Armored Vehicles Market - Rising Demand for Improved Defense Capabilities

1. Armored Vehicles Market: Rising Demand for Armored Vehicles Market: Rising Demand for Improved Defense Capabilities Improved Defense Capabilities The Armored Vehicles Market is projected to grow from USD 29.3 billion in 2022 to USD 34.1 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 3.1% during the forecast period. The global armored vehicles market is expected to experience steady growth in the coming years, driven by various factors, including the increasing demand for armored vehicles to tackle cross- border conflicts and the need to enhance intelligence, surveillance, and reconnaissance (ISR) capabilities of defense forces. Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=6322755 Enhancing ISR and Target Acquisition Capabilities: One of the key drivers behind the growth of the armored vehicles market is the pressing need for improved monitoring of water and land borders, particularly in the face of rising terror attacks worldwide. Defense forces are constantly seeking ways to tackle such situations effectively and efficiently. Robots are emerging as a viable solution as they can carry out enhanced cross-border surveillance and intelligence gathering, offering faster reaction times compared to human personnel. These robotic systems play a crucial role in continuously relaying real-time data to ground stations, providing invaluable information to defense forces. As a result, the demand for military robots with intelligence, surveillance, reconnaissance (ISR), and target acquisition capabilities is on the rise. Prominent companies like Northrup Grumman Corporation (US), the Boeing Company (US), IAI (Israel), and Textron Inc. (US) are actively involved in the development of such advanced military robotic systems. Combat Vehicles Leading the Market: The armored vehicles market is categorized into different platforms, including combat vehicles, combat support vehicles, and unmanned armored ground vehicles. Among these segments, combat vehicles are projected to hold the largest share and experience considerable growth during the forecast period. The increasing demand for various combat vehicles, such as light armored vehicles (LAVs), main battle tanks (MBTs), infantry fighting vehicles (IFVs), etc., is contributing to the growth of this segment.

2. North America Dominates the Market: In terms of geographical distribution, North America currently leads the armored vehicles market, with the United States accounting for the largest share in the region. The North American market is anticipated to witness significant growth in the coming years, mainly driven by the region's focus on the procurement of armored vehicles, particularly for overseas operations. As the largest developer, operator, and exporter of armored vehicles globally, the US plays a pivotal role in making North America one of the largest consumers of armored vehicles worldwide. Key Market Players: The armored vehicles market is highly competitive, with several major players contributing to its growth. Some of the key companies operating in the market include Oshkosh Corporation (US), L3harris Technologies (US), Northrop Grumman Corporation (US), Lockheed Martin Corporation (US), Hanwha Defense (South Korea), and others. Ask for Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=6322755 About MarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: 1-888-600-6441