The Armored Vehicles Global Market Report 2023 by The Business Research Company, provides armored vehicles market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Armored Vehicles Global Market Report 2023, the market size is expected to grow from$11.73 billion in 2022 to $12.58 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global armored vehicles is expected to grow to $15.34 billion in 2027 at a CAGR of 5.1%.
Increased military spending is expected to fuel the growth of the armored vehicle market over the forecast period. Countries around the world are investing in the military because of their conflicts and rivalries with other nations. Military expenditure covers operations, maintenance, arms acquisition, armored vehicles, and military research and development.
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The armored vehicles market is segmented:
1) By Vehicle Type: Armored Personnel Carrier, Infantry Fighting Vehicle, Main Battle Tanks, Tactical Truck, Bus, Others
2) By Platform: Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles
3) By System: Engine, Drive System, Ballistic Armor, Fire Control System (FCS), Armaments, Ammunition Handling System, Countermeasure System, Command and Control System, Others
4) By Mobility: Tracked, Wheeled, 4X4, 6X6, 8X8, Others
Top Major Players
BAE Systems
Oshkosh Corp.
International Armored Group
General Dynamics Land Systems
Textron
The unmanned armored vehicle is a key trend gaining popularity in the armored vehicle market. The use of unmanned armored vehicles in the defense sector is increasingly evolving, and military organizations around the globe are experimenting with their use in an attempt to understand what such systems can bring and how they can best be incorporated into existing power structures. For instance, in March 2020, the first unmanned armored vehicle from SOORAN, capable of fighting on battlefields and operating from a distance, grabbed the attention of the Indian Army. Sooran is an artificial intelligence multi-terrain vehicle fitted with a petrol engine and can be controlled in three modes, including remote teleoperation, mobile control station teleoperation, and autonomous mode.
The armored vehicles market report table of contents includes:
1. Executive Summary
2. Armored Vehicles Market Characteristics
3. Armored Vehicles Market Trends And Strategies
4. Armored Vehicles Market – Macro Economic Scenario
5. Armored Vehicles Market Size And Growth
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26. Africa Armored Vehicles Market
27. Armored Vehicles Market Competitive Landscape And Company Profiles
29. Key Mergers And Acquisitions In The Armored Vehicles Market
29. Armored Vehicles Market Future Outlook and Potential Analysis
30. Appendix
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