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Armored Vehicle Market Size, Share and Industry Analysis, By Platform (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles), By Mobility (Wheeled, Tracked), By System (Engine, Drive Systems, Ballistic Armor, Turret Drives, Ammunition Handling Systems, Others) and Regional Forecast, 2019-2026

Region : Global | Published Date: Mar, 2020 | Report ID: FBI101817

 

KEY MARKET INSIGHTS

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Armored vehicles are armed combat vehicles that are shielded by armor for protection against missiles, IEDs weapons, bullets, shrapnel, and other projectiles and weapon systems. These vehicles have invasive as well as defensive capabilities. For instance, the main battle tank (MBT) is equipped with a main tank gun and one or more machine guns for attacking or invasion purposes, and the vehicle is protected by armor to defend the attacks made by the enemy. The demand for armored vehicles is increasing due to the frequent occurrence of cross-border conflicts and asymmetric warfare across the globe. The development of military armored vehicle technologies combines innovations from areas such as electronics, weaponry, automotive, and material science are also fueling the growth of the military bulletproof vehicle market.


MARKET TRENDS


Rising Adoption of Active Protection System (APS) Witnessed as a Significant Market Trend


The active protection system automatically detects and counteracts incoming threat projectiles before they reach a target. APS uses launchers, tracking radar, sensors, and countermeasure munitions to protects combat vehicles from grenades attacks and anti-tank guided missiles. General Dynamics Ordnance and Tactical Systems, Raytheon Company, Leonardo DRS, and among others are the key players that are developing APS. In October 2019, RAFAEL Advanced Defense Systems of Israel and Leonardo DRS delivered the first trophy active protection system for the U.S. Army for tanks and armored combat vehicles. The trophy is one of the completely integrated, combat-proven APS in the world. The networked threat awareness makes this APS unique as it has a provision to identify and report shooter locations across the battle management system. This trend is predicted to accelerate market growth.  


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Rising demand for ultra-lightweight armored vehicle plays a vital role in market growth


The green technology is a combination of science and technology to create products and services that are environment-friendly; the adoption of green technologies such as lightweight materials for vehicle body/structure, use of electricity to power the vehicle, and others are rising rapidly. Furthermore, increased use of ceramic armor provides hardness with a very lightweight. The ceramic material offers corrosion resistance high strength, insulation and conductivity, heat resistance, thermal expansion, and chemical resistance.


The U.S. Army’s Tank Automotive Research, Development, and Engineering Center (TARDEC) developed an ultra-lightweight armored vehicle which is driven by a lightweight diesel engine and two electric motors that provide high running performance. The use of electric motors eliminates the requirement for the driveshaft, creating more space for the unique mine-resistant bottom.


The U.S. Army Research Laboratory and the U.S. Army Combat Capability Development Command Ground Vehicle Systems Center (GVSC) are emerging combat vehicles such as main battle tanks (MBTs), Infantry Fighting Vehicles (IFVs) driven by hydrogen fuel cells. The rising demand for fuel-efficient and the cost-effective armored vehicle is expected to be one of the key driving factors for the market growth.


MARKET DRIVERS


The militarization of law enforcement agencies drives the armored vehicle market


Militarization is the process in which the civilian police force implements the military model principles that include obtaining the equipment, tactics, and culture of the military. Exposure of police militarization and public attentiveness has majorly focused on the acquisition of military equipment such as aircraft, and weapons. The increased use of military equipment and armored vehicles from law enforcement agencies drives the growth of the armored vehicles market. This will increase the demand for law enforcement to control urban conflict and crime from different urban conflict zone around the world.


Rising cross-border disputes resulting in increased demand for armored vehicle market


Over the past few years, there has been a rise in disputes, terrorist activities, and wars across the globe. The rising violence in countries such as Syria and Iraq, increasing cross border activities and combat insurgency between Asian countries and among other regions has led several countries across the globe to modernize their existing defense system. The countries across the world are focusing on strengthening and safeguarding defense systems by deploying advance light protecting vehicles (LPVs), main battle tanks (MBTs), infantry fighting vehicles (IFVs), and among others. These factors will drive market growth during the forecast period.


