The armored vehicles market is projected to grow at a CAGR 4.87% rate during the forecast period. Growing demand for armored vehicles due to rise in the instances of cross-border conflicts and increasing incidences of asymmetric warfare across the globe. However, the absence of major OEMs of armored vehicles in the Middle East and Asia Pacific region and occurrence of mechanical, electrical, and other kinds of failure in armored vehicles are projected to hinder the growth of the market.
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The combat vehicles segment is projected to lead the market during the forecast period. Increasing demand for Armored Personnel Carriers (APCs) and Light Armored Vehicles (LAVs) across the globe is leading to the growth of the combat vehicles segment of the market.
The Asia Pacific armored vehicles market is projected to grow at the highest CAGR from 2018 to 2023. The growth of the market in this region can be attributed to the rising number of terrorist activities in this region and increasing spending of emerging economies on defense operations. Countries such as India and China have increased their defense budgets and are procuring advanced armored vehicles for their military operations.
Key Market Players include Oshkosh Corporation (US), UralVagonZavod (Russia), Ukroboronprom (Ukraine), General Dynamics Corporation (US), BAE Systems plc (UK), NORINCO (China), Rheinmetall AG (Germany), and Textron Inc. (US).
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