BANGALORE, India, June 24, 2020
BANGALORE, India, June 24, 2020 /PRNewswire/ -- Armored vehicles can be defined as vehicles that are fitted with complete or partial armor plating for protection against bullets, shell fragments, or any other projectiles.
The global armored vehicles market size was valued at USD 15.96 Billion in 2018 and is projected to reach USD 21.97 Billion by 2026, registering a CAGR of 4.2% from 2019 to 2026.
Get Detailed Analysis of COVID-19 Impact on Armored Vehicles Market:
TRENDS INFLUENCING THE ARMORED VEHICLES MARKET SIZE
ARMORED VEHICLES MARKET SHARE ANALYSIS
Asia-Pacific is expected to witness the largest growth during the forecast period. Market growth in this region can be attributed to rising numbers of terrorist activities in this region and increasing expenditure on defense operations by emerging economies.
Countries like India and China have increased their budgets for defense and are purchasing advanced armored vehicles for military operations. This, in turn, is expected to drive the growth of the armored vehicle market in Asia Pacific during the forecast period.
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ARMORED VEHICLES MARKET SEGMENTATION
By Drive type
By Vehicle Type
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● Armoured Fighting Vehicle Market Report
The increasing political tension, terrorism, and hostile activities that are happening around the world are some of the significant factors that are expected to increase the growth of Armoured Fighting Vehicles Market size.
Because of decreasing orders for armored vehicles, the big players face a slowdown in revenue. Local manufacturing companies, however, have several orders and a backlog of at least five years of production in all of the developing countries. The increasing involvement of local companies changes the structure of the industry from a centralized industry to a competitive market.
● Military Armored Vehicles Market Report
The emergence of cross-border conflicts and the growing incidence of asymmetric warfare across the globe are key factors for the growth of Military Armored Vehicles Market size.
However, the absence of major armored vehicle OEMs in the Middle East and Asia Pacific region and the occurrence of mechanical, electrical and other forms of failure in armored vehicles are expected to hinder market growth.
● Infantry Fighting Vehicle Market Report
Infantry fighting vehicle (IFV), is a combat vehicle manufactured to carry troops into the battlefield and provide direct fire support.
The focus on enhancing battlefield situational awareness and rising incidences of asymmetric warfare are some of the significant factors driving the growth of Infantry fighting vehicle market size.
However, delays in procurement processes restrict the growth of the IFVs market to some extent. Nonetheless, the rise in defense spending, particularly in emerging economies, is anticipated to boost IFV market growth.
● Armored Car Market Report
● Main Battle Tanks Market Report
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