Armored Vehicle Market size to exceed $9.1 Bn by 2026
Published Date: October 27, 2020 Authors: Kiran Pulidindi, Akshay Prakash
Armored Vehicle Market size is likely to reach USD 9.1 billion by 2026, according to a new research report by Global Market Insights, Inc.
The rising procurement of armored vehicles owing to territorial & border disputes, terrorism, and security threats will propel the armored vehicle industry growth. Many countries are putting extra efforts into modernizing militaries and expanding armament capabilities. The UK government established Ajax Fleet Development Program involving purchasing of 589 combat vehicles.
The high degree of complexities associated with armor manufacturing and technical expertise requirements may hamper the armored vehicle market growth. In combat situations, military vehicles need to be more flexible and easily maneuverable. Vehicle armor manufacturers are consistently trying to reduce the weight of materials used in armor development. These manufacturers are collaborating with military organizations to understand the need and improve the operational capabilities of vehicle armors. Such trends will play a pivotal role in armor development and provide significant advantage against enemy forces during combat. However, significant capital requirements are necessary for research & development activities and armor development programs.
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Browse key industry insights spread across 130 pages with 121 market data tables & 23 figures & charts from the report, “Vehicle Armor Market Size By Material (Metals, Ceramics, Composites), By Vehicle (Tanks, Armored Fighting Vehicles, Civilian & Law Enforcement Vehicles), By Application (Military, Non-military), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Efficient operational characteristics to trigger composite armors demand
The composite armored vehicle market revenue is predicted to cross USD 800 million by 2026. Composites are one of the emerging candidate materials for armor applications. These materials can be designed accordingly to harness unique properties, optimize constituent components, and get the best of both the worlds.
Composite vehicle armors have low density, high stiffness, superior fatigue & damage resistance, and low weight. These composites are laminates of matrix bonded fibers. The fibers used for ballistic applications tend to have good energy absorbing abilities. Polymer composites are ideal for spall liners to give extra protection from external impact. However, the use of composite materials in armor manufacturing is relatively expensive, and these materials are confined for specialized and expensive vehicles.
The tanks market demand to exceed USD 1.6 billion by 2026. This segment includes light tanks, Main Battle Tanks (MBT), tank destroyers, etc. Increasing territorial disagreements and rising political uncertainties will boost the procurement of tanks in the future. The non-military segment will gain a considerable market share during 2020 to 2026 driven by the increasing sales of armored vehicles among corporate officials, high net worth individuals, celebrities, etc.
Rising defense expenditures to compliment military segment growth
The military application is estimated to capture approximately 84% of the armored vehicle market share in 2026. The race to become the global military superpower is intensifying amid political tensions, threat of terrorism, and economic volatility. Many developed nations are already spending big bucks on the defense sector along with huge investments in research & development activities. Additionally, developing nations are increasing military spending and formulating supportive policies for the growth of the defense sector.
Strategic partnerships & collaborations to form the basis of industry expansion
The key vehicle armor market participants include Armourtek, FMS Enterprise UK Ltd., Lubawa S.A., Armor International S. A., Aurum Security GmbH, Craig International Ballistics, Armor Australia Pty Ltd., Multotec, Armour Solutions UG, ASL GRP, Morgan Advanced Materials, and Teijin Aramid BV. These players are establishing strategic alliances with armed forces and government authorities to solidify their market position. Additionally, they are implementing cutting-edge technologies and focusing on innovation to improve product efficiency.