According to the latest market research report the Global Armored Vehicles Market size is projected to grow from USD 11.6 billion in 2020 to USD 15.4 billion by 2025, at a CAGR of 5.8% from 2020 to 2025. Increasing demand for armored vehicles due to the rise in the instances of cross-border conflicts and rising incidences of asymmetric warfare across the globe are major factors driving the growth of the armored vehicles market. However, the absence of major OEMs of armored vehicles in the Middle East and Asia Pacific region and the occurrence of mechanical, electrical, and other kinds of failure in armored vehicles are projected to hinder the growth of the market.

Download PDF Brochure @

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=6322755

COVID-19 impact on the Global Armored Vehicles Market

The COVID-19 pandemic has caused a multi-level impact on economies globally. The global manufacturing of automotive parts, components, and assembly lines has been severely impacted. Although the production of armored vehicles is of prime importance, disruptions in the supply chain have set back their manufacturing for the time being.

Resuming the manufacturing and deliveries of armored vehicles depends on the level of COVID-19 exposure a country is facing, the level at which manufacturing operations are running, and import-export regulations, among others. Although companies may still be taking in orders, delivery schedules might not be fixed.

The combat vehicle segment is projected to lead the armored vehicles market from 2018 to 2023.

Based on the platform, the armored vehicles market has been segmented into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. The combat vehicle segment is projected to lead the armored vehicles market during the forecast period. Increasing demand for Armored Personnel Carriers (APCs) and Light Armored Vehicles (LAVs) across the globe is leading to the growth of the combat vehicle segment of the market.

The armaments segment is projected to lead the armored vehicles market during the forecast period.

Based on system, the armored vehicles market has been segmented into engines, drive systems, ballistic armor, turret drives, fire control systems, armaments, countermeasure systems, Command & Control (C2) systems, power systems, navigation systems, ammunition handling systems, observation & display systems, and hulls/frames. The armaments segment is estimated to lead the armored vehicles market from 2018 to 2023. The growth of this segment can be attributed to the increased demand for remote weapon stations, Anti-tank Guided Missile (ATGM) launchers, and other armaments across the globe.

The Asia Pacific armored vehicle market is projected to grow at the highest CAGR during the forecast period.

The Asia Pacific armored vehicles market is projected to grow at the highest CAGR from 2018 to 2023. The growth of the market in this region can be attributed to the rising number of terrorist activities in this region and the increasing spending of emerging economies on defense operations. Countries such as India and China have increased their defense budgets and are procuring advanced armored vehicles for their military operations. This, in turn, is expected to drive the growth of the Asia Pacific armored vehicles market during the forecast period.

Key Market Players

Key players profiled in this report on the armored vehicles market include Oshkosh Corporation (US), UralVagonZavod (Russia), Ukroboronprom (Ukraine), General Dynamics Corporation (US), BAE Systems plc (UK), NORINCO (China), Rheinmetall AG (Germany), and Textron Inc. (US).

Ask for Sample Report @

https://www.marketsandmarkets.com/requestsampleNew.asp?id=6322755



About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Aashish Mehra

MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: 1-888-600-6441