The armored
vehicles market is projected to grow from USD 14.3 billion in 2018 to
USD 16.8 billion by 2023, at a CAGR of 3.25% from 2018 to 2023.This report
provides an analysis of the armored vehicles market for the forecast period
from 2018 to 2023. It discusses industry and technological trends that are
currently prevailing in the market. The report analyzes the factors that are
driving and restraining the growth of the armored vehicles market as well as
the challenges faced by this market. It also provides information on the growth
opportunities for the market. The armored vehicles market is projected to grow
from USD 14.3 billion in 2018 to USD 16.8 billion by 2023, at a CAGR of 3.25%
during the forecast period. Key factors fueling the growth of the market are
the increasing demand for armored vehicles due to rise in the instances of
cross-border conflicts and rising incidences of asymmetric warfare across the
globe.
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Based
on platform, the armored vehicles market has been segmented into combat
vehicles, combat support vehicles, and unmanned armored ground vehicles. The
unmanned armored ground vehicles segment is projected to grow at the highest
CAGR during the forecast period. Increasing demand for unmanned systems in
battlefields is fueling the growth of this segment of the market.
Based
on mobility, the market has been segmented into wheeled and tracked. The
wheeled segment is projected to grow at a higher CAGR as compared to the
tracked segment during the forecast period. Increased demand for 4x4 light
armored vehicles by military forces to carry out Intelligence, Surveillance,
and Reconnaissance (ISR) activities and transport defense personnel and
equipment from one location to another is fueling the growth of this segment of
the market.
Based
on system, the market has been segmented into engines, drive systems, ballistic
armor, turret drives, fire control systems, armaments, countermeasure systems,
Command & Control (C2) systems, power systems, navigation systems,
ammunition handling systems, observation & display systems, and
hulls/frames. The C2 systems segment is projected to lead the armored vehicles
market during the forecast period. The growth of this segment can be attributed
to the increasing focus of military organizations on the deployment of vehicles
that can function as command posts and provide necessary voice and data
connectivity for intelligence inputs, fire support, and maneuvering in
battlefields.
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