Armored Vehicles Market Size, Trends and Insights By Product (Defense, Commercial), By Mobility (Wheeled, Tracked), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030


Report Code: CMI17238

Published Date: August 2022

Pages: 220+

Category: Aerospace & Defense

Reports Description

The armored vehicle market is expected to grow at a compound annual growth rate of 6.36% during the forecast period. The market is expected to reach USD 27.83 billion by the year 2030 from USD 18.9 billion in the year 2021. These vehicles are combat vehicles that are armed which provide protection due to their shield against shrapnel, weapons, missiles, projectiles, and bullets. Constant research and development have been instrumental in coming up with innovations and developments in the technologies used for military vehicles.

Armored Vehicles Market Share

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Innovations of different types in automotive, material science, and weaponry will drive market growth during the forecast period. The introduction of the vehicles of the next generation which are integrated with the systems that provide active protection will drive the market growth in the coming years. Armor technology of the reactive type will also be instrumental in the growth of the market. The availability of programmable ammunition will play an important role in the growth of the market during the forecast period. These are some of the trends that will drive market growth in the coming year. During the outbreak of the COVID-19 pandemic, this industry faced a lot of challenges.

The market growth had slowed down during the outbreak of the COVID-19 pandemic. The budget for the defense had also been reduced in various regions. Many delays were caused in the manufacturing of the vehicles during the pandemic. Especially for the countries like South Korea Thailand and China.

Due to the use of these vehicles or the movement of these vehicles on uneven land for defense purposes, there is a mechanical strain on these vehicles. It leads to increased cases of failure of the transmission system. The chances of the failure of the engine also increase as these vehicles make use of high-speed engines for their operation. The original equipment manufacturers are constantly increasing their focus on providing innovative and new designs in the market in order to overcome the failures of the existing vehicles. The production of these vehicles is extremely less in the developing regions. Many countries across the globe depend on other countries for acquiring armored vehicles.

The procurement method is expensive and this will hamper the growth of the market during the forecast period. The designing of the tanks and the development of these tanks is an expensive affair. There is a lot of capital investment in this procedure and there is also a need for technical expertise. The use of propulsion systems in these tanks will also increase the cost of these vehicles. These tanks are highly lethal due to which the making of these tanks is a costly affair. The use of advanced techniques in the development of the tank is expensive and is a major challenge in the growth of the market, especially for the developing nations across the globe. On the basis of the specifications of the advanced nature that are incorporated in these vehicles the cost of these vehicles increases.

Growth Factors

With the constant instability in world politics and the economy, there will be increased cases of asymmetric warfare. The government of various nations engaging in coming up with combat vehicles for the protection of the nation. These nations are engaging in adopting these vehicles in order to protect themselves from insurgent attacks. Our motor vehicles will be in great demand during the forecast. As the help in protecting against the blast attacks. The availability and the presence of the turret gun which are accommodated on these vehicles will drive the market growth in the coming years.

The eastern region of India is a Naxalite area and in order to perform various operations in this region, armored vehicles are used by the Indian government on a large scale. As there has been an increase in the chances of asymmetric warfare the demand for armored vehicles will grow across the globe. Many nations will procure armored vehicles on a larger scale due to which the market is expected to grow in the coming years.

There’s a growing demand for vehicles and systems that are unmanned. In recent decades there has been an increase in the demand for systems that are unmanned in order to reduce the risk of loss of soldiers. These systems will help in performing the functions like surveillance and intelligence.

As the budgets of various nations across the globe are declining these nations are expected to pose a greater demand for these systems in the coming years period countries like Italy, Germany, and France will have a greater demand for these systems in the coming years. There has been an increased demand for the use of the active protection system in these vehicles. The system is instrumental in detecting the threats before these attacks reach the target. The active protection system makes use of sensors, countermeasure munitions, launchers as well as tracking radars.

The use of this system in armored vehicles will help in protecting from missiles and grenades. Increased activities of the terrorists and an increase in disputes across the globe in recent years will drive the market growth for armored vehicles in the coming years. Increased cases of violence and activities of cross-border in the Asian region will also be instrumental in the growth of the market in the coming year period in order to strengthen the defense forces and safeguard the defense forces nations across the globe are investing in acquiring tanks, protecting vehicles, as well as the vehicles for infantry fighting.

