vehicles. For instance, General Dynamics signed a contract with the UK government to provide heavy-duty combat vehicles. The companies planned to offer the Ares, the latest version of the Ajax reconnaissance-based vehicle, for the UK’s army. Further, the US government planned to provide assistance and funding of US 75 billion to Ukraine for financial and military support as per the World Economy Forum. This funding does not include any war-related support. The US Department of Defense planned to adopt commercial armored vehicles for providing safety. Such rising government spending and an increase in the spending on the development of military operations are expected to create ample opportunity for the armored vehicle market in the upcoming future.
Armored Vehicle Market: Segmental Overview
Based on the platform, the market is segmented into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. The combat vehicle segment held the largest share of the market in 2022, whereas the combat support vehicle segment is anticipated to register the highest CAGR in the market during the forecast period. Based on propulsion, the armored vehicle market is bifurcated into conventional and electric. Based on the application, the global armored vehicles market is divided into defense and commercial. Based on the vehicle type, the market is divided into armored personnel carriers, infantry fighting vehicles, main battle tanks, tactical trucks, and others (bus, limousine, sedan).
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