Armored Vehicles Market to Garner $21.97 Bn, Globally, by 2026 at 4.2% CAGR, Says Allied Market Research
PORTAND, OR, UNITED STATES, September 21, 2020 /EINPresswire.com/ — Allied Market Research recently published a report, titled, "Armored Vehicles Market by Application (Defense and Commercial), Drive Type (Wheel and Track), and Vehicle Type (Armored Personnel Carrier, Infantry Fighting Vehicle, Main Battle Tanks, Tactical Truck, Bus, Limousine, Sedan, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global armored vehicles industry was pegged at $15.96 billion in 2018 and is expected to reach $21.97 billion by 2026, registering a CAGR of 4.2% from 2019 to 2026.
Driving factors for the market
Rise in demand for armored vehicles owing to the militarization of law enforcement agencies and increase in demand for bulletproof vehicles drive the growth of the global armored vehicles market. However, decrease in national defense budgets hampers the market growth. On the contrary, adoption of unmanned combat vehicles and production of modular armored vehicles are expected to create lucrative opportunities in the near future.
Download Report Sample: https://www.alliedmarketresearch.com/request-sample/6211
The defense segment dominated the market
The defense segment held the largest share in 2018, contributing to more than four-fifths of the global armored vehicles market, as these vehicles offer defense forces with combat, reconnaissance, and transportation of troops on the battlefield. However, the commercial segment is projected to register the fastest CAGR of 5.4% during the forecast period. Commercial armored vehicles are typically designed with a high degree of security and are bulletproof as well as can withstand a high degree of heat, which in turn, makes it the fastest-growing segment.
The wheel segment held the largest share
The wheel segment dominated the market in 2018, accounting for more than three-fourths of the global armored vehicles market. Moreover, the segment is expected to manifest the fastest CAGR of 4.6% during the forecast period, as it serves the advantages over tracked vehicles with improved performance, low maintenance cost, and better fuel economy. The report includes an in-depth analysis of the track segment as well.
Europe, followed by North America, to register the fastest growth
The global armored vehicles market across Europe held the largest share in 2018, accounting for more than one-third of the market, owing to an increase in demand for bulletproof vehicles and militarization of law enforcement agencies. The region is also expected to register the fastest CAGR of 5.0% during the forecast period. Moreover, the market across North America is projected to register a CAGR of 4.1% during the study period.
Make Purchase Enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/6211
Major market players
Oshkosh Defense, LLC
General Dynamics Corporation
International Armored Group
Krauss-Maffei Wegmann GmbH & Co. (KMW)
Lenco Industries, Inc.
Lockheed Martin Corporation
INKAS Armored Vehicle Manufacturing
Browse Complete Report at https://www.alliedmarketresearch.com/armored-vehicles-market
Similar Reports We Have:
Unmanned Ground Vehicle Market Expected to Reach $3,358 Million, Globally, by 2023 | https://www.alliedmarketresearch.com/unmanned-ground-vehicle-ugv-market
Small Drones Market to Reach $13.4 Billion, Globally, by 2023 | https://www.alliedmarketresearch.com/small-drones-market
Smart Weapons Market to Garner $99,380 Million, Globally, by 2022 | https://www.alliedmarketresearch.com/smart-weapons-market
Vetronics Market is Estimated to Generate $4,362 Million, by 2022 | https://www.alliedmarketresearch.com/vetronics-market
Night Vision Devices Market Report | https://www.alliedmarketresearch.com/night-vision-devices-market
Defense Aircraft Material Market Report | https://www.alliedmarketresearch.com/defense-aircraft-material-market
About Allied Market Research
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.
Avenue.! An Online Subscription Based Library of Reports – Allied Market Research
Source: EIN Presswire