Segmental Insights

Armored vehicles market segment on the basis of the product

On the basis of the type of product, the main battle tank segment is expected to have a dominant position in the market. This segment had a share of about 28% in the past and is expected to grow well in the coming years period initiatives taken by the government of various nations across the globe for improving and strengthening the defense forces will drive the market growth in the coming years.

An agreement was signed by the ministry of the Indian defense in the year 2021 with Mahindra Emirates which was worth INR 1056 crore, this organization is expected to provide armored solutions for the paramilitary and the military forces. There’s a growing demand for armored vehicles across the globe as governments seek protection for their military personnel. There’s a growing demand for ambush-protected and mine-resistant vehicles. In order to deploy the infantry in a safer way, tactical military carriers are used on a large scale.

There shall be increased use of unmanned vehicles during the forecast period. These vehicles are operational even when the situations are extremely risky. Unmanned vehicles will play an extremely important role in having the potential of performing defense operations in crucial times. There is a growth in the demand for developing and offering these vehicles due to which the market is expected to grow in the coming years. There has been a great demand for personal carriers in recent years. Original equipment manufacturers having priest we are focused on providing innovative armored vehicles and they are constantly engaged in enhancing the designs of these vehicles.

Armored Vehicles Market (By Mobility)

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Armored vehicles market segment on the basis of the mobility

On the basis of mobility, the wheel segment is expected to have a larger market share in the coming years period this segment has dominated the market in the past and is expected to grow at a higher compound annual growth rate during the forecast period. The wheel segment is expected to grow due to its increased use in surveillance and intelligence functions. It is also used for transportation.

Apart from the use of the wheeled armored vehicles through tracked segment will also see a good amount of growth in the coming years period there is a growing demand for the main battle tanks which are extremely useful for the rough terrain.

Report Scope

Feature of the Report Details
Market Size in 2021 USD 18.9 Billion
Projected Market Size in 2030 USD 27.83 Billion
CAGR Growth Rate 6.36% CAGR
Base Year 2021
Forecast Period 2022-2030
Prominent Players BAE Systems, Lenco Industries, Inc., Daimler AG (Mercedes Benz), Ford Motor Company, Rheinmetall AG, Textron, Inc., International Armored Group, IVECO, STAT, Inc., INKAS Armored Vehicle Manufacturing, Elbit Systems, Navistar, Inc., and Others
Key Segment By Product, Mobility, and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Regional Insights

The North American region is expected to have a dominant market share in the coming years. This region has dominated the armored vehicles market in the past and it will continue to grow well in the coming years. As a large amount of money is spent by the government of various nations in the North American region for acquiring enhanced armored vehicles this region is expected to see a good amount of growth in the coming years.

The government of the United States is engaging in procuring modern military vehicles. The Asia Pacific region has had the largest market share in the past. This region dominated the market in the past with a share of about 31%. There were a large number of initiatives taken by the government for strengthening the military power of the nations. In order to counter the terrorist attacks, the government of various nations had spent a lot of money on acquiring armored vehicles.

These nations are also focusing on improving and developing their defense sector. Countries like China South Korea and India are investing a lot of money in procuring advanced types of armored vehicles. Constant research and development activities in the field have led to the launch of hybrid and advanced vehicles which will help in the Border patrolling function. In order to procure light and medium-sized vehicles which are used for the operations of patrolling there shall be an increased amount of expenditures made by the governments in the Asia Pacific region.

Armored Vehicles Market (trends by region)

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Key market developments in the armored vehicles market

  • A contract of 376.0 million USD was received by BAE systems from the Government of the United States. In order to enhance the Engineering of the vehicles and to Develop armored vehicles. It will also provide EDM and MPF vehicles.
  • A contract of USD 1.69 billion was acquired by Oshkosh Corporation from the Army of the United States. This contract will fulfill the need for 6000 vehicles for the region in the coming years.
  • In recent years German government allotted a contract to KMW which was worth 832.0 million USD. According to this contract, the organization is expected to fulfill the demand for the upgradation of the 104 Leopard 2 Tanks.

