(I-BusinessNews.Com, May 29, 2020 ) The Armored Vehicles Market is projected to grow from $14.31 billion in 2018 to $17.90 billion by 2025, at a CAGR of 3.25% from 2018 to 2025.
“By platform, the combat vehicles segment expected to lead the armored vehicles market, during the forecast period”
Based on platform, the armored vehicles market has been segmented into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. The unmanned armored ground vehicles segment is projected to grow at a higher CAGR during the forecast period as compared to the combat vehicles and combat support vehicles segment. Increasing demand for unmanned systems for warfare role is one of the major factors for the growth of this segment.
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Major contracts for ammunition in 2019:
The U.S. Army has awarded BAE Systems two contract modifications worth up to USD 575 million for the low-rate initial production of the Armored Multi-Purpose Vehicle (AMPV).
Indian Ministry of Defence has approved USD 1.93 billion procurement of 464 Russian-made T-90MS main battle tanks (MBTs) from Rosoboronexport, Russia.
Czech Republic has awarded a contract to supply 62 TITUS 6×6 armored vehicles to Nexter Systems.
“By size, the wheeled segment to grow the highest CAGR during the forecast period”
Based on mobility, the market has been segmented into wheeled and tracked. The wheeled armored vehicles segment is projected to grow at the highest growth rate during the forecast period. There has been high demand of 4X4 light armored vehicles by military for ISR, transportation, and other warfare roles; thus, leading to its higher demand.
Increase in the procurement of Armored Fighting Vehicles will lead to the growth of combat platforms in armored vehicles market from 2018-2025
“North America is projected to lead the armored vehicles market during the forecast period”
The Armored vehicles market in North America is projected to lead the armored vehicles market during the forecast period. The growth of this market can be attributed to the increasing investments to develop highly advance and scalable armored vehicles with strong ballistic capabilities. Investments are mainly driven by US which is issuing contracts for new product development. US is also procuring light armored vehicles in huge numbers and also upgrading its fleet of main battle tanks and armored fighting vehicles with lethal capabilities. US’ continuous involvement in various conflicts around the world has increased the demand for armored vehicles in North American region.
Key Market Players
Major players profiled in the report on the ammunition market include Northrop Grumman (Orbital ATK Inc.) (US), General Dynamics Corporation (US), Olin Corporation (US), BAE Systems (UK), Nammo AS (Norway), RUAG (RUAG Ammotec) (Switzerland), Nexter (France), Vista Outdoor Inc. (US), and Rheinmetall AG (Germany), among others.
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