Published By : 29 Aug 2016 | Published By : QYRESEARCH
Defense ministries of countries worldwide are allocating significant budgets for the procurement of armored vehicles. Rising demand from the defense sector is reflecting positively on the growth of the global armored vehicle market. The technological transformations in these vehicles have helped the market in gaining traction. Integration of lightweight, compact, and technologically advanced photonic and electronic components has enhanced the operational efficiency of armored vehicles, thereby giving a considerable boost to the global armored vehicle market.
Rising Demand for Compact and Efficient Security Vehicles to Drive Global Armored Vehicle Market
In recent times, there is rapidly growing demand for armored vehicles from several law enforcement agencies worldwide, with the aim of undertaking critical missions, safeguarding human lives, and securing VIPs. Moreover, the demand for compact, highly efficient, and robust vehicles and weapons is anticipated to bolster the growth of the global armored vehicle market. Furthermore, the advancements on fronts such as adaptability, communication medium, enhanced situational awareness, navigation, protection, and surveillance are estimated to attract an extended set of clients in the coming years.
Asia Pacific to Emerge as Most Promising Market for Armored Vehicles
North America was the leading segment by revenue in 2014. High concentration of some of the world’s most reputable and largest defense contractors, rising investment in the research and development of new and innovative military vehicles, and vast defense funds will augur well for the growth of this region in the near future as well.
However, Asia Pacific will be the fastest-growing segment between 2015 and 2023. The growth in this region can be attributed to the rising investments in the research and development of technologically advanced armored vehicle. China represented nearly 50% of the APAC armored vehicle market in terms of revenue in 2014 and is anticipated to retain its dominance in the coming years as well.