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The military armored vehicles and counter-ied vehicles market size is estimated to grow at a CAGR of 3.71% between 2023 and 2028. The market size is forecast to increase by USD 6.86 billion. The growth of the market depends on several factors, such as the asymmetric warfare leading to the procurement of arsenal, the upgrade of defense capabilities to counter emerging security threats, and the ongoing digitization of battlefield operations. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
This report extensively covers market segmentation by product (infantry fighting vehicle (IFV), armored personnel carrier (APC), main battle tank (MBT), self-propelled howitzer (SPH), and others), mobility type (wheeled and tracked), and geography (APAC, North America, Middle East and Africa, Europe, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Military Armored Vehicles and Counter-IED Vehicles Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Several military transport systems are susceptible targets of terrorist organizations for inflicting huge casualties and causing psychological trauma to the military infrastructure of a country. In addition, the frequency of terrorist attacks on surface transportation targets, such as military convoys, has increased and resulted in numerous casualties worldwide over the years.
As a result, it has forced governments to procure advanced machinery for protecting soldiers, such as APCs and IFVs. In addition, the current clash between Chinese and Indian troops has accelerated the purchase of armored vehicles, with Stryker, Tata WhAP, and Humvee being the biggest contenders. Furthermore, most prominent nations have already launched modernization initiatives for their armored vehicle fleet to deliver an augmented level of safety and mission readiness. Hence, such factors are driving the market growth during the forecast period.
APS significantly improves the survivability of armored vehicles by providing an additional layer of defense against several threats, such as anti-tank guided missiles, rocket-propelled grenades (RPGs), and other projectiles. Therefore, armored vehicles equipped with APS have become more resilient in the face of modern anti-armor threats. In addition, the use of APS reduces the vulnerability of both the crew inside the vehicle and the vehicle itself.
Moreover, by intercepting threats before they reach the vehicle, APS mitigates the impact of explosive penetrators and shaped charge warheads, which are commonly used in anti-armor munitions. In addition, many APS systems are designed to be modular and can be retrofitted onto existing armored vehicle platforms. Furthermore, this modularity enables military forces to upgrade their existing fleets with APS technology without the need for complete vehicle replacement. Hence, such factors are driving the market growth during the forecast period.
As several military armored vehicles and counter-IED vehicles become increasingly dependent on advanced electronic systems, such as communication, navigation, and weapon control, they are prone to cyberattacks. In addition, cybersecurity measures are essential to protect these systems from hacking, data breaches, and remote control by adversaries.
Moreover, the integration of robust cybersecurity features is critical to safeguarding vehicle systems and sensitive data. In addition, the supply chain for military vehicles involves numerous components and subsystems from various suppliers. Furthermore, cyber supply chain security is a growing concern in the defense industry. Hence, such factors are negatively impacting the market which in turn hinders the market growth during the forecast period.
The infantry fighting vehicle (IFV) segment is estimated to witness significant growth during the forecast period. Earlier, this segment used to be focused on providing mobility and firepower to the forces while compromising protection, but recent trends have witnessed the integration of superior artillery and damage-resistant armor into modern IFVs. In addition, the high demand for IFVs is attributable to the variety of features they possess and the plethora of strategic options they can deliver when deployed on the battlefield.
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The infantry fighting vehicle (IFV) segment was the largest segment and was valued at USD 13.67 billion in 2018. Moreover, IFVs are equipped with a variety of weapons systems to support troops in combat. This comprises a combination of machine guns, automatic cannons, anti-tank guided missiles, and other weaponry. In addition, they provide infantry support during these operations and enhance the overall combat capability of a mechanized force. Furthermore, their mobility allows infantry forces to reach the battlefield swiftly Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
Based on the mobility type, the segment is classified into wheeled and tracked. This segment is often used to transport infantry and other military personnel to and from the battlefield. In addition, they offer mobility and protection for troops, allowing them to reach their destinations safely. Moreover, some wheeled armored vehicles are armed with various types of weapons, including machine guns, autocannons, and anti-tank missiles. Furthermore, they offer direct and indirect fire support to infantry and can engage enemy positions, vehicles, and personnel. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
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APAC is estimated to contribute 39% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. Factors such as the rising tension among neighboring countries, particularly the South China Sea dispute, neighboring countries are strengthening their military prowess through the rapid procurement of armored and counter-IED vehicles which is significantly contributing to the growth of the market in APAC. In addition, countries such as China, South Korea, India, and Japan are continuously increasing their defense budgets to strengthen their national security. Therefore, the growing demand for such equipment from military forces of different countries in APAC is positively impacting the market growth in the region. Hence, such factors drive the market growth in APAC during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global military armored vehicles and counter-IED vehicles market witnessed a significant slowdown due to the challenges faced by military and defense industries in many countries with how to deal with the pandemic. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the reopening of manufacturing facilities and increased spending for the defense sector. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AB Volvo: The company offers military armored vehicles and counter IED vehicles such as VAB MK 3, fortress MK2, and sherpa light.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Alpine Armoring Inc., BAE Systems Plc, Denel SOC Ltd., General Dynamics Corp., Hyundai Motor Co., International Armored Group, KNDS N.V., Lockheed Martin Corp., Milkor Pty Ltd., NORINCOGROUP.com Inc., Northrop Grumman Corp., Oshkosh Corp., Renault SAS, Rheinmetall AG, Rostec, SAUDI GROUPS, SVI ENGINEERING, STREIT Group, and Traton SE.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The military armored vehicles and counter-ied vehicles market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Military Armored Vehicles And Counter-IED Vehicles Market Scope |
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Report Coverage |
Details |
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Page number |
177 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.71% |
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Market growth 2024-2028 |
USD 6.86 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.53 |
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Regional analysis |
APAC, North America, Middle East and Africa, Europe, and South America |
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Performing market contribution |
APAC at 39% |
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Key countries |
US, Saudi Arabia, China, Japan, and India |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AB Volvo, Alpine Armoring Inc., BAE Systems Plc, Denel SOC Ltd., General Dynamics Corp., Hyundai Motor Co., International Armored Group, KNDS N.V., Lockheed Martin Corp., Milkor Pty Ltd., NORINCOGROUP.com Inc., Northrop Grumman Corp., Oshkosh Corp., Renault SAS, Rheinmetall AG, Rostec, SAUDI GROUPS, SVI ENGINEERING, STREIT Group, and Traton SE |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Mobility Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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