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Global Armored Fighting Vehicles Market - Trends, Growth, Shares and Forecast (2018 - 2023)

Global Armored Fighting Vehicles Market - Trends, Growth, Shares and Forecast (2018 - 2023)

The market is expected to grow at a CAGR of over 6% to reach a market value of USD 50 billion by the year 2023. This growth can be connected to the increasing incidences of armed conflicts, violence, and terrorism, which are driving the demand for armored vehicles, among defense and commercial end users, globally.

Based on technology, active mine protection system is expected to be the largest segment of the global armored vehicles market during the forecast period. Defense sector emerges as the largest demand in the global armored vehicles market while commercial sector is expected to witness the fastest growth during the forecast period (2018 - 2023). Infantry fighting vehicles are the largest segment in the global defense armored vehicles market, by product. The segment is expected to follow the same trend during the forecast period (2018 - 2023).

The US and the European nations were the biggest consumers of armored vehicles for a considerable period. However, in the past few years both the US and European governments decided to cut down their defense budgets. This significantly affected the demand for armored vehicles, however, the growing security concerns in the Asia-Pacific region and the peace initiative missions undertaken by the Middle East nations have helped in reducing the impact to a considerable level. Additionally, the multilateral collaboration between North Atlantic Treaty Organization (NATO) and the African Union to counter terrorism is expected to further propel the growth of global armored vehicles market during the forecast period.

Some of the key players in the Armored Fighting Vehicles Market are GENERAL DYNAMICS, RAYTHEON, URALVAGONZAVOD, BAE SYSTEMS, MBDA amongst others.

Growing Demand for Armored Fighting Vehicles Market

Increasing internal & external security threats which led to the increase of violence in countries such as Syria, Iraq and other countries in the world are driving global armored vehicles market. Increasing military expenditure especially in emerging economies and increasing popularity of rental & leasing of armored cars among civilians also supports the growth of the market. The major factor hindering the growth of the overall market includes the lack of regulatory standards across the globe. Additionally, the withdrawal of troops from Afghanistan and Iraq by the U.S. and their allies have hindered the North American market at a considerable level thereby resulting in a steady decline in the region. Moreover, the U.S. and European nations witnessed a decline in the defense budgets in the recent years, which is expected to further hamper the growth of global armored vehicles market during the forecast period (2018 - 2023).

Key developments in the market

March 2018 - The Israeli Defense Ministry announced the approval of a major upgrade of the army’s ground forces. The announcement focused on the purchase of hundreds of Eitan armored fighting vehicles and the development of a new cannon.

February 2017 - NIMR Automotive on Thursday bagged a contract to supply more than 1,765 armored vehicles to the UAE Armed Forces in a huge boost to the domestic defense industry.

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    1. Introduction
    1.1. Research Methodology
    1.2. General Study Assumptions
    2. Research Methodology
    2.1. Introduction
    2.2. Analysis Methodology
    2.3. Study Assumptions
    2.4. Econometric Forecast Model
    3. Executive Summary
    4. Market Overview And Technology Trends
    4.1. Current Market Scenario
    4.2. Technology Trends
    4.3. Porter's Five Forces Analysis
    4.3.1. Bargaining Power Of The Suppliers
    4.3.2. Bargaining Power Of The Consumers
    4.3.3. Threat Of New Entrants
    4.3.4. Threat Of Substitute Products And Services
    4.3.5. Competitive Rivalry Within The Industry
    5. Market Dynamics
    5.1. Drivers
    5.1.1. Increased Military Spending
    5.1.2. Increasing Commercial Applications
    5.1.3. Increased Demand for UAV from ISR
    5.1.4. Increase in Internal and External Security Threats
    5.2. Restraints
    5.2.1. Airspace Regulations
    5.2.2. High Competition
    5.2.3. High Accident Rates
    5.3. Opportunities
    5.3.1. Reduced Restrictions on UAVs for Commercial Use
    5.3.2. Higher Demand due to Reducing Defense Budgets
    6. Global UAV Market, Segmented By Type
    6.1. TUAVs
    6.2. Vertical Take-Off and Landing (VTOL)
    6.3. Medium altitude long endurance (MALE)
    6.4. High Altitude Long Endurance (HALE)
    6.5. Others
    7. Global UAV Market, Segmented By Application
    7.1. Military
    7.2. Commercial
    8. Global UAV Market, Segmented By Geography
    8.1. North America
    8.1.1. The US
    8.1.2. Canada
    8.1.3. Mexico
    8.1.4. Rest of North America
    8.2. South America
    8.2.1. Brazil
    8.2.2. Argentina
    8.2.3. Rest of South America
    8.3. Asia-Pacific
    8.3.1. China
    8.3.2. Japan
    8.3.3. India
    8.3.4. South Korea
    8.3.5. Rest of Asia-Pacific
    8.4. Europe
    8.4.1. Germany
    8.4.2. UK
    8.4.3. France
    8.4.4. Italy
    8.4.5. Rest of Europe
    8.5. Middle East and Africa
    8.5.1. UAE
    8.5.2. South Africa
    8.5.3. Saudi Arabia
    8.5.4. Rest of Middle East and Africa
    9. Competitive Landscape
    9.1. Introduction
    9.2. Market Share Analysis
    10. Company Profiles
    10.1. DJI Innovations
    10.2. AeroVironment Inc.
    10.3. BAE Systems
    10.4. Cybaero Ab
    10.5. Elbit Systems Ltd
    10.6. General Atomics
    10.7. Parrot SA
    10.8. Israel Aerospace Industries
    10.9. Thales SA
    10.10. Airbus Group
    10.11. Microdrones
    10.12. Boeing
    11. Future Outlook
    12. Disclaimer

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