the global Armoured Vehicles market size is projected to reach USD 26.95 billion by 2029

Armoured Vehicles Market Summary

Armoured Vehicles are vehicles equipped with armoured protection, commonly used for military and security purposes. The exterior of the vehicle is covered or built with robust armor materials to provide protection for occupants and cargo against threats from ammunition, explosions, and attacks.

• Armoured Vehicles

Source: GlobalInfoResearch, “Global Armoured Vehicles Market 2023 by Manufacturers, Regions, Type and Application, Forecast to 2029”.

According to the new market research report “Global Armoured Vehicles Market Report 2023-2029”, published by GlobalInfoResearch, the global Armoured Vehicles market size is projected to reach USD 26.95 billion by 2029, at a CAGR of 4.8% during the forecast period.

• Global Armoured Vehicles MarketSize(US$ Million), 2018-2029

Source: GlobalInfoResearch, “Global Armoured Vehicles Market 2023 by Manufacturers, Regions, Type and Application, Forecast to 2029”.

Market Drivers:

Increased Security Demands: The global increase in demand for military and security tasks drives the need for armoured vehicles to ensure the safety of personnel and materials in hazardous environments.

Counterterrorism Mission Requirements: The rise in the threat of terrorism has increased the demand for heavily armoured vehicles to execute counterterrorism missions and maintain public safety.

Technological Innovations: Advanced materials and technological innovations have enhanced the protection level of armoured vehicles, attracting military and law enforcement agencies to adopt state-of-the-art equipment.

Restraint:

High Cost: The manufacturing and maintenance costs of armoured vehicles are high, potentially limiting the purchasing capacity of some countries or organizations.

Weight and Mobility: The addition of armoured materials increases the weight of the vehicle, potentially impacting mobility and fuel efficiency.

Technical Complexity: Advanced armor technology may require higher levels of maintenance and operational skills, raising the technological threshold for usage.

Opportunity:

Application of Electric and Smart Technologies: Utilizing electric and smart technologies to enhance the efficiency and operability of armoured vehicles.

Research and Development of Lightweight Materials: Researching and developing new lightweight armoured materials to reduce the burden on vehicles and improve mobility.

International Market Expansion: Expanding the application of armoured vehicles in the international market to meet the security needs of various countries, fostering industry development.

• Global Armoured Vehicles Top20Players Ranking and Market Share（Continually updated）

Source: GlobalInfoResearch, “Global Armoured Vehicles Market 2023 by Manufacturers, Regions, Type and Application, Forecast to 2029”.

According to GlobalInfoResearch Top Players Research Center, the global key manufacturers of Armoured Vehicles include General Dynamics, BAE Systems, Oshkosh, Rheinmetall, China North Industrial, Nexter Systems, Hyundai Rotem, Uralvagonzavod, FNSS, STREIT Group, etc.

In 2022, the global top 10 players had a share approximately 74.0% in terms of revenue.

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