Published By : 20 Oct 2016 | Published By : QYRESEARCH
An armored vehicle refers to a combat vehicle that has strong protective armor and is armed with weapons of destruction. Some of the examples of armored vehicles are: main battle tanks, armored amphibious vehicles, and mine resistant ambush personnel carriers. Defense sector in most countries are the primary consumers of these armored vehicles. However, growing security concerns among the urban population due to increasing cases of kidnappings and terrorist attacks is also propelling the market for armored vehicles.
Demand for Armored Vehicles Increasing Rapidly Among Asia Pacific Countries
The global market for armored vehicles was valued at US$22.73 bn in 2014 and is forecast to reach US$35.49 bn by 2023, rising at a CAGR of 5.2%. Out of this, North American countries alone accounted for 40% of the demand due to extensive defense funds and rising investments in R&D of modern military vehicles. However, Asia Pacific is projected to experience the most significant CAGR of 5.8% for the duration of 2014 to 2023 due to increased investments in military sector and procurement of technologically advanced armored vehicles across several countries in the region. China alone accounted for more than half of those demands and is anticipated to remain the most dominant market in the region.
Inter-Operable Technology Projected To Soon Overtake Active Mine Protection Technology
Active mine protection has had the largest demand in terms of technology in the global market for armored vehicles but the demand for inter-operable communication is gaining popularity rapidly due to developments across commercial-off-the-self and embedded systems sectors. Growing application in future armored vehicles is also driving the demand for inter-operable communication technology and may soon outperform active mine protection technology.
Protection against any threat is among the primary concern of any country and hence their defense sector usually accounts for a significant chunk of their budget. Due to growing awareness against outside threats and technological advancements, future of armored vehicles appears bright.