Segments covered in the armored vehicles market

By Product

  • Defense
    • Armored Personnel Carrier (APC)
    • Infantry Fighting Vehicles (IFVs)
    • Mine-resistant Ambush Protected (MRAP)
    • Light Protected Vehicles (LPVs)
    • Main Battle Tanks (MBTs)
    • Tactical Vehicle
    • Others
  • Commercial
    • Bus/Van
    • Limousine
    • Sedan
    • SUV
    • Others

By Mobility

  • Wheeled
  • Tracked

By Geography

North America

  • U.S
  • Canada

Europe

  • U.K
  • Germany
  • France

Asia Pacific

  • China
  • India
  • Japan
  • South Korea

Rest of the World

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Armored Vehicles Market, (2022 – 2030) (USD Billion)
    • 2.2 Global Armored Vehicles Market: snapshot
  • Chapter 3. Global Armored Vehicles Market – Industry Analysis
    • 3.1 Armored Vehicles Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Adaptation of armored vehicles by governments of various nations
      • 3.2.2 Driver 2
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Product
      • 3.7.2 Market attractiveness analysis By Mobility
  • Chapter 4. Global Armored Vehicles Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Armored Vehicles Market: company market share, 2021
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, collaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Armored Vehicles Market – Product Analysis
    • 5.1 Global Armored Vehicles Market overview: By Product
      • 5.1.1 Global Armored Vehicles Market share, By Product, 2021 and 2030
    • 5.2 Defense
      • 5.2.1 Global Armored Vehicles Market by Defense, 2022 – 2030 (USD Billion)
    • 5.3 Commercial
      • 5.3.1 Global Armored Vehicles Market by Commercial, 2022 – 2030 (USD Billion)
  • Chapter 6. Global Armored Vehicles Market – Mobility Analysis
    • 6.1 Global Armored Vehicles Market overview: By Mobility
      • 6.1.1 Global Armored Vehicles Market share, By Mobility, 2021 and 2030
    • 6.2 Wheeled
      • 6.2.1 Global Armored Vehicles Market by Wheeled, 2022 – 2030 (USD Billion)
    • 6.3 Tracked
      • 6.3.1 Global Armored Vehicles Market by Tracked, 2022 – 2030 (USD Billion)
  • Chapter 7. Armored Vehicles Market – Regional Analysis
    • 7.1 Global Armored Vehicles Market Regional Overview
    • 7.2 Global Armored Vehicles Market Share, by Region, 2021 & 2030 (USD Billion)
    • 7.3. North America
      • 7.3.1 North America Armored Vehicles Market, 2022 – 2030 (USD Billion)
        • 7.3.1.1 North America Armored Vehicles Market, by Country, 2022 – 2030 (USD Billion)
    • 7.4 North America Armored Vehicles Market, by Product, 2022 – 2030
      • 7.4.1 North America Armored Vehicles Market, by Product, 2022 – 2030 (USD Billion)
    • 7.5 North America Armored Vehicles Market, by Mobility, 2022 – 2030
      • 7.5.1 North America Armored Vehicles Market, by Mobility, 2022 – 2030 (USD Billion)
    • 7.4. Europe
      • 7.4.2 Europe Armored Vehicles Market, 2022 – 2030 (USD Billion)
        • 7.4.2.1 Europe Armored Vehicles Market, by Country, 2022 – 2030 (USD Billion)
    • 7.4 Europe Armored Vehicles Market, by Product, 2022 – 2030
      • 7.4.1 Europe Armored Vehicles Market, by Product, 2022 – 2030 (USD Billion)
    • 7.5 Europe Armored Vehicles Market, by Mobility, 2022 – 2030
      • 7.5.1 Europe Armored Vehicles Market, by Mobility, 2022 – 2030 (USD Billion)
    • 7.5. Asia Pacific
      • 7.5.3 Asia Pacific Armored Vehicles Market, 2022 – 2030 (USD Billion)
        • 7.5.3.1 Asia Pacific Armored Vehicles Market, by Country, 2022 – 2030 (USD Billion)
