Armored Vehicles Market Size Expanding to Touch USD 30 Billion by 2029
Armored vehicles market is flourishing owing to the increased emphasis on protecting soldiers from external and internal threats as well as increasing awareness about commercial security.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global armored vehicles market size at USD 19.4 billion in 2022. During the forecast period between 2023 and 2029, the global armored vehicles market size is projected to grow at a steady CAGR of 6.3% reaching a value of USD 29.75 billion by 2029. Two elements that are expected to propel the rise of the armored vehicle market are the militarization of law enforcement organizations and increased customer demand for bulletproof vehicles. The market expansion is expected to be fueled by the rising emphasis on protecting soldiers from both internal and external threats. The increased awareness of enterprise security is expected to drive the market for people's armored vehicles.
Global Armored Vehicles Market – Overview
Armored vehicles are defined as military, commercial, and passenger vehicles that have full or partial armor plating added for defense against projectiles like bullets and shell shards. Armored vehicles used by defense forces can either move over continuous tracks or wheels. They are crucial for logistics, frontline combat, and reconnaissance on the contemporary battlefield.
Global Armored Vehicles Market – By Mode of operation
Global armored vehicles market is split into Manned and Unmanned segments based on the mode of operation. A significant trend that is taking off in the armored vehicle sector is unmanned armored vehicles. Military groups all around the world are experimenting with unmanned armored vehicles as the field of defense uses them to better grasp their potential and how to best integrate them into existing power structures. For instance, the Indian Army expressed interest in SOORAN's first unmanned armored vehicle that could fight on battlefields and operate from a distance in March 2020. SOORAN is an artificial intelligence-powered multi-terrain vehicle that can be operated in three different ways: remotely via teleoperation, remotely via a mobile control station, and autonomously.
Global armored vehicles market is fiercely competitive. Major competitors in the market include Northrop Grumman Corporation, Lockheed Martin Corporation, Bae Systems, Rheinmetall AG, General Dynamics Corporation, Thales Group, L3harris Technologies, St Engineering, Elbit Systems, Mitsubishi Heavy Industries, Oshkosh Corp., Textron Inc., Hanwha Corporation, Paramount Group, and Nexter Group. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the global armored vehicles market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Armored Vehicles Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Armored Vehicles Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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