Armored Vehicles Global Market Report 2021: COVID-19 Impact and Recovery To 2030

New York, June 22, 2021 (GLOBE NEWSWIRE) — announces the release of the report “Armored Vehicles Global Market Report 2021: COVID-19 Impact and Recovery To 2030” –

The global armored vehicles market is expected to decline from $5.69 billion in 2020 to $5.68 billion in 2021 at a compound annual growth rate (CAGR) of -0.2%. The armored vehicles market is anticipated to record a decline in market revenues in 2021 on account of post-COVID-19 implications involving workforce shortages and operational challenges and slowdown in global manufacturing activities. The market is expected to reach $6.35 billion in 2025 at a CAGR of 2.8%.

The armored vehicles market consists of sales of armored vehicles by entities (organizations, sole traders and partnerships) that produce armored vehicles. The armored fighting vehicle is a self-propelled, weaponized military vehicle used for combat operations.

The armored vehicles market covered in the report is segmented by vehicle type into armored personnel carrier, infantry fighting vehicle, main battle tanks, tactical truck, bus, others; by platform into combat vehicles, combat support vehicles, unmanned armored ground vehicles; by system into engine, drive system, ballistic armor, fire control system (FCS), armaments, ammunition handling system, countermeasure system, command and control system, others; by mobility into tracked, wheeled, 4×4, 6×6, 8×8, others.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The high cost of armored vehicles is expected to limit the growth of the armored vehicles market in the coming years.The cost of armored vehicles is high because armored vehicles are fitted with the strict attention to quality for providing uncompromising protection while being on the route.

For example, Inkas Sentry Civilian is an armed personnel carrier that starts at a base price of $350,000. Therefore, the high cost of armored vehicles hinders the growth of the armored vehicles market.

In May 2020, BAE Systems, a USA based Aerospace company acquired Raytheon Company for an undisclosed amount.This acquisition augments BAE Systems’ portfolio in airborne communications with broad-spectrum, multi-band, multi-channel radios that feature robust anti-jamming and encryption capabilities.

Raytheon Company is a USA defense contractor and industrial corporation with core manufacturing concentrations in weapons and military and commercial electronics.

Increased military spending is expected to fuel the growth of the armored vehicles market over coming years.Countries around the world are investing in military because of their conflicts and rivalry with other nations.

Military expenditure covers operations, maintenance, arms acquisition, armoured vehicles and military research and development. For instance, on December 20, 2019, the Japanese government signed off on its highest ever defence budget of $48.5 billion for the next financial year, amidst the increasing conflicts with Asia-Pacific. According to current results from the Stockholm International Peace Research Institute (SIPRI), overall global military budget increased to $1,917 billion in 2019. Therefore, the increased military spending drives the growth of the armored vehicles market.

The unmanned armored vehicle is a key trend gaining the popularity in the armored vehicles market.The use of unmanned armoured vehicles in the defence sector is increasingly evolving and military organisations around the globe are experimenting with their use in an attempt to understand what actually such systems can bring and how they can best be incorporated into existing power structures.

For instance, in March 2020, the first unmanned armoured vehicle from SOORAN, capable of fighting on battlefields and operating from a distance, grabbed the attention of the Indian Army. SOORAN is an artificial intelligence multi-terrain vehicle fitted with a petrol engine and can be controlled in three modes, including remote teleoperation, mobile control station teleoperation and autonomous mode.

The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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