The global wheeled armored vehicles market size is projected to reach USD 26.12 billion by 2026, exhibiting a CAGR of 5.36% during the forecast period. Steady ramping up of military expenditure by countries will prove beneficial for this market, observes Fortune Business Insights™ in its report, titled “Armored Vehicle Market Size, Share and Industry Analysis, By Platform (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles), By Mobility (Wheeled, Tracked), By System (Engine, Drive Systems, Ballistic Armor, Turret Drives, Ammunition Handling Systems, Others) and Regional Forecast, 2019-2026”. The latest report by the Stockholm International Peace Research Institute (SIPRI) reveals that in 2019, cumulative global military spending stood at USD 1917 billion, rising by 3.6% from 2018 level.
The largest spenders, the SIPRI reports, were US, China, India, Russia, and Saudi Arabia (in that order). This increasing expenditure on the armed forces shows the intent of the major world economies in upgrading their defense forces with modern weaponry to better equip their soldiers in the battlefield, which augurs well for this market as armored vehicles are vital in ground-level combat as well as in border patrolling activities during peacetime.
COVID-19 Impact on Armored Vehicle Industry:
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List of Companies Profiled in the Armored Vehicle Market Report are:
- UralVagonZavod (Russia)
- Textron Inc. (the U.S.)
- Otokar, a KOC Group Company (Turkey)
- NORINCO (China)
- IVECO DEFENCE VEHICLES (Italy)
- Denel SOC Ltd (South Africa)
- Ukroboronprom (Ukraine)
- Rheinmetall AG (Germany)
- Oshkosh Corporation (the U.S)
- Krauss-Maffei Wegmann GmbH Co. KG (Germany)
- General Dynamics Corporation (the U.S.)
- BAE Systems plc (the UK)
The report states that the market value was at USD 17.18 billion in 2018. Its other highlights include:
- Panoramic overview of the current trends in the defense industry;
- Comprehensive profiling of all the players in the market;
- Detailed analysis of the market drivers and restraints;
- Microscopic evaluation of the market segments; and
- Exhaustive examination of the regional developments influencing the market.
Intensification of Cross-Border Conflicts around the World to Accelerate Market Growth
The armored vehicle market growth trajectory is likely to get a major upward push on account of the rising intensity of cross-border tensions across the globe. For example, in Asia, tensions between India and Pakistan have always been high, even resulting in open wars in some cases. Similarly, cross-border skirmishes between India and China have become commonplace. In many other regions also such tensions have escalated in recent years.
For instance, the complex military situation in Syria and Libya has kept regions surrounding these countries in a mode of self-preservation. Moreover, historical conflicts such as the one between North Korea and South Korea have kept governments on their toes. Armored vehicles are a key component in a nation’s military arsenal as they empower armed forces to efficiently monitor border situations and deter any forthcoming attacks.
Asia-Pacific to Showcase Impressive Growth; North America to Have Tight Grip on Market Revenue
The market growth is anticipated to be the fastest in Asia-Pacific owing to the constant threat of terrorist activities in the region. To counter these threats, countries in the region, mainly India and China, have strategically increased their budgetary allocation to the defense sector to modernize their arsenal, which bodes well for this market. In addition, the region is home to strong weapons manufacturers such as the Ordnance Factory Board in India and Mitsubishi Heavy Industries in Japan.
However, the region dominating the armored vehicle market share is expected to be North America, primarily owing to the heavy military spending by the US and massive investments in RD activities for advanced weapons technologies and upgrading the national defense infrastructure. In 2018, the region’s market size was at USD 6.61 billion.
Key Players to Enter Lucrative Collaborations to Enlarge Market Share
The competitive dynamics of this market are shaped by the presence and activities of industry bigwigs such as Lockheed Martin and Textron. These companies are increasingly entering into strategic partnerships to diversify their offerings and expand their market presence regionally as well as globally.
Major Industry Developments:
- July 2019: UK-based BAE Systems and Germany-based Rheinmetall teamed up to establish a new and independent military vehicle support, manufacturing, and design joint venture in the UK. Called the Rheinmetall BAE Systems Land (RBSL), the venture aims at enhancing the manufacturing of the Boxer 8x8 for the Mechanized Infantry Vehicle Program of the British Army.
- February 2019: The Canadian arm of the US-based aerospace defense major, General Dynamics, clinched a contract worth USD 37.2 million to provide 60 hardware kits for the Light Armored Vehicle Reset Program of the US Marine Corps. The kits will comprise of a new turret slip ring, a modern instrument panel for the driver, a driveline system, and improved power-pack.
Browse Detailed Research Insights:
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