Published Date : 26 Apr 2023
The armored vehicle industry size is predicted to attain USD 32.53 billion by 2032, noteworthy a CAGR of 6.04% during the forecast period 2023 to 2032.
The increased emphasis on defending troops against internal and foreign threats is anticipated to fuel industry expansion. The industry for personnel armored trucks is anticipated to be driven by the growing consciousness of business security.
An armored vehicle that has partial or full armor covering to defend against projectiles such as bullets and bomb shards is known as an armored vehicle, also written armored. Military armored trucks can travel on wheels or unbroken rails. The main combat armored vehicle is the tank. Tank destroyers and assault weapons are two additional kinds that have large-caliber main armaments. The history of infantry combat vehicles, armored personnel carriers, and other armored vehicles that serve mainly as platforms for assault forces is covered in this essay.
Armored, tracked vehicles known as infantry fighting vehicles a direct descendant of armored personnel carriers from World War II and the Vietnam War transport troops into action while also acting as platforms from which soldiers can engage in combat without dismounting. Wheeled passenger vehicles with armor and other features are known as armored cars, and they can range from industrial trucks to high-end automobiles. They are typically used to move people and goods over concrete roads in a safe manner.
Due to changing international ties, there are increasing geopolitical conflicts in the Asia-Pacific, Europe, and the Middle East. Due to growing geopolitical conflicts between nations, the demand for sophisticated armored vehicles in the military industry has aided the expansion of the armored vehicle industry worldwide. Additionally, several European makers are concentrating on creating uncrewed armored vehicles for the military industry; this aspect emphasizes the growth of the armored vehicle industry.
China had an expected 174 thousand armored combat vehicles in 2023. South Korea came in second with an estimated 133 thousand fighting vehicles. Bhutan was predicted to have 108 armed combat vehicles in 2023, in comparison.
Throughout the projection period, Asia Pacific is anticipated to rule the industry. The industry is thought to be growing as a result of China and India's increasing military spending. Due to the need to upgrade and replace outdated armored vehicles in the military, there is an increase in demand for new armored vehicles in the Asia Pacific region.
The industry for protected vehicles worldwide is dominated by North America. The development of the industry in North America has been facilitated by the existence of significant producers in the area and sizeable defense expenditures in the United States.
The industry for armored trucks is also very big in Europe. The regional demand for opulent business vehicles is growing, which is accelerating the use of protected vehicle components.
Armored Vehicle Industry Report Scope:
|Market Size in 2022||USD 18.1 Billion|
|Projected Forecast Value in 2032||USD 32.53 Billion|
|Growth Rate||6.04% from 2023 to 2032|
|Largest Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Drivers: Rising technological innovations drives the industry
The worldwide industry for armed vehicles can be divided based on technology into active mine protection, electric armor, modular ballistic armor, situational awareness systems, interoperable communication, and active protection systems. Military information is essential for enhancing the defense industry's general efficiency. Because of this, over the past ten years, the need for situational awareness tools has increased to unprecedented levels. As defense sectors implement cutting-edge technologies, the industry for ballistic and electronic armor is also anticipated to grow.
Restraints: Breakdowns of the armored trucks' mechanical systems
The armored car may experience mechanical or electronic failure as a result of constant moving and logistical strain. In protected vehicles, malfunctioning transmission systems, broken engines, and blocked parts can prevent smooth operation in challenging environments like the battleground. Furthermore, it frequently takes time to fix and recover such errors. In these situations, the lack of delivery trucks may pose a serious risk to the user. As a result, these technical and electrical breakdowns hinder the industry's expansion.
Opportunities: Making software-enabled armored vehicles
New methods are needed for the creation of new vehicle types, particularly with a move as revolutionary as software-enabled vehicles. In a cloud-native setting, the consistent creation of safe, highly maintainable systems has been automated using modern design methods like DevSecOps. Without the need for costly tools, vendors can create and test components using simulation software.
The phrase "software-enabled armored vehicle" refers to a variety of vehicle kinds, including battle tanks, mobile command posts, armored personnel carriers, and infantry combat vehicles. Vehicles may be wheeled or tracked, operated or potentially staffed, and equipped with weaponry or without.
The Army is developing a portfolio of Next Generation Combat Vehicles to provide more firepower, protection, and mobility. The Army's plans for these tanks and other armored vehicles prioritize rapid development. That can limit insight into potential risks.
The Next Generation Combat Vehicles (NGCV) portfolio's four projects all place a priority on rapid development while utilizing various procurement and leasing methods. Some of the initiatives make use of the brand-new middle-tier acquisition strategy, which frees programs from many of the DOD's current acquisition procedures and guidelines and permits rapid development. To allow quick development of technology and designs, the initiatives employ contractual strategies that combine both conventional contract types and more adaptable approaches.
The protected vehicle industry is expected to be dominated by the military industry. The demand for armored trucks in the defense industry has increased as a result of increased government expenditure on the defense industry to improve the military's operational skills.
An important portion of the industry is controlled by the industrial sector. Commercial armored trucks are used to transfer valuables, move people out of combat zones, and carry high-profile individuals and government leaders. The government's increasing need for protected cars is what is driving the segment's expansion.
Throughout the projection period, the wheeled sector is expected to expand. The wheeled armored trucks have superior fuel efficiency and road performance. Due to the increasing demand for armored fighting vehicles from the military sector, the tracked vehicle industry is anticipated to experience substantial growth during the forecast period.
Major Key Players:
Segments Covered in the Report:
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