NEW YORK, Dec. 11, 2023 /PRNewswire/ -- The military armored vehicles and counter-IED vehicles market is expected to grow by USD 6.86 billion between 2023 and 2028. However, the growth momentum of the market will progress at a CAGR of 3.71% during the forecast period. The market is segmented by product (infantry fighting vehicle (IFV), armored personnel carrier (APC), main battle tank (MBT), self-propelled howitzer (SPH), and others), mobility type (wheeled and tracked), and geography (APAC, North America, Middle East and Africa, Europe, and South America).
Upgrade of defense capabilities to counter emerging security threats drives the market. Many military transport systems are prime targets of terrorist organizations for inflicting huge casualties and resulting in psychological trauma to the military infrastructure of a country. As a result, several government organizations are procuring advanced machinery for protecting soldiers, such as APCs and IFVs. Hence, such factors drive the market growth. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a Free PDF Sample
Key Highlights:
- The report recognizes the following as some of the key players in the military armored vehicles and counter-ied vehicles market: AB Volvo, Alpine Armoring Inc., BAE Systems Plc, Denel SOC Ltd., General Dynamics Corp., Hyundai Motor Co., International Armored Group, KNDS N.V., Lockheed Martin Corp., Milkor Pty Ltd., NORINCOGROUP.com Inc., Northrop Grumman Corp., Oshkosh Corp., Renault SAS, Rheinmetall AG, Rostec, SAUDI GROUPS, SVI ENGINEERING, STREIT Group, and Traton SE
- The Military Armored Vehicles and Counter-IED Vehicles Market is fragmented in nature.
- Market to observe 3.53% YOY growth in 2024.
Market Dynamics:
Trend
- The emergence of Active Protection Systems (APS) is a primary trend in the market.
- The advent of APS has improved the survivability of armored vehicles by providing an additional layer of defense against several threats, including anti-tank guided missiles, rocket-propelled grenades (RPGs), and other projectiles.
- In addition, armored vehicles embedded with APS have become more resilient in the face of modern anti-armor threats.
- Hence, such factors drive the market growth.
Challenges
- There is an increasing dependence by military armored vehicles and counter-IED vehicles on advanced electronic systems, including communication, navigation, and weapon control, they are prone to cyberattacks.
- Moreover, there is an increasing concern for cyber supply chain security in the defense industry.
- Hence, such factors are hindering the market growth.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
Key Segments:
- The market growth by the infantry fighting vehicle (IFV) segment is significant during the forecast period. There used to be a greater emphasis by this segment on offering mobility and firepower to the forces while compromising protection. However, recent trends have witnessed the integration of superior artillery and damage-resistant armor into modern IFVs. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth.
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The smart airports market size is estimated to grow at a CAGR of 12.73% between 2023 and 2028. The market size is forecast to increase by USD 6.66 billion.
Military Armored Vehicles And Counter-IED Vehicles Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.71% |
Market Growth 2024-2028 |
USD 6.86 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
3.53 |
Regional analysis |
APAC, North America, Middle East and Africa, Europe, and South America |
Performing market contribution |
APAC at 39% |
Key countries |
US, Saudi Arabia, China, Japan, and India |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Mobility Type
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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SOURCE Technavio
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