The armored vehicle market is expected to witness high growth over the next six years owing to its defense and commercial uses. These vehicles enhance the capability of ground forces; therefore, they are expected to be an integral part of military operations over the forecast period. Increasing internal and external security concern globally is expected to drive the armored vehicle market. Rise in defense spending and commercial security consciousness is expected to be favorable for the global market. Additionally, increasing technological advancements and modernization is also expected to fuel armored vehicle market growth. Political and social concerns may act as critical factors effecting market dynamics over the forecast period. High investment and environmental threats may hinder market growth.
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The armored vehicle market can be segmented on the basis of product and application. Product segments includes Mine Resistant Ambush Protected Vehicles (MRAP), amphibious armored vehicles, main light protected vehicles, unmanned ground vehicles and battle tanks. Further, armored vehicles can be used for defense and commercial applications. Defense is expected to contribute significantly to the market and grow at a considerable rate over the forecast period.
The North America market has grown at considerable rate over the past few years owing to its efforts to counter terrorism. Asia Pacific is expected to be the most lucrative market over the forecast period due to increase in defense expenditure from China and India. Additionally, territorial disputes between nations in the region are also expected to contribute to the armored vehicle market.
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Few key market players include Elbit Systems, BAE Systems, Navistar International Corporation, Oshkosh, General Dynamics Corporation, Lockheed Martin, Rheinmetall, Krauss-Maffei Wegmann GmbH and Ivecs. In December 2014, Estonia signed a deal worth USD 120 million with the Netherlands to buy 44 infantry combat vehicles.
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