Armored Vehicles Market Size, Trends, Applications, Forecast by 2021

"Armored Vehicles Market by Application (Defense, Commercial), Defense Products (MBT, LPV, AAV, MRAP, IFV, APC, Others), Commercial Products (SUV, Sedan, Limousine, Bus/Van, Others), Technology (Active, Passive), Type, & Region - Global Forecast to 2021",

The armored vehicles market is estimated to reach USD 31.26 Billion by 2021, at a CAGR of 5.6% from 2016 to 2021. This growth can be attributed to the increasing incidences of armed conflicts, violence, and terrorism, which are driving the demand for armored vehicles, among defense and commercial end users, globally.

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"Commercial segment dominates the armored vehicles market, among applications"

The global armored vehicles market is dominated by the commercial application segment, as of 2016, and is expected to continue its dominance till 2021. This dominance can be attributed to the rising incidences of civil unrest, political disputes, and terrorism that have driven governments, embassies, VIPs, and banks to procure more advanced and reliable armored vehicles for protection.

"The SUV segment to grow the highest during the forecast period"

The armored vehicles market has been segmented and analyzed in terms of product, namely, SUV, Sedan, Limousine, Bus/Van, among others. The global market is dominated by the SUV segment and this segment is also projected to grow at the highest CAGR during the forecast period, primarily driven by the increasing use of armored SUVs by government and embassy officials, VIPs, and in cash-in-transit applications, globally.

"Asia-Pacific and the Middle East to be the opportunistic markets for armored vehicles industry"

The Middle East and Asia-Pacific are expected to drive the growth of the global armored vehicles market in the coming years, with the Asia-Pacific market projected to grow at the highest CAGR during the forecast period, 2016 to 2021. This rapid growth of the Asia-Pacific market can be attributed to the increasing research and development activities undertaken in the region for the development of advanced and hybrid designs of armored vehicles for enhanced border and maritime patrolling or ISR functions, increasing military expenditures and military modernization programs of major economies of the region, and rising demand for light or medium-sized armored vehicles for patrolling operations, primarily owing to rising threats of cross-border terrorism.

The major players in the armored vehicles market have been identified as General Dynamics Corporation (U.S.), BAE Systems, Plc. (U.K.), Lockheed Martin (U.S.), and Elbit Systems (Israel), among others.

The report segments and analyzes the armored vehicles market on the basis of application (Defense, Commercial), Product (Defense-Main Battle Tank, Light Protected Vehicles, Amphibious Armored Vehicles, Mine-resistant Ambush Protected, Infantry Fighting Vehicles, Armored Personnel Carriers, Others; Commercial- SUV, Sedan, Limousine, Bus/Van, Others) Type (Wheeled, Tracked, Others),), Technology (Active, Passive), & Region and maps these segments and subsegments across the top defense-spending countries of the world, including the U.S., China, Russia, Germany, France, India, Japan, and so on.

The increasing demand from civilian applications, such as commercial, is expected to drive the growth of the armored vehicles market during the forecast period of 2016 to 2021. In recent years, the rising incidences of terrorism and armed violence have driven more civilians to procure armored vehicles for commercial purposes. Owing to the same factors, government and embassy officials, VIPs, and banks (in cash-in-transit), across the globe have invested more on procuring advanced vehicles systems, including major armored vehicles, such as SUV, sedan, bus/van and so on. These factors are expected to play major roles in the growth of the market in the coming years.

The market size estimations for various segments and subsegments of this market were arrived at through extensive secondary research, corroboration with primaries, and further market triangulation with the help of statistical techniques using econometric tools. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. This data is consolidated and added with detailed inputs and analysis from MarketsandMarkets, and presented in this report.

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