Armored Vehicles Market: Top Industry Growth Factors & Segments, 2016-2024

Deerfield Beach, FL -- (SBWire) -- 10/26/2017 --An armored fighting vehicle is combat and has a strong armor that protects it. It is generally armed with arms and has capabilities such as operational mobility, is defensive and tactical offensive. The vehicles can be tracked or wheeled. An armored civilian car in the UK is used for security purposes in which the standard vehicle window glass is replaced with bulletproof glasses and layers of armor plates are inserted into the body panels.

The global armored vehicles market is globally segmented into its application, product, type, technology, and region. Based on the application, the market is segregated into defense and commercial sector. The defense sector is further sub-segmented into military and homeland security. The commercial sector is sub-segmented into government, banks, embassy, VIPs, and others. Depending on the sectors, the product segment is classified into the main battle tank, amphibious armored vehicles, infantry fighting vehicles, light protected vehicles, mine-resistant ambush protected, armored personnel carriers and others in the defense segment. The products in the commercial segment include Sedan, Bus/Van, SUV, Limousine, and others. Based on the type, the market is bifurcated into tracked, wheeled and others. Based on technology, the market is segregated into passive and active. Region-wise, the market is diversified into Asia Pacific, North America, Europe and Rest of the World.

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The key factor that is driving the armored vehicle market is the increasing occurrences of armed violence and terrorist attacks have compelled the civilians to procure armored vehicles for the commercial purposes. The increasing demand from the civilian commercial applications has increased the demand for the armored vehicles. In the defense sector, vehicles should have less weight and size thus the demand for highly efficient, robust and compact vehicles are increasing, thus triggering the market growth. Huge investments and R&D activities are going on for the implementation of updated technology in the armored vehicles market, which is positively affecting the market growth.

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The Asia Pacific region holds a major share in the armored vehicles market. The concerns regarding the security from the terrorist attacks and the insurgent groups across the region have led to the need to make advancements in the military organizations. The government bodies are taking interest and are making huge investments in order to develop the defense sector. Countries such as China, India, and South Korea are making investments for the procurement of advanced armored vehicles thus driving the demand. Other countries such as Israel, Iran, UAE, Saudi Arabia and Turkey are also taking initiatives and are increasing their military budgets to procure advanced armored vehicles in their military troops.

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The key market players of the armored vehicles market include General Dynamics Corporation, Lockheed Martin, Textron Inc., The Raytheon Company, Krauss-Maffei Wegmann GmbH & Co. KG, Oshkosh Corporation, Rheinmetall Defence, International Armored Group, BAE Systems, Plc., INKAS Armored Vehicle Manufacturing, STREIT Group and Elbit Systems Ltd.