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The global Armored Vehicle Market is estimated to be $22.50 billion by 2014, and is expected to grow at CAGR of 4.93% to reach $28.62 billion by 2019. The key market drivers for this market are the growing conflict in the global scenario, paramount importance given to the homeland security in developing countries, rapid demand of armored vehicles in the developing nations, and increased internal and external conflicts in developing nations. The market was at its boom during the time period 2007-2012 when the U.S. government was fighting terrorism in Afghanistan and Iraq. The highest priority at this point was the security of the soldiers serving the country. Hence to protect the soldiers from CBRN or mine attacks, special vehicles such as Mine Resistant Ambush Protected Vehicles (MRAPs) was introduced. Till 2012, around 42,000 MRAPs were produced with an overall expenditure of $47.7 billion towards its production.
The major market share is contributed by the defense sector. The U.S. and Europe constitute the major market share of the armored vehicle market. The Key players in this market are Navistar, BAE systems, Oshkosh Defense, and Rheinmetall among others, are mainly from the U.S. and Europe. The biggest challenge for this market is extreme dependence on the defense sector. There is a consistent rate of growth of demand in the APAC region, the Middle East, and Africa, since there is continuous political tension from the neighboring countries, internal threats from rebels, and recent economic boom in these regions.
The global armored vehicle market is continuously increasing since it is not only concentrated in the defense sector but also in the commercial sector as well. The MRAP market have reached saturation in the U.S., but there is a substantial amount of growth in demand in the APAC and the Middle East region, as the defense spending of these regions increased significantly in the recent times. Furthermore, these countries are taking preventive measures to counter various threats from rebellious groups, cross border terrorists, and civilian unrest due to separatist ideas.
Major market players like BAE systems, Rheinmetall AG, General Dynamics is expected to shift their focus towards the APAC and the Middle East region.
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