Market Overview:

The Global Armored Vehicles Market valued to be 11.6 billion US dollars in 2020 and is determined to reach a value of 15.4 billion US dollars by 2025 at a CAGR of 5.8% during the conjecture period.

Market Drivers and Restrains:

Rising incidences of asymmetric warfare and the increasing contracts and agreements adopted by the major key players are some of the driving factors of the global Armored Vehicles market. Also, increasing defense expenditure of emerging economies and military modernization programs is also helping the market to grow further. However, high cost of the vehicles as well as high maintenance cost are some of the major restraints effecting the expansion of the Armored Vehicles market.

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Report is segmented as:

The global Armored Vehicles market is segmented based on system, mode of operation, platform, mobility and type.

By platform, the Armored Vehicles market is segmented into two types, namely combat vehicles and combat support vehicles. The combat vehicles are further divided into main battle tank, infantry fighting vehicle, armored personnel carrier, light protected vehicle, self-propelled howitzer, and air defense vehicle. The combat supported vehicle is further segmented into armored supply trucks, armored command and controlled vehicles, repair and recovery vehicles.

By mobility, the market of Armored Vehicles is segmented into two types, namely tracked and wheeled.

By system, the market of armored vehicles is divided into ballistic armor, turret drive, fire control system, engine, drive system, armaments, ammunition handling system, counter measure system, command and control system, power system, and navigation system.

By mode of operation, the market of armored vehicles is segmented into two types namely manned and unmanned. By type, the market of armored vehicles is segmented into electric and conventional.

Geographical Segmentation:

The global Armored Vehicles market was dominated by Asia Pacific region owing to the rising number of terrorist activities in the area. Also, increasing spending of emerging economies such as India and China on defense operations helps the market to grow further in the region. Asia Pacific is also estimated to continue its dominion in the worldwide market over the envisioned period. North America region holds the second largest share of the market because of the increase of investments for the new technological advancements in the field.

Impact of COVID-19 on Armored Vehicles Market

The coronavirus pandemic has affected the global Armored Vehicles market. The virus has forced many companies in the market to halt manufacturing and production operations which in turn resulted huge losses for the companies. As per the analysis, the Armored Vehicles market is supposed to increase the market revenue owing to the increasing spending on defense operations especially by the emerging economies such as India, China and others.

Key market players:

Major players of Armored Vehicles market include BAE systems pls, Oshkosh corporation, Ukroboronprom, general dynamics corporation, Norinco, rheinmetall AG, and Textron Inc.

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Scope of the report:

The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.

The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.

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