Asia-Pacific Armored Vehicle Market is Expected to Witness Significant Growth by 2030| Top Key Players
Armored Vehicle Market Overview
Armored Vehicle Market Size is expected to reach USD 32.26 Billion by 2030, registering a CAGR of 6.35% during 2020-2030.
The Asia-Pacific armored vehicle market is witnessing robust growth propelled by escalating security tensions, territorial disputes, and military modernization efforts across the region. With diverse security challenges ranging from territorial defense to counterinsurgency operations, nations in the Asia-Pacific prioritize investments in armored vehicles to enhance their military capabilities and address evolving threats. The market experiences a surge in demand for technologically advanced platforms featuring ballistic protection, mine-resistant design, and network-centric warfare capabilities. Furthermore, strategic alliances, defense cooperation agreements, and geopolitical alignments drive collaboration in armored vehicle development and production, facilitating technology transfer and indigenous manufacturing capabilities. Moreover, the Asia-Pacific's evolving security landscape underscores the critical role of armored vehicles in shaping regional deterrence strategies and maintaining stability in the face of complex security challenges.
Armored vehicles are security vehicles used for transport under armed security and even by replacing standard windows with bulletproof glass motor vehicle with a high degree of security. Increasing internal & external security threats and increasing violence are driving global Armored vehicle Market. Moreover, increasing defense expenditure, especially in emerging economies and increasing popularity of rental & leasing of armored cars among civilians, support the growth of the market while the lack of regulatory standards across the globe acts as a major driver for the market. Armored vehicle market to grow in near future.
Key Players:
Armored vehicle Market key players are PLC (UK), Lockheed Martin Corporation (US), Rheinmetall AG (Germany), International Armored Group (US), Krauss-Maffei Wegmann GmbH & Co. (Germany), Elbit Systems Ltd (Israel), General Dynamics Corporation (US), INKAS Armored Vehicle Manufacturing (Canada), Mitsubishi Heavy Industries Ltd (Japan), Oshkosh Corporation (US), Diehl Defence GmbH & Co. KG (Germany).
Market Segmentation:
Armored vehicle Market segmentation as per market
By System:
Ballistic Armor, Drive Systems, Engine, Ammunition Handling Systems, Armaments, Navigation Systems, Observation & Display Systems, Countermeasure Systems, Turret Drives, Hulls/ Frames, Fire Control Systems (Fcs), Power Systems, Command & Control (C2) Systems
By Product:
Ballistic Armor, Drive Systems, Engine, Ammunition Handling Systems, Armaments, Navigation Systems, Observation & Display Systems, Countermeasure Systems, Turret Drives, Hulls/ Frames, Fire Control Systems (Fcs), Power Systems, Command & Control (C2) Systems
By End User:
Commercial and Defence
Regional analysis:
Moreover, the increase in defense funds of emerging countries reflect positively on the growth of the global Armored vehicle market . Globally, North America market has emerged as the leading region in terms of value, followed by APAC and Europe. Huge defense funds and rising investment in the R&D of modern military vehicles are some of the main drivers, which help in market growth. Affluent families in Latin America equipping their vehicles with bullet-proof windows so as to keep their families safe is a new trend.
Related reports:
· Armored Vehicle Fire Suppression Systems Market Research Report: Information by Vehicle Type (Combat Vehicles, Troop Transport Vehicles, and Others), Platform Type (Wheeled Vehicles and Tracked Vehicles), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America)—Forecast till 2027
· Ceramic Armor Materials Market: Information by Material (Boron Carbide, Silicon Carbide, Alumina, Ceramic Matrix Composite, Titanium Boride, Aluminum Nitride and others), Application (Body Armor, Aircraft Armor, Marine Armor, Vehicles Armor and others) and Region (North America, Latin America, Asia-Pacific, Middle East & Africa and Latin America) - Forecast till 2030
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