According to a new market research report published by Credence Research “Armored Vehicles Market (by Product Type: Armored Personnel Carriers (APC), Infantry Fighting Vehicles (IFV), Light Protected Vehicles (LPV), Battle Tanks, Mine-resistant Ambush Protected, Tactical Tanks, Bus & Van, SUV, and Armored Luxury Vehicles; by Mobility: Tracked and Wheeled; by Application: Commercial, Homeland Security and Defense) – Growth, Future Prospects, and Competitive Landscape, 2018-2026”, the armored vehicles market registered market value of US$ 24.7 Mn estimated to grow with a CAGR of 5.72% during the forecast period from 2018 to 2026.
Terrorist and extremist actions affected almost every country across the globe and unfortunately, the activities are not expected to be curbed soon. Governments from several nations are undertaking every possible and feasible step in order to fortify their homeland security and international borders. Procurement of state of the art equipment in fight against such anti-social elements can give governments a winning edge and reduce precious life fatalities. Armored vehicles are one such essential component in fight against national and international threats and hence the demand for such vehicles has been on continuous rise since past few decades. However, integration of armored vehicles is not limited to only homeland security and defense applications. The demand for armored vehicles as personal vehicles for influential and important person and for other commercial applications is also witnessing significant growth. Rising use of armored vehicles across different end-use applications is certainly helping armored vehicles market to grow with a considerable pace.
The research analysis covers exhaustive analysis of leading armored vehicles manufacturers including BAE Systems, BMW AG, Elbit Systems, General Dynamics Corporation, Daimler AG, Lockheed Martin Corporation, Thales Group, Krauss-Maffei Wegmann GmbH & Co. (KMW), Navistar, Inc., INKAS Armored Vehicle Manufacturing, Oshkosh Defense, LLC, Textron, Inc., International Armored Group, Lenco Industries, Inc., STAT, Inc., Ford Motor Company, Rheinmetall AG,and IVECO. The companies characterizing the armored vehicles are few of the most prominent companies in the field of automotive and defense equipment manufacturers. These companies are well established in terms of revenue and face limited competition from local manufactures owing to the issues associated with safety and performances of the vehicle. However, the competition among these companies is quite stiff in order to acquire the long terms contracts from governments for supplying armored vehicles. Use of advanced material and composites for body armor in order to reduce the weight of the vehicles is one of the most prominent business strategies adopted by these companies. Several new entrants are eyeing armored vehicles market as a lucrative market as there is limited competition among few players. However, these new entrants have to overcome several technical issues and establish their trust in order to reap benefits from the market.
The complete report is available at https://www.credenceresearch.com/report/armored-vehicles-market