Global Armored Vehicles Market Opportunities and Challenges

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The Armored Vehicles Market is projected to grow
from USD 14.3 billion in 2018 to USD 16.8 billion
by 2023, at a CAGR of 3.25 from 2018 to 2023.
Growing demand for armored vehicles due to rise
in the instances of cross-border conflicts and
increasing incidences of asymmetric warfare
across the globe are major factors driving the
growth of the armored vehicles market. However,
the absence of major OEMs of armored vehicles in
the Middle East and Asia Pacific
region and mechanical,
occurrence of electrical, and in
other kinds of failure
armored vehicles are projected to hinder the
growth of the market. The armored vehicle
market has been analyzed primarily based on
platform (Combat Vehicles, Combat Support
Vehicles, Unmanned Armored Group
Vehicles), Mobility (Wheeled, Tracked), System
(Engines, Drive Systems, Ballistic Armor, Turret
Drive, C2 System), and region (North America,
Europe, Asia Pacific, Middle East and rest of
the world). Download PDF Brochure
_at_ https//www.marketsandmarkets.com/pdfdownloadNew
.asp?id6322755 The combat vehicles segment is
projected to lead the armored vehicles market
from 2018 to 2023. Based on platform, the armored
vehicles market has been segmented into combat
vehicles, combat support vehicles, and unmanned
armored ground vehicles. The combat vehicles
segment is projected to lead the market during
the forecast period. Increasing demand for
Armored Personnel Carriers (APCs) and Light
Armored Vehicles (LAVs) across the globe is
leading to the growth of the combat vehicles
segment of the market. The armaments segment is
projected to lead the armored vehicles market
during the forecast period. Based on system, the
armored vehicles market has been segmented into
engines, drive systems, ballistic armor, turret
drives, fire control systems, armaments,
countermeasure systems, Command Control (C2)
systems, power systems, navigation systems,
ammunition handling systems, observation
display systems, and hulls/frames. The armaments
segment is estimated to lead the armored vehicle
market
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from 2018 to 2023. The growth of this segment can
be attributed to the increased demand for remote
weapon stations, Anti-tank Guided Missile (ATGM)
launchers, and other armaments across the
globe. The Asia Pacific armored vehicles market
is projected to grow at the highest CAGR during
the forecast period. The Asia Pacific armored
vehicles market is projected to grow at the
highest CAGR from 2018 to 2023. The growth of
the market in this region can be attributed to
the rising number of terrorist activities in
this region and increasing spending of emerging
economies on defense operations. Countries such
as India and China have increased their defense
budgets and are procuring advanced armored
vehicles for their military operations. This, in
turn, is expected to drive the growth of the Asia
Pacific armored vehicle market during the
forecast period. Key Market Players Key players
profiled in this report on the armored vehicles
market include Oshkosh Corporation (US),
UralVagonZavod (Russia), General Dynamics
Corporation (US), BAE Systems plc (UK), NORINCO
(China), Rheinmetall AG (Germany), and Textron
Inc. (US). Contracts and new product launches
were key strategies adopted by the leading
players to achieve growth in the market. Ask for
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