Armored Fighting Vehicles Market: Global Outlook, Business Opportunity, Upcoming Trends, Recent Development, Growth Drivers, Strategy, Key Players, Size, and Forecast: 2022-2031

Japan, Japan, Thu, 07 Apr 2022 06:31:09 / Comserve Inc. / -- The armored vehicles market is anticipated to register a CAGR of over 3% during the forecast period, owing to demand from the armed forces, law enforcement agencies (police), and potential private owners.

The armored vehicles market is anticipated to register a CAGR of over 3% during the forecast period, owing to demand from the armed forces, law enforcement agencies (police), and potential private owners.

- The increasing political tension, terrorism, and hostile activities that are happening around the world are some of the major reasons generating the demand for the armored vehicles market.
- Increasing defense spending to fight the aforementioned factors is likely to support the growth of the armored vehicles market.

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Key Market Trends

Main Battle Tank Segment is Projected to Lead the Armored Vehicles Market from 2022 - 2031

Currently, the main battle tank (MBT) segment dominates the market and is expected to continue its domination during the forecast period. This is propelled by the increasing procurements of tanks by various countries, like Hungary, Russia, Thailand, France, and Germany, among others. For instance, in August 2018, the Russian Ministry of Defense signed a contract with Uralvagonzavod (UVZ) for the production of 132 third-generation T-14 Armata main battle tanks (MBT) and T-15 heavy infantry fighting vehicles (IFV). The Russian Ground Forces are expected to receive a total of 100 T-14 MBTs by 2020.

Armored Fighting Vehicles Market in Asia-Pacific Region to Register Highest CAGR During the Forecast Period

The Asia-Pacific region currently dominates the market and is expected to register the highest CAGR during the forecast period. The increasing political tensions between Pakistan, India, China, and Japan, and increasing terrorist activities are forcing these countries to increase and modernize their ground forces. These factors are expected to drive the procurement of armored vehicles, thereby, helping the growth of the Asia-Pacific armored vehicles market.

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Competitive Landscape

The major players in the market are BAE Systems plc, Oshkosh Corp., Rheinmetall AG, General Dynamics Corporation, and Textron Inc. The major players are facing a slowdown in revenue, due to decreasing orders for procuring armored vehicles. However, local manufacturing companies of all developing countries are filled with orders and backlogs worth at least five years of production. The increasing presence of local firms is shifting the market dynamics from a concentrated market to a fragmented market.

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