Published On:May 11, 2017, 5:04 pm
Armoured vehicles are also termed as armoured fighting vehicle (AFV), which is shielded by robust armour and usually loaded with weapons and is used as a combat vehicle. The weapons which are attached to the armoured vehicles are a combination of tactical offensive, operational mobility, and defensive capabilities. These vehicles can be either tracked or wheeled and it is quite common for armoured fighting vehicles to be plainly referred to as “armour”. For centuries, these extremely transportable and thoroughly protected fighting vehicles have been around. Armoured vehicles are relegated depending on their purported functioning on the combat zone and characteristics. However, the categorization is not definite; many different countries will make use of the same vehicle in separate roles. For instance, infantry fighting vehicles were the substitutes of armoured personnel carriers in a similar role, however, a few potentialities in the latter were lacking.
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In most of the countries across the globe, the defense sector is the most eminent user of varied kinds of armoured vehicles. An escalation in defense funds by developing markets of several countries has a direct positive impact on the global armoured vehicles market. In 2016, the global armoured vehicles market was estimated at USD 23.75 billion, and it is expected to reach USD 31.26 billion by the end of 2021, thereby registering at a CAGR of 5.6% during the forecast period. Ever increasing military expenditures across several developed and emerging economies are together driving this market into a positive future. Also, it is on the brink of a complete technological transformation. Incorporation of lightweight and compact, photonic and electronic elements that are technologically advanced, for improving the functional efficiency of armoured vehicles, is garnering more popularity. Furthermore, law enforcement agencies across the globe are also resulting in an increased need for such vehicles with the main focus of safeguarding human lives, securing VIPs, and guaranteeing critical missions. Additionally, the elevated demand from nonmilitary citizen applications, like commercial, is predicted to render lucrative growth to this market in the forecast period. In the past few years, increasing prevalence of terrorism and armed violence have encouraged more number of civilians to acquire armoured vehicles for respective commercial purposes. Outstanding to the similar factors, several embassy and government officials, banks, VIPs, all over the world have started to invest more on attaining advanced vehicles systems which includes some of the major armoured vehicles, such as Sedan, SUV, van or bus, etc.
Based on the geographical regions, the global armoured vehicles market has been segmented into regions such as Europe, North America, Japan, China, Southeast Asia, and India. The major market players of this market on a global level are BAE Systems, FNSS, AM General, Navistar Defense, Kurganmashzavod, General Dynamics, Lockheed Martin, Norinco, Panhard, Doosan DST, Rheinmetall Defence, Oshkosh, Nexter Systems, Renault Trucks Defense, Textron Inc, KMW, Thales Australia, Patria, Uralvagonzavod, and Iveco. The product type of the armoured vehicles market on a global level has been split into Wheel Armoured Vehicles and Caterpillar Armoured Vehicles.
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