Armored Vehicles Market: Rising Demand for Improved Defense Capabilities

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Armored Vehicles Market Rising Demand for
Improved Defense Capabilities
The Armored Vehicles Market is projected to grow
from USD 29.3 billion in 2022 to USD 34.1
billion by 2027, at a Compound
Annual Growth Rate (CAGR) of 3.1 during the
forecast period. The global armored vehicles
market is expected to experience steady growth
in the coming years, driven by various factors,
including the increasing demand for armored
vehicles to tackle cross- border conflicts and
the need to enhance intelligence, surveillance,
and reconnaissance (ISR) capabilities of defense
forces. Download PDF Brochure _at_ https//www.market
sandmarkets.com/pdfdownloadNew.asp?id6322755 Enha
ncing ISR and Target Acquisition
Capabilities One of the key drivers behind the
growth of the armored vehicles market is the
pressing need for improved monitoring of water
and land borders, particularly in the face of
rising terror attacks worldwide. Defense forces
are constantly seeking ways to tackle such
situations effectively and efficiently. Robots
are emerging as a viable solution as they can
carry out enhanced cross-border surveillance and
intelligence gathering, offering faster reaction
times compared to human personnel. These robotic
systems play a crucial role in continuously
relaying real-time data to ground stations,
providing invaluable information to defense
forces. As a result, the demand for military
robots with intelligence, surveillance,
reconnaissance (ISR), and target acquisition
capabilities is on the rise. Prominent companies
like Northrup Grumman Corporation (US), the
Boeing Company (US), IAI (Israel), and Textron
Inc. (US) are actively involved in the
development of such advanced military robotic
systems. Combat Vehicles Leading the Market The
armored vehicles market is categorized into
different platforms, including combat vehicles,
combat support vehicles, and unmanned armored
ground vehicles. Among these segments, combat
vehicles are projected to hold the largest share
and experience considerable growth during the
forecast period. The increasing demand for
various combat vehicles, such as light armored
vehicles (LAVs), main battle tanks (MBTs),
infantry fighting vehicles (IFVs), etc., is
contributing to the growth of this segment.
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North America Dominates the Market In terms of
geographical distribution, North America
currently leads the armored vehicles market,
with the United States accounting for the largest
share in the region. The North American market
is anticipated to witness significant growth in
the coming years, mainly driven by the region's
focus on the procurement of armored vehicles,
particularly for overseas operations. As the
largest developer, operator, and exporter of
armored vehicles globally, the US plays a pivotal
role in making North America one of the largest
consumers of armored vehicles worldwide. Key
Market Players The armored vehicles market is
highly competitive, with several major players
contributing to its growth. Some of the key
companies operating in the market include
Oshkosh Corporation (US), L3harris Technologies
(US), Northrop Grumman Corporation (US),
Lockheed Martin Corporation (US), Hanwha Defense
(South Korea), and others. Ask for Sample Report
_at_ https//www.marketsandmarkets.com/requestsampleN
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