Global Armored Vehicles Market Overview: 2023-2028
Base Year: 2022
Historical Years: 2018-21
Forecast Years: 2023-2028
The Global Armored Vehicles Market is projected to grow at a CAGR of around 4.1% during the forecast period, i.e., 2023-28.
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Global Armored Vehicles Market Dynamics: 2023-2028
Global Armored Vehicles Market Possible Restraint:
High Possibility of Mechanical, Electrical, or Software Failures in Combat Vehicles – Armored combat vehicles, though built to withstand harsh situations on the battlefield, are still prone to numerous mechanical, electrical, or software malfunctions, such as component breakdowns, software jams, etc. In addition, they are bound to face logistic strain by continuous cross-country operations, mechanical failures due to high-speed traversing, and more. Since these failures and malfunctions are hard to rectify by rescue and recovery teams, leading to the vehicle and personnel endangerment, such losses could hamper the market expansion. Moreover, failure detection is also not always possible due to the vehicle’s difficult interior build-up and functioning, leading to more restraint on industrial growth.
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Global Armored Vehicles Market (2023-30): Segmentation Outlook
The market report has segmented the market into the following categories:
By Platform
-Combat Vehicles
-Main Battle Tanks
-Infantry Fighting Vehicles
-Armored Personal Carriers
-Armored Amphibious Vehicles
-Mine-Resistant Ambush Protected Vehicles
-Light Armored Vehicles
-Others (Self Propelled Howitzers, Air Defence Vehicles, etc.)
Combat Support Vehicles
-Armored Supply Trucks
-Armored Command and Control Vehicles
-Repair and Recovery Vehicles
-Others (Bridge laying Tanks, Mine Clearance Vehicles, etc.)
-Unmanned Armored Ground Vehicles
By System
-Engines
-Turret Drives
-Ammunition Handling Systems
-Fire Control Systems
-Armaments
-Ballistic Armor
-Countermeasure System
-Command and Control System
-Power System
-Others (Navigation System, Observation and Display Systems, etc.)
By Type
-Electric
-Conventional
By Mode of Operation
-Manned
-Unmanned
By Mobility
-Wheeled
-4X4
-6X6
-8X8
-Others (10X10, 12X12, etc.)
-Tracked
By Sales Channel
-OEM
-Retrofit
By Region
-North America
-South America
-Europe
-The Middle East & Africa
-Asia-Pacific.
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Top Companies Operating in the Global Armored Vehicles Market:
L3Harris Technologies, Inc., Hanwha Group, General Dynamics Corporation, Lockheed Martin Corporation, Northrop Grumman, Oshkosh Defense, LLC, BAE Systems, Thales Group, ST Engineering, Mitsubishi Heavy Industries, Textron Systems, Denel Soc Ltd, FNSS, Arquus, Iveco Defence Vehicles, Others.
Global Armored Vehicles Industry Recent Developments
- In January 2022, Oshkosh Defence, LLC launched its first hybrid-electric Joint Light Tactical Vehicle (JLTV)
- In April 2021, L3Harris Technologies and American Rheinmetall Vehicles signed an agreement to develop the U.S. Army’s new Optionally Manned Fighting Vehicle (OMFV) to replace the Bradley Infantry Fighting Vehicle.
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