The armored automotive market is expected to record a CAGR of nearly 3% during the forecast period due to high demand from the potential private car owners, law enforcement policies, and armed forces.
The rising hostile activities, terrorism and political pressure, etc happening across the globe are some of main reasons accounting high demand for armored vehicles. Rising defense investment to fight the above mentioned factors is said to uphold the development in armored automotive niche.
North America is set to witness for a bulky share in the armored vehicles market size in near future. This expansion is due to the increasing administration investments to manufacture and buy highly advanced armored cars with strong technological capabilities. Growing defense budget is further fuelling the regional share over the forecast period.
Asia Pacific will account for significant growth in the market size, as there would be high investments for manufacturing and procuring highly scalable armored vehicles in key economies including South Korea (SK), India and China. For example, just last year in 2018, SK declared a huge contribution to set up research centers for producing autonomous weapons and better-quality military vehicles.
As of now, the main battle tank sector is dominates the market and is said to maintain its stand from 2019 to 2024. This sector is going to lead the market due to rising procurements of tanks by many nations, such as Germany, France, Canada, Russia, Thailand and Hungary, etc.
Key players in this filed include Ford Motor Company, BMW AG, Daimler AG, BAE Systems, International Armored Group, and General Dynamics Corporation. The companies are upgrading their design, technologies tactically to enhance vehicle’s handling and speed in the battlefield.
As per the platform, the market size is divided into combat support vehicles and unmanned armored ground vehicles. The former consists of incorporation of LiDAR and RADAR sensors, while the latter as the name sounds can operate without any driver’s presence and when both these technologies are combined together accelerates the segment share significantly in the future as well.
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