- The global armored vehicle market was valued at USD 22 billion in 2014. It is projected to reach USD 27 billion by 2022. Growth will be fueled by rising global focus on protecting the armed forces. Growing internal and external terrorism is a grave concern. Nations are taking various measures to battle terrorist attacks. These include multilateral collaborations like NATO – North Atlantic Treaty Organization, and African Union.
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Increasing federal spending on defense, especially in Asia Pacific will fuel market growth. However, limited military budget in North America and Europe may restrict future demand. Improved fuel efficiency and better armor material will also have a positive effect on market growth. Innovations like unmanned vehicles open up future opportunities. Growing awareness of commercial security would also drive demand.
The global armored vehicle market is classified according to products, applications, and geographies. Main product segments are infantry fighting vehicle, main battle tanks (MBT), light protected vehicle, armored personnel carriers (APC), tactical trucks, mine-resistant ambush protected vehicle (MRAP), and others.
MBT, with more than 24% share in revenues, dominated in 2014. It is expected to be the key product segment over the next eight years. Increasing need to safeguard military troops will drive demand. MRAP offer protection against mine attacks. APC make safe deployment of infantry to battle fields possible. MRAP will grow at a CAGR of 2.6% from 2015 to 2022. Corresponding figure for APC would be 2.5%.
Key application segments include commercial, defense, and homeland security. Defense accounted for about three-fourths of the total revenues in 2014. It will continue to dominate in the coming years.
Governmental measures to protect lives of armed forces during civil wars, riots, and internal terrorism activities will further demand from homeland security. Armed convoys, patrols, and VIP protection constitute commercial applications. This segment will benefit from growing trend of renting and leasing armored vehicles.
Geographical segmentation comprises North America, Europe, Asia Pacific, Latin America, and Middle East and Africa (MEA). Asia Pacific held more than 29% market share in 2014. Initiatives to counter internal and external terrorism will boost demand. North America will account for a revenue share of about 24% in 2022. MEA will generate higher demand due to an unstable environment in Iraq.
Leading market players include Elbit Systems, International Armored Group, BAE Systems, and General Dynamics Corporation. They strive to develop new products to stay competitive.
Information Source: Grand View Research
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