Armored Vehicle Market Scope
The armored vehicle is a vehicle that is guarded by means of armor plate. The major companies are adding more proven technologies systematically and strategically in the Asia Pacific, Africa and the Middle East owing to increasing political pressure, hostile activities, and terrorism in this region. Moreover, growing defense spending by governments globally is likely to support the growth of the armored vehicles market. For instance, BAE Systems received a contract worth USD 376.0 million from the US Government for the development, engineering, and manufacturing of mobile protected firepower vehicles for use across the spectrum of terrains and operations.
According to AMA, the Global Armored Vehicle market is expected to see growth rate of 3.12%
Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Armored Vehicle market throughout the predicted period.
Oshkosh Corporation (United States), UralVagonZavod (Russia), Ukroboronprom (Ukraine), General Dynamics Corporation (United States), BAE Systems plc (United Kingdom), NORINCO (China) and Rheinmetall AG (Germany) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Textron Inc. (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Armored Vehicle market and Region with country level break-up.
On the basis of geography, the market of Armored Vehicle has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
8th April 2019, Krauss-Maffei Wegmann (KMW) received a contract worth USD 330 Million from The German Federal Office of Bundeswehr Equipment to upgrade Leopard 2 main battle tanks.
Market Trend
- Technological Developments and Improvements towards Reducing the Weight and Size of Armored Vehicles
Market Drivers
- Increasing Incidences of Cross-Border Conflicts
- Emphasizing On Military Modernization Plans
Opportunities
- Increasing Demand for Modular Armored Vehicles
- Rising Demand from the Developing Economies
Restraints
- Mechanical, Electrical, And Pother Type of Failure in Armored Vehicles
- High Cost of Armored Vehicles
Challenges
- Absence of OEMs in Emerging Economies
Key Target Audience
Armored Vehicle Manufacturers, Weapon Manufacturers, Law Enforcement Agencies, Defense Organizations, Government Authorities, Defense Companies, Research Institutes, Regulatory Bodies and Others