Global Armored Vehicles Market Is Driven By Increasing Use Of LiDAR For Various Applications, Says Variant Market Research

SAN FRANCISCO, July 27, 2017 -- Global Armored Vehicle Market Report by Variant Market Research, estimate that global market is projected to reach $39 Billion by 2024, from $26 billion in 2016. The report will include detailed analysis of global armored vehicle market with respect to major segments such as type, technology, application and geography. Armored vehicles are designed to resolve security concern related to military thus also refers to as a military vehicle. These vehicles are fitted with partial or complete amour plating for defense against shell fragments, bullets, and other projectiles. Major benefits of armored vehicle comprise of escort in safety, discreet protection, and high-class vehicle among fleet. 

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Increasing security concern of military personals will drive the global armored vehicle market

The global Armored Vehicle Market is driven by factor such as technological advancements, rising high internal and external security threats, increase in defense expenditure especially in emerging economies and rising number of rental & leasing of armored cars by civilians. However, declining defense budgets in developed economies and lack of regulatory standards may restraint the growth of the market. Furthermore, light weight armored vehicles and rising demand from commercial sector would provide attractive business opportunity in the coming years. Armored vehicle helps to protect against potential terrorists and also prevent kidnapping threats. These vehicles are specially designed to provide bullet proof security that allows their occupants to survive the riskiest situations and life-threatening environments.

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Market Segmentations

The global armored vehicle market has been segmented into type, technology, application and geography. Type segment includes light protected vehicles, armored amphibious vehicles, main battle tanks, infantry fighting vehicles, mine-resistant ambush protected, armored personnel carriers, and other types. Technology segment is further categorized into inter operable communication, modular ballistic armor, active protection systems, electric armor, situational awareness, vehicle information integration and active mine protection. Additionally, application segment include military, law enforcement and commercial. By geography the market is segmented into North America, Europe, Asia-Pacific and RoW.

Armored personal carriers dominated the type segment of the market

Armored personal carriers are widely used armored vehicle due to it protects the crew and passengers against small arms fire and also transports personals with their individual equipment in tactical operation. APCs are colloquially stated to as 'battle taxis' or 'battle buses'.

Commercial segment dominated the application segment of the market

The commercial application dominated the application segment in 2016 and anticipated to maintain its dominance throughout the forecast period 2016 – 2024. This dominance can be attributed to the rising incidences of civil unrest, terrorism, political disputes.

Asia-Pacific region witnessed fastest CAGR during forecast period 2016 - 2024

Asia-Pacific region witnessed fastest CAGR during the forecast period, driven by high financing on modernization of military and rising border conflicts due to internal terrorism and naxalite problems in China, India, and Japan, increasing research and development efforts undertaken in the region for the progression of advanced and hybrid designs of armored vehicles for improved border and maritime patrolling or ISR functions. Furthermore, North America held the largest market share in 2016, due to high adoption of novel technologies and modernization in defense forces.

Competitive Landscape

The major market players are adopting contract as a key strategy to remain ahead in the competitive environment of the market. For instance, in June 2017, General Dynamics European Land Systems have signed a contract with Danish Army for the supply of 4x4 Armored Patrol Vehicles program (APV) to the Danish Army. The armored vehicle is the most advanced light wheeled vehicles suitable for various military missions. The major companies operating in the global armored market include Lockheed Martin, International Armored Group, Thales Group, BAE Systems, General Dynamics Corporation, Denel Land Systems, Rheinmetall Landsysteme GmbH, Oshkosh Defense, Inc., INKAS Armored Vehicle Manufacturing and Elbit Systems Ltd. among others.

About Variant Market Research

Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.

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