At 6.5%CAGR, Global Armored Vehicles Market Size & Share to Surpass US$ 27.83Bn By 2030, Forecast & Growth Report By CMI

According to the study, The Global Armored Vehicles Market was estimated at USD 18.9 billion in 2021 and is anticipated to reach around USD 27.83 Billion by 2030, growing at a CAGR of roughly 6.5% between 2022 and 2030.

Overview:

Innovations of different types in automotive, material science, and weaponry will drive market growth during the forecast period. The introduction of the vehicles of the next generation which are integrated with the systems that provide active protection will drive the market growth in the coming years. Armor technology of the reactive type will also be instrumental in the growth of the market. The availability of programmable ammunition will play an important role in the growth of the market during the forecast period. These are some of the trends that will drive market growth in the coming year. During the outbreak of the COVID-19 pandemic, this industry faced a lot of challenges.

The market growth had slowed down during the outbreak of the COVID-19 pandemic. The budget for the defense had also been reduced in various regions. Many delays were caused in the manufacturing of the vehicles during the pandemic. Especially for the countries like South Korea Thailand and China.

Growth Drivers:

With the constant instability in world politics and the economy, there will be increased cases of asymmetric warfare. The government of various nations engaging in coming up with combat vehicles for the protection of the nation. These nations are engaging in adopting these vehicles in order to protect themselves from insurgent attacks. Our motor vehicles will be in great demand during the forecast. As the help in protecting against the blast attacks. The availability and the presence of the turret gun which are accommodated on these vehicles will drive the market growth in the coming years.

The eastern region of India is a Naxalite area and in order to perform various operations in this region, armored vehicles are used by the Indian government on a large scale. As there has been an increase in the chances of asymmetric warfare the demand for armored vehicles will grow across the globe. Many nations will procure armored vehicles on a larger scale due to which the market is expected to grow in the coming years.

Read More:- https://www.custommarketinsights.com/report/armored-vehicles-market