Armoured Vehicle Upgrade Segmentation, Demand and Supply 2021-2026

Increasing defense budgets, particularly in asia pacific, is anticipated to drive growth. Goodwill of the industry participants is expected to play a key role in contract allotments. Advancements such as increased fuel efficiency and efficient armor material are expected to fuel industry growth over the next seven years. Limited budget for military spending particularly in north america and europe may pose a challenge to the armored vehicle industry over the forecast period.

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Rising concerns regarding security from insurgent groups and terrorist attacks in countries across asia pacific have highlighted the need for modernization of military groups, pressing government bodies to allot more funds to the defense sector in the past few years. Countries such as india, china, and south korea are focusing on the procurement of enhanced armored vehicles, driving the global market. Developed nations such as uae, israel, saudi arabia, iran, and turkey are also substantially increasing their military budgets and increasing the numbers of technologically advanced armored vehicles in their military troops.

The demand for integration of technologically advanced electrical, photonic, and efficient and highly secure communication components in armored fleet to maintain an edge over extremist powers is gaining strength, stimulating the need for technological transformation for the market. In the next few years, continual investment in R&D activities, development of highly advanced, and innovative technologies will be the core of growth strategies adopted by key vendors, including Oshkosh Corporation, Elbit Systems Ltd., BAE Systems plc, Lockheed Martin Corporation, and Rheinmetall Defence.

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Armored Vehicles Market is expected to rise to US$ 35490 Million by 2023

The need for reducing the weight and size of vehicles deployed in the defense sector, and the demand for highly efficient, compact, and robust vehicles and weapons is also a key driver of the global armored vehicle market. Promising advancements on fronts such as communication medium, adaptability, navigation, surveillance, protection, and enhanced situational awareness are expected to appeal to an extended set of clients in the next few years.

By geography the global armored vehicle market is segmented into north america, europe, asia-pacific and rest of the world (row). The u.s., canada and mexico are covered under north america wherein europe covers russia, u.k., germany, france, italy and others. Asia-pacific covers china, india, japan and others. Row covers south america, middle east and africa.

The key players in the armored vehicle market include international armored group, lockheed martin, thales group, general dynamics corporation, bae systems, denel land systems, oshkosh defense, rheinmetall landsysteme gmbh, elbit systems ltd. And inkas armored vehicle manufacturing, among others.

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The new report by Expert Market Research titled, ‘Global Armoured Vehicle Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global armoured vehicle market, assessing the market based on its segments like Type, Technology used, Mobility, System, Application, and Regional market among others.

The sample report shall be delivered to you within 24 hours.Get a Free Sample Report with Table of Contents: https://www.expertmarketresearch.com/reports/armour-vehicle-market/requestsampleThe key highlights of the report include:Market Overview (2016-2026)Historical Market Size (2020): 28.6 billion USDForecast CAGR (2021-2026): 5.8%The sector has grown significantly as a result of the increased focus on safeguarding soldiers from both external and internal attacks.

Over the forecast period, it is also expected that increased awareness of business security would fuel industry growth for armoured vehicles.

An armoured vehicle is a fighting vehicle that is protected by armour and is often employed as a military combat vehicle.Industry Definition and Major SegmentsArmored vehicles are used for transit under armed guard or with bulletproof windows installed instead of regular ones.

The use of sophisticated raw materials in the construction of armoured vehicles increases demand for high-performance armoured vehicles.Explore full report with table of contents: https://www.expertmarketresearch.com/reports/armour-vehicle-marketOn the basis of Type, armoured vehicle market is segmented into:Main Battle Tanks (MBT)Mine-Resistant Ambush-Protected (MRAP)Light Protected Vehicles (LPV)Armoured Personnel Carriers (APC)Amphibious Armoured VehiclesUnmanned Ground Vehicles (UGV)OthersBased on the Technology used, armoured vehicle market is divided into:Active Protection SystemsInteroperable Communication SystemsModular Ballistic Armour SystemsElectric ArmourSituational AwarenessActive Mine Protection SystemsVehicle Information IntegrationBased on the Mobiility, armoured vehicle market is categorised into:WheeledTrackedBased on the System, armoured vehicle market is categorised into:EnginesDrive SystemBallistic ArmorTurrets DriveAmmunition Handling SystemFire Control SystemArmamentsCountermeasure SystemsCommand & Control (C2) SystemsPower SystemsNavigation SystemsObservation & Display SystemsHulls/FramesBased on the Application, armoured vehicle market is divided into:Commercial OrganisationGovernment OrganisationMilitaryOthersThe major regional markets of armoured vehicle market are:North AmericaEuropeAsia PacificLatin AmericaMiddle East and Africa Market TrendsThe growing requirement for nations' military and security departments to combat increasing criminal activities and cross-border terrorism is driving the worldwide armoured vehicle market.

The militarization of law enforcement, technical improvements in armoured cars, an increase in insurgencies, and the commercial usage of armoured vehicles are the main drivers driving the industry's expansion.

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