The global armoured vehicles market will reach $45.18bn by 2030 and show a CAGR of 5.5%, says new report from Skyquest Technology.

In its recent research report, “Armoured Vehicles Market,” the consulting and market research firm SkyQuest Technology forecasts the growth of the market for the period from 2023 to 2030, taking into account the factors set to fuel expansion while analysing the major players operating within the armoured vehicles market.

The comprehensive report, says SkyQuest, considers several crucial factors within the sector, such as collaborations, mergers, innovative business policies, and strategies, to provide invaluable insights into the key trends and breakthroughs in the market.

Major trends steering growth

SkyQuest’s research pinpoints several major trends that stand to drive growth in the market. According to the firm, factors such as geopolitical tensions, rising defence budgets, military modernisation efforts, the increasing need for border security, the threat of asymmetric warfare, demand for peacekeeping missions, terrorist activities, urban warfare scenarios, technological advancements in armour and armaments, regional conflicts, and the need for asset protection in critical infrastructure are set to have a considerable impact on the market in coming years.

The research company also identifies additional elements that will further support the armoured vehicles market’s expansion, such as an increasing demand for light armoured vehicles, a growing emphasis on hybrid and electric armoured vehicles, the adoption of active protection systems, the growth in unmanned ground vehicles, a focus on modular and scalable vehicle designs, development of autonomous armoured vehicles, the use of advanced materials for enhanced protection, and the integration of advanced sensors and communication systems.

Demand for Main Battle Tanks to surge

Apart from these larger trends SkyQuest expects to influence the armoured vehicles market, the firm has also detected other causes for market development, such as the predominance of Main Battle Tanks (MBTs) on the global market. These versatile vehicles designed to engage a wide range of ground targets, including other armoured vehicles, fortifications, and infantry, present a level of adaptability that makes them suitable for various combat scenarios and gives them a prominent role in modern armed forces, the research report claims.

Military to lead applications

For the consulting firm, in terms of applications for armoured vehicles, the military is the leading segment in the market. These vehicles are a fundamental component of modern military forces, and their procurement is essential for national defence strategies, the firm argues.

Moreover, SkyQuest points out that a number of countries are currently involved in military modernisation efforts to enhance their armed forces’ capabilities. These efforts include the acquisition of advanced armoured vehicles to ensure readiness and effectiveness in times of conflict.

Leading region, North America

In terms of regions, North America is one of the largest growing markets, says SkyQuest, with a huge emphasis on technological advancements and widespread digital literacy pushing that expansion.

Prominent armoured vehicles players

Apart from identifying major trends and forecasting market tendencies, the report also presents a detailed geographic analysis, and highlights some of the major players in the industry and their ongoing endeavours to develop innovative solutions that cater to the ever-increasing demand for this type of vehicles.

Some of the prominent players comprised in the report include: General Dynamics Corporation, BAE Systems plc; Oshkosh Defense, LLC, Rheinmetall Group, Krauss-Maffei Wegmann GmbH & Co. KG, Hyundai Rotem Co., Ltd., Nexter group KNDS, Craft Machine Inc., Lenco Industries, Inc., Lockheed Martin Corporation, Hanwha Defense, Northrop Grumman Corporation, L3Harris Technologies, AM General LLC, Iveco Defence Vehicles, Patria Land Systems Oyj, Renault Trucks Defense, Norinco Group Corporation, Kurganmashzavod, and Streit Group.

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