CHICAGO, May 3, 2024
/PRNewswire/ -- The Armored Vehicle Market is valued at
USD 51.6 billion in 2024 and is
projected to reach USD 60.7 billion
by 2029, at a CAGR of 3.3% from 2024 to 2029 according to a new
report by MarketsandMarkets™. The market experiences
growth and evolution driven by various factors. Rising geopolitical
tensions and terrorism prompt nations to enhance defense
capabilities, fueling demand for armored vehicles. Global military
modernization programs, aiming to replace aging fleets with
advanced technology-equipped vehicles, boost market demand.
Innovations in armor materials, vehicle design, and weapon systems
attract investments and propel market growth.
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Browse in-depth TOC on "Ammunition
Market"
325 – Tables
78 – Figures
326 – Pages
Ammunition Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 51.6 billion
|
Estimated Value by
2029
|
$ 60.7 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 3.3%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Platform, Type,
Systems, Mode of Operation, Point of sale and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Hardware and software
malfunctions
|
Key Market
Opportunities
|
Rising technology
integration and upgrades in military vehicles
|
Key Market
Drivers
|
Increasing demand for
armored vehicles to tackle cross-border conflicts
|
Based on the platform, the combat vehicles segment is
estimated to hold the highest market share during the forecast
period
Based on the platform, the combat vehicles segment is estimated
to lead the armored vehicles market from 2024 to 2029. This growth
is fueled by increasing global security concerns, geopolitical
tensions, and military modernization initiatives across various
regions. Combat vehicles, equipped with advanced technology,
enhanced firepower, and superior mobility, are vital assets for
modern military operations, driving their prominence in defense
procurement programs. Additionally, ongoing conflicts and evolving
battlefield scenarios necessitate the continuous development and
deployment of combat vehicles, further contributing to their
significant market share and growth potential.
Based on mobility, the wheeled segment is estimated to hold
the highest market share during the forecast period.
Based on mobility, the wheeled segment is estimated to hold the
highest market share during the forecast period. Wheeled armored
vehicles (WAVs) offer advantages in terms of cost-effectiveness, as
they are generally more affordable to acquire and maintain compared
to tracked vehicles. Additionally, WAVs provide superior mobility
and deployment flexibility, as they can be easily transported over
long distances by road or air and offer better maneuverability on
various terrains, especially in urban environments. Their modular
design allows for customization to suit different mission
requirements, making WAVs versatile for a range of applications,
including law enforcement, internal security, and emerging market
needs. While tracked vehicles still hold certain advantages in
off-road capability and armor protection, the rise of WAVs reflects
a shift towards more agile, cost-effective solutions in modern
military operations.
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Based on regions, the Asia
Pacific accounts for the largest market share in Armored
Vehicles market.
Based on region, the Asia
Pacific market is estimated to account for largest market
share during the forecast period. The Asia Pacific region's dominance in the armored
vehicle industry is bolstered by several factors, including
geopolitical tensions, robust economic growth, evolving warfare
dynamics, internal security challenges, and significant contracts
secured by key players. Territorial disputes and nuclear threats,
coupled with increasing defense budgets, drive nations to procure
advanced armored vehicles to strengthen their military
capabilities. Furthermore, key players in the market, such as
General Dynamics, BAE Systems, and Hanwha Defense, have secured
substantial contracts in the region, contributing to the
proliferation of armored vehicles. These contracts not only enhance
regional security but also stimulate market growth by fostering
innovation and technological advancements. Collectively, these
factors position the Asia Pacific
region as a pivotal player in the global armored vehicle
market.
Key Players
The Armored Vehicles companies is dominated by a few globally
established players such as Rheinmetall AG (Germany), General Dynamics Corporation (US),
Oshkosh Corporation (US), BAE Systems (UK), and Hanwha Defense
(South Korea).
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