Armored Vehicles Market worth $15.4 billion by 2025 - Exclusive Report by MarketsandMarkets™

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Armored Vehicles Market worth 15.4 billion by
2025 - Exclusive Report by MarketsandMarkets The
Global Armored Vehicles Market size is projected
to grow from USD 11.6 billion in 2020 to USD 15.4
billion by 2025, at a CAGR of 5.8 from 2020 to
2025. Increasing demand for armored vehicles due
to the rise in the instances of cross-border
conflicts and rising incidences of asymmetric
warfare across the globe are major factors
driving the growth of the armored vehicles
market. However, the absence of major OEMs of
armored vehicles in the Middle East and Asia
Pacific region
and the occurrence of mechanical,
electrical, and in
other kinds of failure
armored vehicles are projected to hinder the
growth of the market. Download PDF Brochure _at_
https//www.marketsandmarkets.com/pdfdownloadNew.a
sp?id6322755 COVID-19 impact on the Global
Armored Vehicles Market The COVID-19 pandemic has
caused a multi-level impact on economies
globally. The global manufacturing of automotive
parts, components, and assembly lines has been
severely impacted. Although the production
of armored vehicles is of prime importance,
disruptions in the supply chain have set back
their manufacturing for the time being. Resuming
the manufacturing and deliveries of armored
vehicles depends on the level of COVID-19
exposure a country is facing, the level at
which manufacturing operations are running, and
import-export regulations, among others. Although
companies may still be taking in orders, delivery
schedules might not be fixed. The combat vehicle
segment is projected to lead the armored vehicles
market from 2018 to 2023. Based on the platform,
the armored vehicles market has been segmented
into combat vehicles, combat support vehicles,
and unmanned armored ground vehicles. The combat
vehicle segment is projected to lead the armored
vehicles market during the forecast period.
Increasing demand for Armored Personnel Carriers
(APCs) and Light Armored Vehicles (LAVs) across
the globe is leading to the growth of the combat
vehicle segment of the market.
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The armaments segment is projected to lead the
armored vehicles market during the forecast
period. Based on system, the armored vehicles
market has been segmented into engines, drive
systems, ballistic armor, turret drives,
fire control systems, armaments,
countermeasure systems, Command Control
(C2) systems, power systems, navigation
systems, ammunition handling systems, observation
display systems, and hulls/frames. The
armaments segment is estimated to lead the
armored vehicles market from 2018 to 2023. The
growth of this segment can be attributed to the
increased demand for remote weapon stations,
Anti-tank Guided Missile (ATGM) launchers, and
other armaments across the globe. The Asia
Pacific armored vehicle market is projected to
grow at the highest CAGR during the forecast
period. The Asia Pacific armored vehicles market
is projected to grow at the highest CAGR from
2018 to 2023. The growth of the market in this
region can be attributed to the rising number of
terrorist activities in this region and the
increasing spending of emerging economies on
defense operations. Countries such as India and
China have increased their defense budgets and
are procuring advanced armored vehicles for their
military operations. This, in turn, is expected
to drive the growth of the Asia Pacific armored
vehicles market during the forecast period. Key
Market Players Key players profiled in this
report on the armored vehicles market include
Oshkosh Corporation (US), UralVagonZavod
(Russia), Ukroboronprom (Ukraine), General
Dynamics Corporation (US), BAE Systems plc (UK),
NORINCO (China), Rheinmetall AG (Germany), and
Textron Inc. (US). Contracts and new product
launches were key strategies adopted by the
leading players to achieve growth in the armored
vehicles market. Ask for Sample Report
_at_ https//www.marketsandmarkets.com/requestsampleN
ew.asp?id6322755
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