30 January 2021
Visiongain has published a new report on Armoured Vehicles Market Report 2021-2031: By Type (Main Battle Tank, Infantry fighting Vehicle, Armored Personnel Carrier, Light Multirole Vehicle, Light Utility Vehicle, Armored Engineering Vehicle, Armored Support Vehicle and Mine Resistant Ambush Protected Vehicles) By Mobility (Wheeled and Tracked) By Horse Power (50-500, 501-1000 and 1001 and above) By System (Propulsion System, Ammunition Handling System, Turret System and Vehicle Control System) and Leading Regional/ Country market analysis.
Global armored vehicles market is estimated to be valued at US$ xx billion in 2021 and is projected to grow at a CAGR of xx% to reach a market value of US$ xx billion by 2031. Armored vehicles market has been witnessing strong growth over the past few years on account of increasing demand for direct fire capabilities from the global defense forces. Armored vehicles such as Main battle tanks, Infantry fighting vehicles, and armored personnel carriers are equipped with weapon system that provide direct firing capabilities to the armed forces. Rising demand for direct fire is one of the main factors expected to drive the market for armored vehicles over the next ten years. Moreover, countries across the globe are significantly investing in defense modernization programs, which is also one of the key factors influencing the market to grow positively in the recent past.
Emerging economies in Asia-Pacific and Middle Eastern region such as India, China, UAE, and Saudi Arabia are increasing their defense budgets over the past five years which is also expected to have positive impact on the armored vehicles market. Moreover, border disputes of India with China and Pakistan is also resulted in these countries to prioritize their procurement plans of armored vehicles. Despite the global pandemic, India and China have invested significantly on the procurement of armored vehicles in the recent past in order to maintain their combat readiness.
COVID-19 Impact on Armored Vehicles Market
COVID-19 has affected the global economies negatively during the past few months, due to which defense budgets in 2021 are anticipated to fall considerably, compare to last few years. Majority of the countries spend around 2% of their GDP on defense budget and close to 40% of their defense budgets on procurements programs. Due to pandemic, the defense budgets are expected to fall, resulting in the lower investment on the procurements in the next few years, which is expected to inhibit the armored vehicles market growth until 2022. On the other hand, companies operating in the armored vehicles market are focusing on improving their manufacturing processes, raw material and subsystem procurement, and taking enough measures to establish safe work places in order to contain the spread of Covid-19 virus at the work places.
Armored vehicles market very competitive in nature with large number of players operating in this sector. Some of the company’s profiled in this report include Rostec, RUAG Group, BAE Systems, Lockheed Martin, Hanwha Group, Thales Group, General Dynamics, KNDS, Rheinmetall AG and Saab AB.
• In August 2020, Rheinmetall AG has announced that the company is forming a Joint venture for the production of Lynx armored fighting vehicles along with Hungarian government. Under this Joint venture, Rheinmetall will produce infantry fighting vehicles for Hungarian Army. The total value of the deal is estimated to be around US$ 2.3 billion (GBP 2 billion), which is the biggest deal signed by the Hungary Government till date.
• In June 2020, Germany's Federal Office for Bundeswehr Equipment has awarded a contract to Rheinmetall MAN Military Vehicles, a subsidiary of Rheinmetall AG for supplying more than 4,000 military trucks for the army during the period of seven years starting from 2021 to 2027. The contract worth around €2 billion. The company is planning to deliver 540 vehicles in the first batch in 2021.
• In February 2020, Oshkosh Defense, LLC has received a contract from US Army to deliver 1,240 Joint Light Tactical Vehicles (JLTVs). JLTV is one of the major ongoing armored vehicles procurement programs in the US through which US is planning to replace existing fleet of High Mobility Multipurpose Wheeled Vehicles (HMMWVs).
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