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Armored Vehicles Market Growth Evolving Technology and Growth Outlook 2021 to 2030

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Puneet Shah
Noida sector 2, Noida, UP
— N/A — 201301 

In recent years, the sales of armored vehicles have surged sharply, primarily because of the increasing prevalence of terrorist attacks across the world. Moreover, the surging number of cross-border disputes and wars has also pushed up the requirement for these vehicles. The Asia-Pacific (APAC) region has witnessed a massive rise in the defense expenditure of several countries, such as South Korea, India, Australia, and China, over the last few years, which has also boosted the sales of armored vehicles.

In addition, the increasing investments being made for the militarization of law enforcement agencies in many countries, as part of their modernization program and also for advanced counter-terrorist and combat operations are also fueling the sales of armored vehicles. Besides, the increasing incidence of armed violence, especially in various European countries, such as Russia, is also fueling the progress of the global armored vehicles market. Owing to this reason, the value of the market is predicted to grow from $24.8 billion in 2016 to $36.6 billion by 2023.

Furthermore, the launch of multilateral collaboration between the African Union and the North Atlantic Treaty Organization (NATO) for countering terrorism is driving the demand for advanced weaponry and equipment, including armored vehicles. These vehicles are equipped with bulletproof windows and are extensively used by law enforcement agencies, the military, celebrities, and VIPs. Depending on application, the armored vehicles market is classified into commercial and defense. Of these, the defense category contributed higher revenue to the market in the years gone by.

This is the major trend currently being witnessed in the market. The industry is highly competitive and boasts a large number of mining lubricants and quarrying producers. General Dynamics Corporation, Oshkosh Corporation, Elbit Systems Ltd., Lockheed Martin Corporation, Textron Inc., BAE Systems plc, Rheinmetall AG, INKAS Armored Vehicle Manufacturing, Denel Land Systems, International Armored Group (IAG), and Thales Group are some of the major companies operating in the armored vehicles market across the globe. These companies are also increasingly focusing on strategic expansion projects and product launches in order to expand their customer pool and augment their revenue.

Hence, it can be safely said that the sales of armored vehicles will soar in the coming years, mainly because of the growing prevalence of terrorism, increasing cross-border disputes, and rising defense expenditure of several countries across the world.

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