Global Armored Vehicles Market was valued at US$ 24.31Bn in 2019 and is expected to reach US$ 38.65Bn by 2027, at a CAGR of 5.97% during a forecast period.

An armored vehicle is an armed combat vehicle protected by armor, generally combining operational mobility with offensive and defensive capabilities. AFVs can be wheeled or tracked. Main battle tanks, armored cars, armored self-propelled guns, and armored personnel carriers are all examples of Armored Vehicles.

The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.

Major driving factors of the Armored Vehicles market are increasing the rapid evolution of land power doctrine. Recent years saw the start of an extended period of counter-insurgency and counter-terror fighting, leading to the rapid acquisition of armored vehicles, innovation in counter-IED technology and the proliferation of unmanned aerial systems. emergence of multi-domain concepts of operation, a reorientation towards high-end peer conflict and the aggressive pursuit of disruptive technologies in AI and Robotics, which are sure to revolutionize and re-energize debate within the land forces community – not least, the armored vehicles market. Declining defense budget and high cost of maintenance will act as restraints to the market.

Based on the End-User, Defense segment is expected to hold the largest share in the Armored Vehicles market during the forecast period. Armored vehicles play a pivotal role in the modern battlefield from logistics, to reconnaissance, and frontline combat. The ability to maintain and repair sophisticated, land-based military equipment locally has become a necessity. Technological advancements in defense have seen a significant rise in the use and utility of unmanned ground vehicles, artificial intelligence, virtual training and survivability equipment. Active protection systems. The deployment of main battle tanks is still seen as a necessity by most in spite of climbing demand for light protected mobility.

In Trends – Incorporation of COTS components.

Military land vehicle manufacturers and integrators are moving toward the absorption of COTS solutions for vehicle retrofits as well as new vehicles. The high-density COTS I/O solutions assists in reducing board count, weight, and power, thus improving the overall system's reliability and affordability. The rising adoption of COTS components will bring down costs and increase adoption, thereby driving the market growth in armored vehicles.

In terms of region, Asia Pacific is expected to hold the largest share in the vetronics market during the forecast period. The defense and security challenges round-faced by Asian countries have enlarged considerably throughout the past decade, leading governments to require substantive steps to reinforce military ground capabilities to defend their territorial integrity: measures that have been supported by the expansion of these countries’ economies. Consequently, the region has experienced new strategic alliances through trade partnerships that have strengthened domestic defense industries and boosted exports. China, India, and Asian country area unit among the world’s prime ten spenders on military vehicles and area unit possible to contribute over USD126 billion to the world market throughout the next forecasted period.
The report includes a detailed study of Porter’s Five Forces model to analyze the different factors affecting the growth of the vetronics market. Moreover, the study also covers a vetronics market attractiveness analysis, brand portfolio expansion, mergers, collaborations, joint ventures, acquisitions, PESTLE analysis, Value Chain Analysis, and SWOT analysis.