Armored Vehicle Market is estimated to Witness High Growth Owing to...

Armored Vehicle Market is estimated to Witness High Growth Owing to Increasing Geopolitical Instabilities

Posté 2024-10-23 10:51:56

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The armored vehicle market involves the manufacturing of bulletproof or bomb-proof vehicles that offer protection to military forces and law enforcement personnel. These vehicles include armored personnel carriers, infantry fighting vehicles, battle tanks, and light protected vehicles. Armored vehicles provide vital protection from explosives, mines, and small arms fire. Modern armored vehicles are built with thick composite armor and bulletproof glass that prevent penetration from kinetic energy projectiles and specialized shaped charges. Additionally, advanced armored vehicles incorporate cutting-edge technologies such as active protection systems, rear observation systems, automatic fire suppression, and air conditioning units to ensure troop comfort and safety.

The global armored vehicle market is estimated to be valued at US$ 29.57 billion in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period from 2024 to 2031.

Key Takeaways
Key players operating in the armored vehicle market are General Dynamics Corporation, BAE Systems, Rheinmetall AG, Textron Inc., Oshkosh Defense, Elbit Systems, and International Armored Group.

The growing insurgencies and increasing defense budgets of developing nations present lucrative growth opportunities in the armored vehicle market. Additionally, the rising demand for lightly armored vehicles for law enforcement applications will further drive market expansion.

Major players are focusing on global expansion efforts by strengthening their international sales networks and catering to the emerging requirement of wheeled armored vehicles in Asian and African countries. The increasing geopolitical tensions and modernization of armed forces worldwide will propel the global armored vehicle market forward in the coming years.

Market Drivers
One of the key drivers for the armored vehicle market is the increasing geopolitical instabilities and rising terrorism activities across the globe. Countries are heavily investing in military modernization programs and procuring advanced armored vehicles to enhance the protection of their armed forces deployed in hostile territories or engaged in counterterrorism operations. This rising defense spending on armored vehicles will significantly support the market growth over the forecast period.

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