The armored vehicles market has managed to show some degree of resilience to COVID-19, compared with other industries. The issues faced by the market have arisen mostly from the supply side and not from a lack of demand, according to GlobalData, a leading data and analytics company. This is primarily due to manufacturers shutting down production lines to implement safety measures. At the same time, armored vehicle manufacturers had to mitigate the risks of a supply chain that was weakened due to the lack of adequate finances.
Rahul Bhushan, Defense Analyst at GlobalData, commented: “Military forces around the globe are implementing modernization programs to replace their legacy armored vehicles because of the need for new equipment that will serve new force structures. This will help the global armored vehicles market to grow by 11% in 2030, as compared to the market in 2020. The US, Russia, the UK, Israel and Turkey are leading the investments in developing new generation advanced vehicles designed to address the complex challenges of battlefield operations.”
The company’s latest report, ‘The Global Armored Vehicles Market 2020-2030’, reveals that the infantry fighting vehicle (IFV) segment will dominate the market. This is one of the fastest-growing segments in major countries such as the US (at 6.2% growth rate), Australia (6.5%), Russia (3%) and India (8.8%).
- Quotes provided by Rahul Bhushan, Defense Analyst at GlobalData
- Information based on GlobalData’s report: The Global Armored Vehicles Market 2020-2030
- This report provides the market size forecast and the projected Compound Annual Growth Rate (CAGR) for the next ten years. The report covers the industry analysis including the key market drivers, emerging technology trends, and major challenges faced by industry participants. It also offers insights regarding key factors and government programs that are expected to influence the demand for military simulator systems market over the forecast period (2020-2030)
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