An armored vehicle is a lightweight self-propelled wheeled fighting vehicle which is used commonly in military and safety applications. The armored vehicle is designed for the transportation of military people in highway or in any difficult restrain path. It also design to give protection against the basaltic threats like IED (improvised explosives device) or bullets. The armored vehicle are widely used by the army and law enforcement, but for past few years the corporate world, VIPs and celebrities also are prominent players for the armored vehicle market. The armored vehicle market expected to grow because of cross-border dispute, with increase in counter terrorism and growing number of wars across the world. The use of IED (improvised explosives device) by terrorist organization are the prominent threats for any country which is likely to affect the demand for armored vehicle in globe market.
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Armored Vehicle Market: Dynamics
The technology development like artificial intelligence has improved the standard of armored vehicle market with the introduction of unmanned armored vehicle, survivability equipment and virtual training has driven the demand for armored vehicle in global market. With new advanced transmission system and advance navigation system that is deployed in armored vehicle has make the transport more effective with secure. The introduction of lightweight and advance weapon equipped are likely to drive the demand for armored vehicle market. The rise in internal and external threat and increasing violence is likely to affect the demand for armored vehicle market. The factor obstruct the demand for armored vehicle market is high cost associated in armored vehicle. Several nations have already started investing on the modernization of armored vehicles to deliver augmented level of security and mission readiness which likely to affect the demand for armored vehicle market. The armored vehicle market is not limited to defense sector the vehicle also used for natural disasters like earth quake, flood etc. The luxury segment of armored vehicle also are in trend with high profile celebrities and VIP person which are high value target for the terror organizations.
Armored Vehicle Market: Segments
The armored vehicle market can be segmented on the basis of by end user, by vehicle type, and by technology.
On the basis of by end user, armored vehicle market can be segmented as:
- Defense
- Wheeled Armored Vehicle
- Track Armored Vehicle
- Commercial
- SUVs
- Mid-Size
- Luxury
- Buses and Coaches
On the basis of by vehicle type, armored vehicle market can be segmented as:
- Armored Amphibious Vehicles
- Armored Personnel Carriers
- Infantry Fighting Vehicles
- Light Protected Vehicles,
- Main Battle Tank
- Mine-Resistant Ambush Protected
On the basis of by technology, armored vehicle market can be segmented as:
- Active
- Passive
Armored Vehicle Market: Regional Outlook
This rising in violence in countries like Syria, Iraq and other regions in the globe are likely to drive the demand for the armored vehicle market. The multilateral partnership between the Africa union and North Atlantic Treaty Organization (NATO) to counter the terrorism is likely to drive the demand for armored vehicle market. The dispute between the Russia and European countries is like to drive the market for armored vehicle. The Asia Pacific armored vehicle market is expected to grow the factor influencing armored vehicle market are the rising in terrorist activities in the region and increase in spending of emerging economic like China, South Korea and India and they are acquiring the advanced armored vehicle for their military operations. But the, lack of regulation in the operations of companies, government rules and regulations, and limited defense budget likely to affect growth of the armored vehicle market.
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Armored Vehicle Market: Key participants
List of some of the prominent market participants in armored vehicle market are:
Key Players
- BAE Systems
- Daimler AG (Mercedes Benz)
- Elbit Systems
- Ford Motor Company
- General Dynamics Corporation
- INKAS Armored Vehicle Manufacturing
- International Armored Group
- IVECO
- Krauss-Maffei Wegmann GmbH & Co.(KMW)
- Lenco Industries, Inc.
- Lockheed Martin Corporation
- Navistar, Inc.
- Oshkosh Defense, LL
- Rheinmetall AG,
- STAT, Inc.
- Textron, Inc.
- Thales Group
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