Asia-Pacific Armored Vehicles Market Size Set to Reach USD 5.15 Billion by 2029
Asia-Pacific armored vehicles market is flourishing due to increasing defense budgets of countries, rising territorial disputes, modernization efforts, and the need for advanced military capabilities in the region.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Asia-Pacific armored vehicles market size at USD 3.83 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Asia-Pacific armored vehicles market size to grow at a CAGR of 5.02% reaching a value of USD 5.15 billion by 2029. A growing focus on modernizing military capabilities is driving the expansion of the Asia-Pacific armored vehicles market, resulting in higher investments in advanced armored vehicles by regional countries. There was also an emphasis on establishing domestic defense industries to lessen reliance on imports. The market's evolution was driven by the incorporation of modern technologies such as unmanned systems and better situational awareness features. The region's rising territorial disputes and security worries drove demand for armored vehicles even more.
Asia-Pacific Armored Vehicles Market – Overview
Armored vehicles are military machines designed to protect personnel and equipment in hostile environments. They are equipped with reinforced armor, providing enhanced resistance against various threats, including bullets, explosives, and other projectiles. These vehicles come in diverse types, such as tanks, armored personnel carriers (APCs), and mine-resistant ambush-protected (MRAP) vehicles. Armored vehicles play a crucial role in ground warfare, offering mobility, firepower, and survivability to military forces. They are extensively used in modern combat scenarios, providing a shield for troops during offensive and defensive operations while enabling them to maneuver effectively across challenging terrains.
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Impact of COVID-19 on Asia-Pacific Armored Vehicles Market
The COVID-19 pandemic significantly affected the Asia-Pacific armored vehicles market. The region experienced disruptions in manufacturing and supply chains due to lockdowns and restrictions, leading to delays in production and deliveries. Defense budgets were affected as governments allocated resources to combat the health crisis, potentially slowing down procurement and modernization programs. However, there was an increased focus on enhancing military capabilities for border security and internal stability amid regional tensions. As the pandemic recedes, the market is expected to gradually recover, with governments reevaluating their defense strategies and investing in advanced armored vehicles to address evolving security challenges.
Asia-Pacific Armored Vehicles Market – By System
Based on system, Asia-Pacific armored vehicles market is divided into Ballistic Armor, Engine, Turret Drivers, Armaments, Ammunition Handling System, Countermeasure System, Command & Control System, and Power System segments. The ballistic armor segment encompasses the weaponry and firepower of armored vehicles. It includes various types of guns, missiles, and other offensive and defensive armament systems, making it a critical aspect of the overall armored vehicle capabilities. As the region's defense requirements evolve, the demand for advanced and sophisticated armament systems continues to play a pivotal role in shaping the armored vehicles market in the Asia-Pacific region.
Competitive Landscape
Asia-Pacific armored vehicles market is fiercely competitive. Major companies in the market include General Dynamics Corporation, Rheinmetall AG, Elbit Systems Ltd., Textron Inc., Oshkosh Corporation, Mitsubishi Heavy Industries Ltd., BAE Systems plc, Saudi Arabian Military Industries (SAMI), and Nexter Group KNDS. 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 Asia-Pacific armored vehicles market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Asia-Pacific Armored Vehicles Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Asia-Pacific 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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