Top 10 Leading Companies in Armored Vehicle Industry 2021

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The global armored vehicle market size is expected to reach USD 36.4 billion by 2025, registering a CAGR of 5.4% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. Growing internal and external terrorist activities across the globe are expected to drive market demand over the forecast period. Technological advancements such as unmanned vehicles are expected to further fuel market growth. 

Armored vehicles are protected by layers of depleted uranium or stainless-steel and are equipped with robust weapons that combine defensive, tactical offensive, and operational mobility capabilities. Development of advanced vehicles and technologies such as unmanned armored vehicle and AI-based smart object recognition and tracking technology to be used in the military sector is expected to propel the market over the next few years.

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Growing need to protect military recruits from land mines and fire is expected to drive demand for armored vehicles over the forecast period. Furthermore, demand for these vehicles is increasing in the Asia Pacific and Middle East and Africa regions owing to constant tension among neighboring countries and internal threats from rebels.

Major market players are making massive investments in research and development programs to develop new technologies and products. Enhanced protection and fuel efficiency are key aspects considered for future developments in armored vehicles. For instance, in April 2018, BAE Systems developed a new version of the Armored Multi-Purpose Vehicle (AMPV), which was equipped with mine roller systems. The vehicle is widely used for protection against improvised explosive devices.

North America armored vehicle market is expected to show stagnant growth over the forecast period owing to finite defense budget. The U.S. held over 80% of the overall North America revenue share in 2014. The acquisition of armored vehicle for homeland security is expected to increase in future. “The Beast” is an armored vehicle used in the U.S., which can withstand a missile attack and even has the capability to protect the occupants against any chemical weapons.

There are various potential restraints that can hold back the market. Some of them are:

·         The major challenge for the armored vehicle industry is that it is majorly dependent on the defense sector, and commercial applications currently constitute a comparatively small percentage.

·         Also holding the industry back is the absence of major Original Equipment Manufacturers from the Middle East region, even though the region is a hotbed of war and combat situations, as most of the OEMs are from North America and Western Europe.

·         Another potential challenge for the market is mechanical or electrical failure of these vehicles, as the market does not allow small margins for error. A recent example can be considered of Komatsu, whose development of Wheeled Armored Vehicle had to be stopped, as the ATLA (Japan’s Defense Ministry) found issues with the armor quality.

 

From modernization programs, sufficient amount of investment is expected in this industry. However, there is a significant reduction in the investment in defense sector by the U.S. government and the western countries. Key players in the armored vehicle market include:

Oshkosh Defense, LLC

BAE Systems

Rheinmetall AG

Daimler AG (Mercedes Benz)

General Dynamics Corporation

INKAS Armored Vehicle Manufacturing

International Armored Group

Krauss-Maffei Wegmann GmbH & Co. (KMW)

Lenco Industries, Inc.

Lockheed Martin Corporation

STAT, Inc.

Textron, Inc.

 

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