“Military Armoured Vehicle market to total USD 29.9 billion in 2030”, says new Visiongain report
09 March 2020
Visiongain has published a new defence report entitled, Military Armoured Vehicle Market Report 2020-2030.
The Military Armoured Vehicle market is estimated to witness a Compound Annual Growth Rate of 6.6 per cent from 2020 to 2030.
Several factors are having a driving effect on the industry, particularly the security dilemma, great-power competition, and battlefield digitalisation.
Visiongain anticipates that global investment and consolidation will be robust and stable over the next decade. The market's strong health is due to the factors listed above, as well as the presence of several established companies.
The leading players currently involved in the design, engineering, production and support of armoured vehicles are AM General, BAE Systems, General Dynamics Corporation, Navistar International, Oshkosh Corporation, Rheinmetall AG, Textron and Thales Group.
The senior Defence Analyst said: "The global Military Armoured Vehicle market is expected to generate sales of USD 15.8 billion in 2020.
"The reasons as to why the industry is, today, such a prosperous and buoyant worldwide business are wide-ranging. For example, many scholars have argued that the security dilemma is a critical driver of conflict, military procurement and defence spending, not discounting the acquisition and modernisation of armoured vehicles.
"Secondly, the United States is seemingly renewing its focus on large-scale ground combat against great powers and peer competitors. As a result, we are witnessing a resurged investment in both combat vehicles and heavy armour.
"And finally, since the turn of the millennium, the digital battlefield has become a dominant force multiplier. Armoured land vehicles have not escaped the profound effects of digitalisation, becoming valuable interconnected nodes in the field. Again, we are seeing an increase in the investment of technologies at ground level as defence departments seek to make their armoured vehicle fleets lighter, faster, and more deployable.
"By 2030, visiongain predicts that the Military Armoured Vehicle market will have almost surpassed the 30 billion-dollar mark, achieving a total sales figure of USD 29.9 billion."
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