DUBLIN--(BUSINESS WIRE)--The "Armored Vehicles Market by Platform, Mobility, System, Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The armored vehicles market is projected to grow from USD 14.3 billion in 2018 to USD 16.8 billion by 2023, at a CAGR of 3.25% from 2018 to 2023.

Growing demand for armored vehicles due to a rise in the instance of cross-border conflicts and increasing incidences of asymmetric warfare across the globe are expected to fuel the growth of the armored vehicles market across the globe. However, the absence of major OEMs of armored vehicles in the Middle East and Asia Pacific region and occurrence of mechanical, electrical, and other kinds of failure in armored vehicles are projected to hinder the growth of the market.

The combat vehicles segment is projected to lead the armored vehicles market during the forecast period.

Based on platform, the armored vehicles market has been segmented into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. The unmanned armored ground vehicles segment is projected to grow at the highest CAGR during the forecast period. Increasing demand for unmanned systems in battlefields is fueling the growth of this segment of the market.

The wheeled segment is projected to grow at a higher CAGR as compared to the tracked segment from 2018 to 2023.

Based on mobility, the market has been segmented into wheeled and tracked. The wheeled segment is projected to grow at a higher CAGR as compared to the tracked segment during the forecast period. Increased demand for 4x4 light armored vehicles by military forces to carry out Intelligence, Surveillance, and Reconnaissance (ISR) activities and transport defense personnel and equipment from one location to another is fueling the growth of this segment of the market.

The Asia Pacific armored vehicles market is projected to grow at the highest CAGR during the forecast period.

The Asia Pacific armored vehicles market is projected to grow at the highest CAGR from 2018 to 2023. The growth of the market in this region can be attributed to the rising number of terrorist activities in the Asia Pacific region and increasing spending of emerging economies on defense operations. Countries such as India and China have increased their defense budgets and are procuring advanced armored vehicles for their military operations. This, in turn, is expected to drive the growth of the Asia Pacific armored vehicles market during the forecast period.

Key players profiled in the armored vehicles market include Oshkosh Corporation (US), UralVagonZavod (Russia), Ukroboronprom (Ukraine), General Dynamics Corporation (US), BAE Systems plc (UK), NORINCO (China), Rheinmetall AG (Germany), and Textron Inc. (US).

Market Dynamics

Drivers

  • Increasing Use of Robots in Areas Affected By Chemical, Biological, Radiological, and Nuclear Defense (CBRN) Attacks
  • Growing Demand for Autonomous Systems in Defense and Commercial Sectors
  • Rising Adoption of Armored Vehicles for Counter-Insurgency Operations
  • Developing Smart Robots to Carry Out Combat Operations
  • Improving Intelligence, Surveillance, Reconnaissance, and Target Acquisition Capabilities of Defense Forces

Restraints

  • Requirement for Developing Sophisticated and Highly Reliable Armored Vehicles
  • Lack of Advanced Visual Capabilities in Armored Vehicles

Opportunities

  • Development of Fully Autonomous Armored Vehicles
  • Increased Defense Budgets of Different Countries for Unmanned Systems

Challenges

  • Requirement for Continuous and Uninterrupted Power Supply in Armored Vehicles
  • Hardware and Software Malfunctions

Companies Mentioned

  • Aselsan A.S.
  • Autonomous Solutions, Inc.
  • BAE Systems
  • Boston Dynamics
  • Clearpath Robotics
  • Cobham plc
  • Dok-Ing D.O.O.
  • ECA Group
  • Endeavor Robotics
  • General Dynamics Corporation
  • Harris Corporation
  • Howe & Howe Technologies, Inc.
  • ICOR Technology
  • Leonardo Drs
  • Lockheed Martin Corporation
  • Magforce International
  • Nexter Group
  • Northrop Grumman Corporation
  • Oshkosh Corporation
  • Qinetiq
  • RE2, Inc.
  • Reconrobotics
  • Rheinmetall AG
  • Roboteam
  • Superdroid Robots, Inc.

For more information about this report visit https://www.researchandmarkets.com/research/jg4mnh/armored_vehicles?w=4

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Related Topics: Tanks and Armored Vehicles