According to Publisher’s latest study, the global Armored Car market was valued at US$ 18910 million in 2023. With the growing demand in the downstream market, the Armored Car is forecast to a readjusted size of US$ 26580 million by 2030 with a CAGR of 5.0% during the review period. Market Overview
Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globally
Download SampleThe research report highlights the growth potential of the global Armored Car market. Armoured Car is expected to show stable growth in the future market. However, product differentiation, reducing costs, and supply chain optimization remain crucial for the widespread adoption of Armored Car. Market players need to invest in research and development, forge strategic partnerships, and align their offerings with evolving consumer preferences to capitalize on the immense opportunities presented by the Armored Car market. Key Features: The report on the Armored Car market reflects various aspects and provides valuable insights into the industry.
Market Drivers: Defense forces must prioritize the urgent need for enhanced maritime and land border monitoring, given the growing number of terror acts worldwide, many of which occur near borders. In certain instances, military personnel encounter challenges in properly handling the situation because of the rapid and high reaction time between the notice of threats and their interception. In these situations, robots can serve as the most effective substitute for people since they are better suited to do cross-border surveillance and intelligence collection with quicker reaction times and more precision. Robots can continuously transmit real-time data to ground stations and monitor national borders effectively and efficiently. Globally, there is a growing need for autonomous robots because defence forces from different nations use them for a variety of tasks, including target acquisition and surveillance. Prominent corporations such as Northrop Grumman Corporation (USA), the Boeing Company (USA), IAI (Israel), and Textron Inc. (US) are engaged in the development of military robots that possess the ability to gather intelligence, monitor, reconnoitre, and acquire targets. Challenges- The passage of armoured vehicles over uneven terrain can lead to mechanical strain, and cross-country missions might generate logistical strain. These vehicles' engines and transmissions frequently break down mechanically as a result of frequent high-speed driving. In addition, they have component failures, power outages, and jammed parts, among other issues. During conflicts, these mistakes can occasionally be difficult for rescue and recovery personnel to correct, creating dangerous circumstances. Furthermore, it might be challenging to identify defective equipment or components that cause armoured vehicles to malfunction. As a result, armoured vehicle producers are always working to address these shortcomings by creating fresh, creative designs with composite materials and equipping their cars with cutting-edge technologies. Systems and automobiles that operate autonomously are vulnerable to hardware and software issues. Despite their robust construction and design, these devices nonetheless encounter a range of difficulties, including severe weather, malfunctioning parts, software glitches, and more. Human operators can drive unmanned armoured ground vehicles remotely or through tethered modes. Sometimes these robots are controlled by human operators, while other times the robots misunderstand the commands, leading to mission failures. Developing completely autonomous vehicles and systems has proven difficult for engineers because this technology is still in its early stages of development.
Market Forecasts and Future Outlook: Integration of Advanced Technologies: In dynamic operational environments, armoured vehicle situational awareness, threat detection, and mission effectiveness are improved through the integration of advanced technologies such as artificial intelligence (AI), remote monitoring capabilities, and autonomous driving systems. Customization and Specialization: As the need for armoured vehicles with unique capabilities grows, manufacturers will have the chance to provide value-added services and specialist solutions for missions including border patrol, medical evacuation, and reconnaissance. Growth Potential in Emerging Countries: Urbanization trends, infrastructure development, and the growing need for security solutions in high-crime metropolitan areas are driving growth prospects for armoured vehicle manufacturers in emerging countries in Asia-Pacific, Latin America, and Africa. Opportunities: Due to their rising employment by military forces from various nations for combat operations and intelligence, surveillance, and reconnaissance (ISR), unmanned armoured ground vehicles have been more and more in demand globally in recent years. Furthermore, as a result of the rising military spending of nations like the UK, Italy, Spain, Germany, and France, more of these systems are being purchased to replace their defence workers, who require a lot of equipment and logistical support. Since these vehicles can carry out dangerous and vital jobs that warfighters now conduct in conflict zones, military forces from several countries are concentrating on employing unmanned armoured ground vehicles on battlefields to reduce deaths. To support combat, CBRN (chemical, biological, radiological, and nuclear) defence, RSTA, and route clearance missions, unmanned armoured ground vehicles can also be interfaced with a variety of third-party payloads, including interrogation arms, Remote Weapon Stations (RWS), and Reconnaissance, Surveillance, and Target Acquisition (RSTA) systems. Because of all these benefits over manned combat vehicles, defence forces around the world are increasingly using unmanned armoured ground vehicles. Recent developments- In March 2023, Australian and German authorities inked a collaboration agreement to work together on the acquisition of the new combat reconnaissance vehicles, which will be fitted with a 30-millimetre cannon and built on the Boxer family of armoured fighting vehicles. In 2025, the deliveries will begin. December 2022: The Japan Ground Self-Defense Force's Type-96 8X8 wheeled armoured personnel carriers will be replaced with armoured modular vehicles (AMV) manufactured by Patria. Market Segmentation: The armoured Car market is split by Type and by Application. For the period 2019-2030, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value. In terms of product type, Wheeled Armoured Vehicle is the largest segment, occupying a share of 81%, and in terms of application, the Military has a share of about 94%. 1. Segmentation by type • Wheeled Armoured Vehicle • Tracked Armoured Vehicles 2. Segmentation by application • Military • Non-military Regional Insights: Due to the existence of top armoured vehicle manufacturers, government defence funding, and the need for CIT services and VIP protection from financial institutions, law enforcement agencies, and private security companies, America leads the world market for armoured cars. Because of security concerns, counterterrorism measures, and the need for safe transportation options for government officials, embassies, and corporate leaders throughout the region, Europe is a major market for armoured vehicles. Due to geopolitical unrest, security concerns, and military modernization initiatives, there is a significant demand for armoured vehicles in the Middle East and Africa, especially in conflict-affected areas like Iraq, Afghanistan, and Nigeria. Europe is the largest market, has a share of about 32%, followed by China and North America, with a share of 8% and 27%, respectively. 3. Americas • United States • Canada • Mexico • Brazil 4. APAC • China • Japan • Korea • Southeast Asia • India • Australia 5. Europe • Germany • France • UK • Italy • Russia 6. Middle East & Africa • Egypt • South Africa • Israel • Turkey • GCC Countries Competitive Landscape- Global key players in Armored Car include General Dynamics, BAE Systems, Oshkosh, Rheinmetall, etc. The top four players hold a share of over 37%. The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration. • General Dynamics • BAE Systems • Oshkosh • Rheinmetall • China North Industrial • Nexter Systems • Hyundai Rotem • FNSS • Uralvagonzavod • STREIT Group • Thales Group • Textron • Iveco Defence Vehicles • ST Engineering • BMC • Otokar • NIMR Automotive • Mahindra
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