The high costs of advanced armored vehicles is also a major limitation for the global armored vehicles market. Fluctuating raw material costs, import expenses, and a huge taxes levied by countries often result in increased costs of end products. If companies wish to expand their businesses of the global armored vehicles across emerging economies, the key challenge is keeping a balance between the base cost of products and their quality.
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Growing concerns to protect military workforces during civil wars and the increasing need to protect the nation from a difficult situations and scenarios, ranging from natural disasters to acts of terrorism, is expected to drive security applications across the globe. This would result in, rise in the demand for armored vehicles during the forecast period
The global armored vehicle market is classified into vehicle type, design, and geography. By vehicle type, the market is segmented into infantry fighting vehicles, main battle tanks, light protected vehicles, armored personnel carriers, armored amphibious vehicles, mine-resistant ambush protected and others. Rising concern to safeguard military workforces is anticipated to drive unmanned ground military carrier demand over the forecast period. Tactical military carriers are designed primarily for the usage in the field of military in direct connection with combat or tactical operations. Armored Personnel Carrier (APC) are mostly used for safer deployment of infantry to battle fields or high risk regions and it can be distinguished from Infantry Fighting Vehicle (IFV) based on the weapons it carries.
The Asia Pacific region has witnessed increased defence expenditure from various countries including China, India, South Korea and Australia, which is expected to boost the demand for armored vehicles during the forecast period.In most countries across Asia Pacific, lack of regulatory standards differentiating protection levels leads to high prices and an increased risk of fraudulence from manufacturers. These factors are also leading to the emergence of several unauthorized vehicle armor companies in countries such as India, China, and Brazil, challenging businesses of established companies to a certain extent.
General Dynamics Corporation (U.S.), BAE Systems, Plc. (U.K), Textron Inc. (U.S.), Oshkosh Corporation (U.S.), Elbit Systems Ltd. (Israel), Thales Group (France), Lockheed Martin (U.S.), Rheinmetall AG (Germany), Denel Land Systems (South Africa), Sabiex International (Belgium), Diehl Defense (Germany) and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global armored vehicles market.
Rise in internal & external security threats, and increasing violence in countries such as Syria, Iraq and other regions in the world, are driving global armored vehicle market. The growth of the market is due to the rise in defense expenditure in emerging economies and increasing acceptance of rental & leasing of armored vehicles among civilians. However, lack of standardization in the operations of companies, government rules & regulations, and limited defense budgets, may hinder the growth of the market. Furthermore, necessity of light weight armored vehicles and growing demand from commercial sectors is expected to provide opportunities for market growth in the coming years.
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