Armored Vehicles Market worth 31.26 Billion USD by 2021
The global armored vehicles market is projected to grow from USD 23.75 Billion in 2016 to USD
31.26 Billion by 2021, at a CAGR of 5.6% during the forecast period. Factors such as rising crime in
the form of gang violence, kidnapping, and terror activities wars and cross–border disputes, and
increasing civilian use of armored vehicles are expected to drive the growth of the global armored
vehicles market during the forecast period of 2016 to 2021.
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“Commercial segment dominates the armored vehicles market, among applications”
The global armored vehicles market is dominated by the commercial application segment, as of
2016, and is expected to continue its dominance till 2021. This dominance can be attributed to the
rising incidences of civil unrest, political disputes, and terrorism that have driven governments,
embassies, VIPs, and banks to procure more advanced and reliable armored vehicles for protection.
“The SUV segment to grow the highest during the forecast period”
The armored vehicles market has been segmented and analyzed in terms of product, namely, SUV,
Sedan, Limousine, Bus/Van, among others. The global market is dominated by the SUV segment
and this segment is also projected to grow at the highest CAGR during the forecast period, primarily
driven by the increasing use of armored SUVs by government and embassy officials, VIPs, and in
cash-in-transit applications, globally.
“Asia-Pacific and the Middle East to be the opportunistic markets for armored vehicles industry”
The Middle East and Asia-Pacific are expected to drive the growth of the global armored vehicles
market in the coming years, with the Asia-Pacific market projected to grow at the highest CAGR
during the forecast period, 2016 to 2021. This rapid growth of the Asia-Pacific market can be
attributed to the increasing research and development activities undertaken in the region for the
development of advanced and hybrid designs of armored vehicles for enhanced border and
maritime patrolling or ISR functions, increasing military expenditures and military modernization
programs of major economies of the region, and rising demand for light or medium-sized armored
vehicles for patrolling operations, primarily owing to rising threats of cross-border terrorism.
The major players in the armored vehicles market have been identified as General Dynamics
Corporation (U.S.), BAE Systems, Plc. (U.K.), Lockheed Martin (U.S.), and Elbit Systems (Israel),
among others.