    • 7.4 Asia Pacific Armored Vehicles Market, by Product, 2022 – 2030
      • 7.4.1 Asia Pacific Armored Vehicles Market, by Product, 2022 – 2030 (USD Billion)
    • 7.5 Asia Pacific Armored Vehicles Market, by Mobility, 2022 – 2030
      • 7.5.1 Asia Pacific Armored Vehicles Market, by Mobility, 2022 – 2030 (USD Billion)
    • 7.6. Latin America
      • 7.6.4 Latin America Armored Vehicles Market, 2022 – 2030 (USD Billion)
        • 7.6.4.1 Latin America Armored Vehicles Market, by Country, 2022 – 2030 (USD Billion)
    • 7.4 Latin America Armored Vehicles Market, by Product, 2022 – 2030
      • 7.4.1 Latin America Armored Vehicles Market, by Product, 2022 – 2030 (USD Billion)
    • 7.5 Latin America Armored Vehicles Market, by Mobility, 2022 – 2030
      • 7.5.1 Latin America Armored Vehicles Market, by Mobility, 2022 – 2030 (USD Billion)
    • 7.7. The Middle-East and Africa
      • 7.7.5 The Middle-East and Africa Armored Vehicles Market, 2022 – 2030 (USD Billion)
        • 7.7.5.1 The Middle-East and Africa Armored Vehicles Market, by Country, 2022 – 2030 (USD Billion)
    • 7.4 The Middle-East and Africa Armored Vehicles Market, by Product, 2022 – 2030
      • 7.4.1 The Middle-East and Africa Armored Vehicles Market, by Product, 2022 – 2030 (USD Billion)
    • 7.5 The Middle-East and Africa Armored Vehicles Market, by Mobility, 2022 – 2030
      • 7.5.1 The Middle-East and Africa Armored Vehicles Market, by Mobility, 2022 – 2030 (USD Billion)
  • Chapter 8. Company Profiles
    • 8.1 BAE Systems
      • 8.1.1 Overview
      • 8.1.2 Financials
      • 8.1.3 Product Portfolio
      • 8.1.4 Business Strategy
      • 8.1.5 Recent Developments
    • 8.2 Lenco Industries Inc.
      • 8.2.1 Overview
      • 8.2.2 Financials
      • 8.2.3 Product Portfolio
      • 8.2.4 Business Strategy
      • 8.2.5 Recent Developments
    • 8.3 Daimler AG (Mercedes Benz)
      • 8.3.1 Overview
      • 8.3.2 Financials
      • 8.3.3 Product Portfolio
      • 8.3.4 Business Strategy
      • 8.3.5 Recent Developments
    • 8.4 Ford Motor Company
      • 8.4.1 Overview
      • 8.4.2 Financials
      • 8.4.3 Product Portfolio
      • 8.4.4 Business Strategy
      • 8.4.5 Recent Developments
    • 8.5 Rheinmetall AG
      • 8.5.1 Overview
      • 8.5.2 Financials
      • 8.5.3 Product Portfolio
      • 8.5.4 Business Strategy
      • 8.5.5 Recent Developments
    • 8.6 Textron Inc.
      • 8.6.1 Overview
      • 8.6.2 Financials
      • 8.6.3 Product Portfolio
      • 8.6.4 Business Strategy
      • 8.6.5 Recent Developments
    • 8.7 International Armored Group
      • 8.7.1 Overview
      • 8.7.2 Financials
      • 8.7.3 Product Portfolio
      • 8.7.4 Business Strategy
      • 8.7.5 Recent Developments
    • 8.8 IVECO
      • 8.8.1 Overview
      • 8.8.2 Financials
      • 8.8.3 Product Portfolio
      • 8.8.4 Business Strategy
      • 8.8.5 Recent Developments
    • 8.9 STAT Inc.
      • 8.9.1 Overview
      • 8.9.2 Financials
      • 8.9.3 Product Portfolio
      • 8.9.4 Business Strategy
      • 8.9.5 Recent Developments
    • 8.10 INKAS Armored Vehicle Manufacturing
      • 8.10.1 Overview
      • 8.10.2 Financials
      • 8.10.3 Product Portfolio
      • 8.10.4 Business Strategy
      • 8.10.5 Recent Developments
    • 8.11 Elbit Systems
      • 8.11.1 Overview
      • 8.11.2 Financials
      • 8.11.3 Product Portfolio
      • 8.11.4 Business Strategy
      • 8.11.5 Recent Developments
    • 8.12 Navistar Inc.
      • 8.12.1 Overview
      • 8.12.2 Financials
      • 8.12.3 Product Portfolio
      • 8.12.4 Business Strategy
      • 8.12.5 Recent Developments

