NEW YORK, June 30, 2017 (GLOBE NEWSWIRE) -- According to a new market research report “Global Armored Vehicles Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Technology (Active Mine System, Active Protection System, Modular Ballistic Armor, Situational Awareness System, Inter Operable Communication, Vehicle Information Integration, Electric Armor), by Application (Defense, Commercial)” published by P&S Market Research, the global market for armored vehicles is projected to reach USD36.6 billion by 2023, growing at a CAGR of 5.8% during the forecast period (2017 – 2023).
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As per the findings of research, the defense sector emanated the largest demand for armored vehicles. The segment is expected to exhibit similar trends during the forecast period. Active mine system is the largest segment in armored vehicles market , by technology; while active protection system is expected to exhibit the fastest growth in the global armored vehicles market, by technology. Military emanates the maximum demand in the global defense armored vehicles market, by application; while government is expected to dominate the global commercial armored vehicles market, by application. Infantry fighting vehicles is expected to be the largest segment in the global defense armored vehicles market, by product; while SUV is most commonly-used armored vehicle in the commercial sector.
Europe accounted for the largest region in the global armored vehicles market, where Germany contributed to the largest revenue. The U.S. was the major market for armored vehicles in North America, whereas Japan contributed to the largest revenue in Asia-Pacific region. Saudi Arabia generated the largest revenue for armored vehicles in the Middle East and Africa; whereas Brazil is expected to lead the global market for armored vehicles during the forecast period.
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The increasing demand for armored vehicles in the Asia-Pacific region is expected to sustain the demand for global armored vehicles market during the forecast period on account of security concerns regarding internal terrorism and Naxalite problems in China and India. The global armored vehicles market is expected to be further driven by factors such as aging military equipment and increasing internal and external threats across the globe.
Countries in the Middle East and Africa, Asia-Pacific and Latin America region are expected to spend extensively on armored vehicle procurement and modernization programme, which is likely to spur the growth of global armored vehicles market during the forecast period. Additionally, the Middle East countries have undertaken peace initiative missions which are expected to further propel the growth of global armored vehicles market during the forecast period.
Some of the key players in the global armored vehicles market include General Dynamics Corporation, Lockheed Martin Corporation, BAE Systems plc, Elbit Systems Ltd., Oshkosh Corporation, Textron Inc., International Armored Group (IAG), Denel Land Systems, Rheinmetall AG, Thales Group and INKAS Armored Vehicle Manufacturing.
Product launches and strategic expansion plans by key players have been the major recent developments in the global armored vehicles market. Companies are increasingly investing in R&D activities and focusing on strategic partnerships and contracts to strengthen their market presence across the globe.
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