What is Vehicle Armour Market?
Armour is widely used in vehicles to protect from threats. It provides high energy absorption and long-term stability of the vehicle. There are various benefits of vehicle armour such as providing multi-hit protection, maintaining ballistic capability, superior durability, among others. Increasing Incidences of asymmetric earfare worldwide and increasing demand for armored vehicles are projected to drive the global vehicle armour market over the forecast period.
The market study is being classified, by Application (Tactical Truck, Armoured Personnel Carrier (APC), Mine-Resistant Ambush-Protected (MRAP), Main Battle Tanks (MBT), Light Protected Vehicle (LPV), Infantry Fighting Vehicle (IFV), Assault Amphibious Vehicles (AAV), Armored Recovery Vehicle, Armored Fighting Vehicle and Others) and major geographies with country level break-up.
Kaiser Aluminum (United States), CoorsTek, Inc. (United States), DuPont de Nemours, Inc. (United States), Koninklijke DSM N.V. (Netherland), AT&F (India), The Protective Group (United States), Ibis Tek (United States), INKAS Group (Canada) and ArmorWorks (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Northrop Grumman (United States), General Dynamics Corporation (United States), Olin Corporation (United States), Nammo AS (Norway), RUAG (Switzerland), Nexter (France), Vista Outdoor Inc. (United States) and Rheinmetall AG (Germany).
The global vehicle armour market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Vehicle Armour market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Vehicle Armour market by Type, Application and Region.
On the basis of geography, the market of Vehicle Armour 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- There is a significant demand for armored vehicles, owing to a rise in the instances of cross-border conflicts. For instance, in October 2019, according to the guardian (British daily newspaper), India and Pakistan have blamed one another for cross-border shelling in the disputed Kashmir region. Hence, the rising number of cross border conflicts will drive the market.
Market Trend
- Rising demand for material solutions for vehicle armor technology. For instance, AC904 model helmet a hybrid of materials are used, which is ultra-high molecular weight polyethylene and it is ballistically efficient,
Restraints
- Sometimes problem-related to Incidence of Mechanical, Electrical, and Other Kinds of Failure in Armored Vehicles
Opportunities
- Rising Adoption of Unmanned Combat Ground Vehicles by Defense Forces across the World
In February 2019, the Paramount Group (South Africa) Company has launched next-generation armored vehicle at IDEX 2019. Hence, this launched will affect the growth of the market in the future.
Key Target Audience
Vehicle Armour Companies, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others