Armored Vehicle Market will exhibit a CAGR of 3.92% and reach USD 126.29 billion by 2027, and the market value as per 2019 was USD 124.14 billion.

Fortune Business Insights™ in a recently published report, titled, “Armored Vehicle Market Size, Share and Industry Analysis, By Platform (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles), By Mobility (Wheeled, Tracked), By System (Engine, Drive Systems, Ballistic Armor, Turret Drives, Ammunition Handling Systems, Others) and Regional Forecast till 2026.”

Armored Vehicle Market Drivers and Restraint :
The militarization of law enforcement agencies drives the armored vehicle market
Militarization is the process in which the civilian police force implements the military model principles that include obtaining the equipment, tactics, and culture of the military. Exposure of police militarization and public attentiveness has majorly focused on the acquisition of military equipment such as aircraft, and weapons. The increased use of military equipment and armored vehicles from law enforcement agencies drives the growth of the armored vehicles market. This will increase the demand for law enforcement to control urban conflict and crime from different urban conflict zone around the world.

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List of Significant Manufacturers Armored Vehicle Market are:
• Oshkosh Corporation (the U.S)
• General Dynamics Corporation (the U.S.)
• BAE Systems plc (the U.K)
• UralVagonZavod (Russia)
• Ukroboronprom (Ukraine)
• NORINCO (China)
• Rheinmetall AG (Germany)
• Textron Inc. (the U.S.)
Competitive Landscape
Collaboration of Polska Grupa Zbrojeniowa SA with RMMV to Boost Market Growth
Rheinmetall MAN Military Vehicles GmbH, Aka RMMV, a joint venture company between German companies MAN Truck & Bus AG and Rheinmetall AG, announced to collaborate with The Polska Grupa Zbrojeniowa, a holding company established by the Polish government through its subsidiary Obrum sp. z o.o to develop a new wheeled vehicle designed to replace hundreds of Russian made BRDM-2 armored vehicles currently in service with the Polish military. The collaborative agreement between the companies can offer business opportunities for the market in the forthcoming years owing to its design and development along with the capacity of 3.5 tonnes.

Regional Analysis-
Rising R&D Investments by Key Players to Facilitate Market in North America
The market in North America generated a revenue of USD 6.61 billion and is predicted to remain dominant during the forecast period owing to the increasing R&D for the development of advanced technologies in armored vehicles. Besides, the growing government initiatives and focus on strengthening defense system will propel the growth of the market in North America. Asia Pacific is predicted to witness high demand for armored vehicles in the forthcoming years due to the growing defense budget in countries such as China and India. In addition, the surge in terrorist activities will also create opportunities for the armored vehicle market growth in the forthcoming years.

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Some of the key industry developments in the Armored Vehicle Market Include:
November 2020: The FUCHS Group successfully acquired Nye Lubricants Inc. to broaden its portfolio of synthetic lubricants and thereby create an opportunity to better serve its consumers and multiple markets.

Some of the key industry developments in the Armored Vehicle Market Include:
May 2015- Rheinmetall AG, and PolskaGrupaZbrojeniowa SA, have signed a cooperative contract to develop new amphibious 6X6 armed automobile for the Polish military
December 2018- BAE Systems was awarded a contract worth USD 376.0 million from the U.S. Government for the Engineering, Development, and Manufacture (EDM) of Mobile Protected Firepower (MPF) vehicles.
April 2019- Krauss-Maffei Wegmann was awarded a contract worth USD 832.0 million by the U.S. Federal Government for upgrading its 104 Leopard 2 Battle Tank. This upgrade will simplify the logistical footprint of the system.
December 2019- Oshkosh Defense was awarded a contract worth USD 803.9 million by the U.S. Army to deliver 2,721 JLTVs (Joint Light Tactical Vehicles). The LTVs will allow the nation’s army, navy, airforce, and marine corps to conduct missions in support of the national defense strategy.