List Of Figures

  • 1. Market research Type
  • 2. Market research methodology
  • 3. Global Armored Vehicles Market, 2022 – 2030 (USD Billion)
  • 4. Porter’s Five Forces Analysis
  • 5. Global Armored Vehicles Market attractiveness, By Product
  • 6. Global Armored Vehicles Market attractiveness, By Mobility
  • 7. Global Armored Vehicles Market share by Product, 2022 and 2030 (USD Billion)
  • 8. Global Armored Vehicles Market by Defense, 2022 – 2030 (USD Billion)
  • 9. Global Armored Vehicles Market by Commercial, 2022 – 2030 (USD Billion)
  • 10. Global Armored Vehicles Market share by Mobility, 2022 and 2030 (USD Billion)
  • 11. Global Armored Vehicles Market by Wheeled, 2022 – 2030 (USD Billion)
  • 12. Global Armored Vehicles Market by Tracked, 2022 – 2030 (USD Billion)
  • 13. Global Armored Vehicles Market share, by Region, 2022 and 2030
  • 14. North America Armored Vehicles Market, 2022 – 2030 (USD Billion)
  • 15. Europe Armored Vehicles Market, 2022 – 2030 (USD Billion)
  • 16. Asia Pacific Armored Vehicles Market, 2022 – 2030 (USD Billion)
  • 17. Latin America Armored Vehicles Market, 2022 – 2030 (USD Billion)
  • 18. The Middle-East and Africa Armored Vehicles Market, 2022 – 2030 (USD Billion)

List Of Tables

  • 1. Global Armored Vehicles Market: Snapshot
  • 2. Drivers of the Armored Vehicles Market: impact analysis
  • 3. North America Armored Vehicles Market Revenue, By Product, 2022 – 2030 (USD Billion)
  • 4. North America Armored Vehicles Market Revenue, By Mobility, 2022 – 2030 (USD Billion)
  • 5. U.S. Armored Vehicles Market Revenue, By Product, 2022 – 2030 (USD Billion)
  • 6. U.S. Armored Vehicles Market Revenue, By Mobility, 2022 – 2030 (USD Billion)
  • 7. Canada Armored Vehicles Market Revenue, By Product, 2022 – 2030 (USD Billion)
  • 8. Canada Armored Vehicles Market Revenue, By Mobility, 2022 – 2030 (USD Billion)
  • 9. Europe Armored Vehicles Market Revenue, By Product, 2022 – 2030 (USD Billion)
  • 10. Europe Armored Vehicles Market Revenue, By Mobility, 2022 – 2030 (USD Billion)
  • 11. Germany Armored Vehicles Market Revenue, By Product, 2022 – 2030 (USD Billion)
  • 12. Germany Armored Vehicles Market Revenue, By Mobility, 2022 – 2030 (USD Billion)
  • 13. France Armored Vehicles Market Revenue, By Product, 2022 – 2030 (USD Billion)
  • 14. France Armored Vehicles Market Revenue, By Mobility, 2022 – 2030 (USD Billion)
  • 15. U.K. Armored Vehicles Market Revenue, By Product, 2022 – 2030 (USD Billion)
  • 16. U.K. Armored Vehicles Market Revenue, By Mobility, 2022 – 2030 (USD Billion)
  • 17. Italy Armored Vehicles Market Revenue, By Product, 2022 – 2030 (USD Billion)
  • 18. Italy Armored Vehicles Market Revenue, By Mobility, 2022 – 2030 (USD Billion)
  • 19. Spain Armored Vehicles Market Revenue, By Product, 2022 – 2030 (USD Billion)
  • 20. Spain Armored Vehicles Market Revenue, By Mobility, 2022 – 2030 (USD Billion)
  • 21. Rest of Europe Armored Vehicles Market Revenue, By Product, 2022 – 2030 (USD Billion)
  • 22. Rest of Europe Armored Vehicles Market Revenue, By Mobility, 2022 – 2030 (USD Billion)
  • 23. Asia Pacific Armored Vehicles Market Revenue, By Product, 2022 – 2030 (USD Billion)
  • 24. Asia Pacific Armored Vehicles Market Revenue, By Mobility, 2022 – 2030 (USD Billion)
  • 25. China Armored Vehicles Market Revenue, By Product, 2022 – 2030 (USD Billion)
  • 26. China Armored Vehicles Market Revenue, By Mobility, 2022 – 2030 (USD Billion)
  • 27. Japan Armored Vehicles Market Revenue, By Product, 2022 – 2030 (USD Billion)
  • 28. Japan Armored Vehicles Market Revenue, By Mobility, 2022 – 2030 (USD Billion)
  • 29. India Armored Vehicles Market Revenue, By Product, 2022 – 2030 (USD Billion)
  • 30. India Armored Vehicles Market Revenue, By Mobility, 2022 – 2030 (USD Billion)
  • 31. South Korea Armored Vehicles Market Revenue, By Product, 2022 – 2030 (USD Billion)
  • 32. South Korea Armored Vehicles Market Revenue, By Mobility, 2022 – 2030 (USD Billion)
  • 33. South-East Asia Armored Vehicles Market Revenue, By Product, 2022 – 2030 (USD Billion)
  • 34. South-East Asia Armored Vehicles Market Revenue, By Mobility, 2022 – 2030 (USD Billion)
  • 35. Rest of Asia Pacific Armored Vehicles Market Revenue, By Product, 2022 – 2030 (USD Billion)
  • 36. Rest of Asia Pacific Armored Vehicles Market Revenue, By Mobility, 2022 – 2030 (USD Billion)
  • 37. Latin America Armored Vehicles Market Revenue, By Product, 2022 – 2030 (USD Billion)
  • 38. Latin America Armored Vehicles Market Revenue, By Mobility, 2022 – 2030 (USD Billion)
  • 39. Brazil Armored Vehicles Market Revenue, By Product, 2022 – 2030 (USD Billion)
  • 40. Brazil Armored Vehicles Market Revenue, By Mobility, 2022 – 2030 (USD Billion)
  • 41. Mexico Armored Vehicles Market Revenue, By Product, 2022 – 2030 (USD Billion)
  • 42. Mexico Armored Vehicles Market Revenue, By Mobility, 2022 – 2030 (USD Billion)
  • 43. Rest of Latin America Armored Vehicles Market Revenue, By Product, 2022 – 2030 (USD Billion)
  • 44. Rest of Latin America Armored Vehicles Market Revenue, By Mobility, 2022 – 2030 (USD Billion)
  • 45. The Middle-East and Africa Armored Vehicles Market Revenue, By Product, 2022 – 2030 (USD Billion)
  • 46. The Middle-East and Africa Armored Vehicles Market Revenue, By Mobility, 2022 – 2030 (USD Billion)
  • 47. GCC Countries Armored Vehicles Market Revenue, By Product, 2022 – 2030 (USD Billion)
  • 48. GCC Countries Armored Vehicles Market Revenue, By Mobility, 2022 – 2030 (USD Billion)
  • 49. South Africa Armored Vehicles Market Revenue, By Product, 2022 – 2030 (USD Billion)
  • 50. South Africa Armored Vehicles Market Revenue, By Mobility, 2022 – 2030 (USD Billion)
  • 51. Rest of Middle-East Africa Armored Vehicles Market Revenue, By Product, 2022 – 2030 (USD Billion)
  • 52. Rest of Middle-East Africa Armored Vehicles Market Revenue, By Mobility, 2022 – 2030 (USD Billion)