MARKET RESTRAINT


High chances of electrical, mechanical components failure in armored vehicles are hindering the market growth


Armored vehicles are prone to the mechanical stresses caused by their movement on uneven topographies. These vehicles often result in mechanical failures in the engine and transmission system due to high-speed operating systems. Thus, due to mechanical failures, these vehicles undergo breakdown of components, jamming of parts, power failures, and others. Such failures can cause severe breakdown during battlefield operations as these failures are difficult to rectify by rescue & recovery teams. Moreover, the identification of faulty components results in malfunctioning of armored vehicles. Thus, manufacturers are developing new and innovative designs to reduce and rectify the failures mentioned above in armored vehicles.


SEGMENTATION


By Platform Analysis


Increase in the demand for combat vehicles in counter terrorism operations is driving the growth of the market


Based on the platform, the market is classified into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. The combat vehicle segment is expected to be the largest segment in the market during the forecast period. Rising demand for light armored vehicles (LAVs) and armored personnel carriers (APCs) across the globe are the factors driving the growth of the combat vehicle segment of the market.


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The unmanned armored ground vehicle is predicted to be the fastest-growing segment during the forecast period. These unmanned vehicles can operate in high-risk situations and provide remarkable potential for ground operations. Thus, the rise in demand for the development and deployment of these unmanned armored vehicles will accelerate market growth.


The combat support vehicle segment is also expected to witness significant growth during the forecast period owing to its various capabilities such as fire assistance, operational assistance, and others.   


By Mobility Analysis


Wheeled armored vehicle to gain momentum during the forecast period, to the demand for these  


By mobility, the market has been segmented by wheeled and tracked armored vehicles. The wheeled armored vehicle segment is anticipated to be the fastest-growing segment of the market due to increased demand for 4X4 light armored vehicles by the military for transportation, intelligence, surveillance, and reconnaissance application around the world. 


By System Analysis


 Rise in the military modernization programs across the globe  


Global armored vehicle market based on the system includes engine, drive system, ballistic armor, turret drives, ammunition handling system, fire control system (FCS), armaments, countermeasure system, command & control (C2) system, power system, a navigation system, observation and display system, and hull/frames. The armaments segment is expected to be the fastest-growing segment during the forecast period due to increased demand for anti-tank guided missile (AGTM) launchers, remote weapon stations, and other armaments across the globe. Moreover, the rise in the military modernization programs is expected to propel the growth of the market segment. The market for engine segment is expected to grow due to the surge in demand for durable and robust diesel engines. Moreover, owing to the modernization of MBTs, the demand for turbine engines is increasing.


The ballistic armor segment is divided into explosive reactive armor (ERA), composite armor, electric armor, homogeneous armor, and others. The composite armor segment is expected to witness substantial growth in the market during the forecast period, owing to the rise in demand for lightweight armored vehicles with increased protection.


REGIONAL ANALYSIS


The findings based on our research methodology & analysis indicates that Asia-Pacific is predicted to be the fastest-growing region in the global armored vehicle market during the forecast period. The rise in demand for these vehicles in this region can be endorsed to rising terrorist activities. Moreover, the increase in expenditure by emerging economies such as India and China on defense operations is predicted to drive the growth of the market in Asia-Pacific. Some of the leading armored vehicle manufacturing companies in the region are Mitsubishi Heavy Industries (Japan), NORINCO (China), Ordnance Factory Board (India), and among others.


North America Armored Vehicle Market, 2018 (USD Billion)

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North America is to hold the largest share of the market during the forecast period. The key factor accelerating the growth of the market is increasing investments by major players in research and development of advanced technologies in these vehicles. The region has heavily invested in advancing manufacturing capabilities and upgraded armored vehicles & heavy equipment factories in the region. Moreover, The U.S. government is focusing on strengthening the national defense system, thus investing in the development of infrastructure is expected to propel the market growth.


KEY INDUSTRY PLAYERS


Key Players to Maintain Their Strong Leadership Position Across Different Armored Vehicles-Related Market


Key players are emphasizing on collaborating with companies engaged in the manufacturing of advanced systems and components to provide their products with cutting-edge technologies for better combat capabilities.


At present, the global armored vehicle market is dominated by the top ten market players holding more than half of the market share. The dominance of key armored vehicle manufacturers is dependent on their spending in the research & development of active protection systems, AI-based smart object recognition and tracking technology, navigation algorithms for unmanned armored vehicles, and among others.


