Northrook, IL -- (SBWIRE) -- 03/04/2020 -- 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 rise in the instances of cross-border conflicts and increasing incidences of asymmetric warfare across the globe are major factors driving the growth of the armored vehicles market. 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.

Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=6322755

Key Market Dynamics

Driver: Increasing demand for armored vehicles due to rise in the instances of cross-border conflicts

Over the past few years, there has been a rise in instances of armed conflicts and disputes across the globe at both, intrastate and interstate levels. Some of the ongoing conflicts such as the war against Islamic State in Iraq, the civil war in Syria, North Korean crisis, and the war against Taliban in Afghanistan have also had their significant impact on the global economy. These conflicts mobilized military and law enforcement agencies of major economies of the world, including the US, the UK, and France, among others. Although the defense budget cuts by these countries over the past few years resulted in a reduction in the size of their military troops, the demand for armored vehicles has remained more or less the same, owing to their increased use by civilians, and local and national law enforcement agencies in affected areas, primarily for the safety and protection of users from ballistic and blast attacks.

Restraints Occurrence of mechanical, electrical, and other kinds of failure in armored vehicles

Armored vehicles are prone to mechanical strain caused by their movement on uneven terrains and logistical strain caused by cross-country operations. Continuous high-speed traversing by these vehicles often results in mechanical failure of their engines and transmission systems. Moreover, they also suffer from power failures, breakdown of components, and jamming of parts, among others. These failures are sometimes hard to be rectified by rescue & recovery teams, thereby leading to critical situations during wars. Moreover, the detection of faulty components or parts resulting in malfunctioning of armored vehicles is sometimes hard. Thus, manufacturers of armored vehicles are continuously making efforts to rectify these failures by developing new and innovative designs using composites and installing advanced systems in these vehicles.

Opportunities: Development of modular and scalable armored vehicles

Armored vehicles are equipped with multi-mission systems that can be reconfigured to enhance mission effectiveness of these vehicles. Armored vehicles have modular mission payloads with an open architecture that can be integrated with other systems to support a range of operations. These vehicles can also be interfaced with third-party payloads such as RWS, interrogation arms, and RSTA systems to support combat, Chemical, Biological, Radiological, and Nuclear (CBRN) defense, RSTA, and route clearance missions. Armored vehicles are also equipped with interchangeable weapon systems based on the mission requirements. For instance, infantry fighting vehicles can be upgraded with high caliber weapons and additional situational awareness systems to enhance their firepower. The flexibility to install multiple payload systems increases the efficiency of armored vehicles, lowers their lifecycle costs, and reduces soldier workload. Modularity in armored vehicles has led to the development of various new scalable systems that can be easily integrated with other systems.

Request Free Sample Pages:
https://www.marketsandmarkets.com/requestsampleNew.asp?id=6322755

Challenges: Survivability issues

Armored vehicles are used by defense forces for several reasons. The primary reason, however, being the protection of onboard personnel against Improvised Explosive Devices (IEDs), mines, and ballistic attacks, among others. However, the use of advanced weapon systems, powerful IEDs, and various advanced counter-countermeasure systems by enemy forces often lead to survivability issues for personnel onboard armored vehicles. These vehicles are facing issues in safeguarding lives of onboard personnel from the threats.

About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Sanjay Gupta
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com