According to a report, published by Fortune Business Insights, titled “Global 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 till 2028” the market size stood at USD 17.18 billion in 2018. The report is fixed at delivering a comprehensive description of the armored vehicle market dynamics and structure by identifying and providing information regarding the key market segments. It also focuses on an all-encompassing analysis of leading market players by financial position, product, product portfolio, price, growth strategies, and regional presence. It offers PORTER’s analysis and SWOT analysis to record the question of shareholders and highlights the investment potential in the upcoming future. It also showcases what procedures and strategies; companies are currently implementing in the market. It further examines the ways and components convincing armored vehicle market expansion, growth patterns, restricting factors, and market strategies.
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The global armored vehicle market is predicted to reach USD 26.12 billion by 2028, exhibiting a CAGR of 5.36% during the forecast period. The rising adoption of active protection systems can contribute positively to the growth of the market during the forecast period. APS consist of launchers, tracking radar, sensors, and countermeasure munitions, which assists during combat and survivability of the armored vehicle. Moreover, the introduction of armored vehicles with the integration of APS will promote the armored vehicle market trends in the forthcoming years. For instance, 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.
Collaboration of Polska Grupa Zbrojeniowa SA with RMMV to Boost Market Growth
Rheinmetall MAN Military Vehicles GmbH, Aka RMMV, a joint venture company between German companies MAN Truck & Bus AG and Rheinmetall AG, announced to collaborate with The Polska Grupa Zbrojeniowa, a holding company established by the Polish government through its subsidiary Obrum sp. z o.o to develop a new wheeled vehicle designed to replace hundreds of Russian made BRDM-2 armored vehicles currently in service with the Polish military. The collaborative agreement between the companies can offer business opportunities for the market in the forthcoming years owing to its design and development along with the capacity of 3.5 tonnes. Furthermore, Pietro Borgo, the managing director of RMMV and member of the executive board of Rheinmetall Defence, said in a statement, “we see this development contract as an important first step in a highly promising cross-border strategic alliance in the field of military wheeled vehicles. He further added, “we also see excellent opportunities for marketing the LOTR outside of Europe.” In addition, the ground-breaking technology in the new vehicle will spur demand around the world, which in turn will accelerate the armored vehicle market revenue in the foreseeable future.
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The Report List the Main Companies in the Armored Vehicle Market:
- Oshkosh Corporation (the U.S)
- General Dynamics Corporation (the U.S.)
- BAE Systems plc (the U.K)
- UralVagonZavod (Russia)
- Ukroboronprom (Ukraine)
- NORINCO (China)
- Rheinmetall AG (Germany)
- Textron Inc. (the U.S.)
Rising R&D Investments by Key Players to Facilitate Market in North America
The market in North America generated a revenue of USD 6.61 billion and is predicted to remain dominant during the forecast period owing to the increasing R&D for the development of advanced technologies in armored vehicles. Besides, the growing government initiatives and focus on strengthening defense system will propel the growth of the market in North America. Asia Pacific is predicted to witness high demand for armored vehicles in the forthcoming years due to the growing defense budget in countries such as China and India. In addition, the surge in terrorist activities will also create opportunities for the armored vehicle market growth in the forthcoming years.
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