List of Key Companies Profiled:



KEY INDUSTRY DEVELOPMENTS:



  • May 2015 - Rheinmetall AG, and PolskaGrupaZbrojeniowa SA, have signed a cooperative contract to develop new amphibious 6X6 armed automobile for the Polish military

  • December 2018 - BAE Systems was awarded a contract worth USD 376.0 million from the U.S. Government for the Engineering, Development, and Manufacture (EDM) of Mobile Protected Firepower (MPF) vehicles.

  • April 2019 - Krauss-Maffei Wegmann was awarded a contract worth USD 832.0 million by the U.S. Federal Government for upgrading its 104 Leopard 2 Battle Tank. This upgrade will simplify the logistical footprint of the system.

  • December 2019 - Oshkosh Defense was awarded a contract worth USD 803.9 million by the U.S. Army to deliver 2,721 JLTVs (Joint Light Tactical Vehicles). The LTVs will allow the nation’s army, navy, airforce, and marine corps to conduct missions in support of the national defense strategy.


FUTURE OUTLOOK


Reactive armor, the adaptive camouflage system, programmable ammunition systems, and others are some of the technologies that will change the future of the armored vehicle. The reactive armor is a vehicle armor that reacts to the impact of the weapon to reduce the harm done to the vehicle by the enemy forces. There are various types of reactive armor, such as electric reactive armor, explosive reactive armor, non-explosive reactive armor, and others.


The adaptive camouflage provides disguise from visual detection. Active camouflage has developed using organic light-emitting diodes (OLEDs) and other technologies that allow for images to be projected onto irregularly shaped surfaces.


REPORT COVERAGE


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The report offers qualitative and quantitative insights on armored vehicle solutions and services and the detailed analysis of market size & growth rate for the segments in the market.


An Infographic Representation of Armored Vehicle Market

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Along with this, the report offers an elaborative analysis of market dynamics, emerging trends, and competitive landscape in the armored vehicle industry. Key insights covered in the report are the adoption of advanced technology, recent industry developments such as long term partnerships, mergers & acquisitions, consolidated company SWOT analysis of key players, Porter’s five forces analysis, key business strategies of leading market players, macro and micro-economic indicators, and key industry trends.


REPORT SCOPE & SEGMENTATION














































 SEGMENTATION 



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD Billion)



By Platform




  • Combat Vehicles

    • Main Battle Tanks

    • Infantry Fighting Vehicles

    • Armored Personal Carriers

    • Armored Amphibious Vehicles

    • Mine-Resistant Ambush Protected Vehicles

    • Self-Propelled Howitzers

    • Air Defense Vehicles

    • Armored Mortar Carriers



  • Combat Support Vehicles

    • Armored Supply Trucks

    • Armored Command and Control Vehicles

    • Repair and Recovery Vehicles

    • Others



  • Unmanned Armored Ground Vehicles



By Mobility




  • Wheeled

  • Tracked



By System




  • Engine

  • Drive System

  • Ballistic Armor

  • Turret Drives

  • Ammunition Handling System

  • Fire Control Systems (FCS)

  • Armaments

  • Countermeasure System

  • Command & Control (C2) System

  • Power System

  • Navigation System

  • Observation & Display System

  • Hulls/Frames



By Region




  • North America (the U.S. and Canada)

  • Europe (the U.K., Germany, France, Russia, Ukraine and Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, South Korea, Rest of Asia Pacific)

  • The Middle East (the UAE, Saudi Arabia, Israel, Turkey, Rest of the Middle East & Africa)

  • Rest of the World (Latin America and Africa)



Frequently Asked Questions

In 2018, this global market was USD 17.18 Bn, and it is anticipated to reach USD 26.12 Bn by 2026 growing at a stellar CAGR of 5.36% during the forecast period (2019 -2026)

Combat vehicle and armament sub-segments are the leading sub-segments in the platform and system segment, respectively. Demand for combat vehicles is expected to increase in the defense industry in the near future due to unpredictable and unstable international diplomatic and geopolitical environment.

Some of the driving factors for the market are the rising cross-border disputes across the globe due to which governments are focused on strengthening and safeguarding the defense system.

Some of the key players are General Dynamics Corporation, BAE Systems, Krauss-Maffei Wegmann GmbH & Co., INKAS Armored Vehicles Manufacturing. These players have adopted different strategies to hold their market share in the market.

The intended audience for the market are government authorities, military equipment and systems manufacturers, armored vehicle systems providers, suppliers, research authorities, and others.

Armored Vehicle Market Size, Share and Global Industry Trend Forecast till 2026
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