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2028
  • Market revenue estimates and forecasts up to 2028, by technology
  • Market revenue estimates and forecasts up to 2028, by application
  • Market revenue estimates and forecasts up to 2028, by type
  • Market revenue estimates and forecasts up to 2028, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Key market players in the armored vehicles market

  • BAE Systems
  • Lenco Industries, Inc.
  • Daimler AG (Mercedes Benz)
  • Ford Motor Company
  • Rheinmetall AG
  • Textron, Inc.
  • International Armored Group
  • IVECO,
  • STAT, Inc.
  • INKAS Armored Vehicle Manufacturing
  • Elbit Systems
  • Navistar, Inc.
  • Krauss-Maffei Wegmann GmbH & Co.
  • General Dynamics Corporation
  • Oshkosh Defense, LL

FAQs

North American region will lead the global Armored Vehicles market during the forecast period 2022 to 2030.

With the constant instability in world politics and the economy, there will be increased cases of asymmetric warfare. The government of various nations is engaging in coming up with combat vehicles for the protection of the nation. These nations are engaging in adopting these vehicles in order to protect themselves from insurgent attacks. Our motor vehicles will be in great demand during the forecast.

The key players operating in the Armored Vehicles market are BAE Systems, Lenco Industries, Inc., Daimler AG (Mercedes Benz), Ford Motor Company, Rheinmetall AG, Textron, Inc., International Armored Group, IVECO, STAT, Inc., INKAS Armored Vehicle Manufacturing, Elbit Systems, Navistar, Inc., and Others.

The global Armored Vehicles market is expanding growth with a CAGR of approximately 6.36% during the forecast period (2022 to 2030).

The global Armored Vehicles market size was valued at USD 18.9 billion in 2021 and it is projected to reach around USD 27.83 billion by 2030.

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