Armoured Vehicle Market size is expected to be valued at USD 17.1 billion in 2022, growing at a 7.2% CAGR from 2022 to 2028. Armored vehicles are prepared to bear the impact of rockets, shrapnel, bullets, shells, and missiles, protecting the soldiers inside from enemy fire. These armored vehicles could be fitted in various vehicles like ships, tanks, and aircraft. The Armoured Vehicle Market is poised to witness the highest growth in upcoming years by the rising gaining of armored personnel carriers (APC) and mine-resistant ambush protected (MRAP) vehicles. This segment is accounting for the increasing demand for lighter, agile, and flexible vehicles that can provide a tactical advantage on battlefields which undoubtedly supports the vehicle armor market. Increasing day-by-day cross-border criminal activities and terrorism have prompted asymmetric warfare between countries, which is likely to increase the demand for armored vehicles. Technological and developmental progressions associated with active protection systems, active mine protection systems, and modular ballistic armor systems in the coming few years would expect to boost the growth of the vehicle armor market. The continuous development of armored vehicles having lightweight, highly efficient, robust, and compact suitable for defense operations is also expected to push the market’s growth. As a result, acceptance of armored vehicles increases day by day will have a chance to expand the market globally. Companies also will have a chance to make huge investments to grow their market shares and to take advantage of the market’s growth potential. Increasing awareness across globally for their homeland security are significant growth driver for the vehicle armor market. Due to the rising incidence of terrorism, internal disputes in countries have recently increased the vehicle armor market demand and are further expected to level up in the demand in coming years. Furthermore, the huge investment in the defense sector by both developed and developing nations would expect to drive the expansion of the vehicle armor market.
Recent Market Developments:
In July 2020, Mahindra Emirates Vehicle Armoring FZ LLC, a finest vehicle armoring firm, launched its latest high-tech Mine Resistant Ambush Protected Specialty (MRAPS) vehicle.
In January 2022, Oshkosh Defense, LLC; military vehicles, mobility systems, and technology solutions designing company; launched its first hybrid-electric Joint Light Tactical Vehicle (JLTV).
In February 2021, Arquus introduced Scarabee, a lightweight rugged vehicle to spot, lock, acquire, and hit for military services and internal security forces.