Zion Market Research Global Armored Vehicles Market, 2016–2024 | Page 3

Armored Vehicles Market
Global Armored Vehicles Market: Growth Factors
The key factor that is driving the armored vehicle market is the increasing occurrences of
armed violence and terrorist attacks have compelled the civilians to procure armored
vehicles for the commercial purposes. The increasing demand from the civilian commercial
applications has increased the demand for the armored vehicles. In the defense sector,
vehicles should have less weight and size thus the demand for highly efficient, robust and
compact vehicles are increasing, thus triggering the market growth. Huge investments and
R&D activities are going on for the implementation of updated technology in the armored
vehicles market, which is positively affecting the market growth.
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Global Armored Vehicles Market: Regional Analysis
The Asia Pacific region holds a major share in the armored vehicles market. The concerns
regarding the security from the terrorist attacks and the insurgent groups across the region
have led to the need to make advancements in the military organizations. The government
bodies are taking interest and are making huge investments in order to develop the defense
sector. Countries such as China, India, and South Korea are making investments for the
procurement of advanced armored vehicles thus driving the demand. Other countries such
as Israel, Iran, UAE, Saudi Arabia and Turkey are also taking initiatives and are increasing
their military budgets to procure advanced armored vehicles in their military troops.
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