Armored Vehicles Market To Observe Fastest Growth In APAC

The armored vehicles market will reach USD 35.2 billion, growing at a rate of 5.1%, by 2030 as per a report by P&S Intelligence. This can be credited to the rising cross-border disputes, increasing demand for robust, compact, and highly effective armored vehicles, the increasing defense expenses of several nations, and the militarization of law enforcement agencies. 

Unmanned armored ground vehicles are expected to witness the fastest growth in the armored vehicles market, during the forecast period. This is credited to the increasing demand for these vehicles due to their crucial role in assisting logistic operations onshore and supporting terrestrial combat. 

Combat vehicles generated the highest revenue in recent years, and this trend will continue in the future as well. This is because of the rising demand for light-protected vehicles and armored personal carriers. 

In addition, the increasing incidence of terrorist attacks in urban areas has boosted the requirement for armored vehicles.

It is crucial for defense forces to carry out better monitoring of land and naval borders. As robots can perform better in border surveillance, they can substitute humans in some situations. These robots can effectively patrol national borders and transmit real-time information. Such vehicles are provided with armor to enhance durability.

The defense category held a larger share in recent years, and it will remain larger in the years to come. This is because of the increasing usage of armored vehicles such as APCs, LPVs, IFVs, MBTs, MRAP, and the focus on the safe deployment of soldiers to battlefields and risky areas. 

APAC will witness the fastest growth during this decade, at a CAGR of approximately 5.4%. This can be credited to the growing requirement for armored vehicles due to the increasing cross-border and terrorism issues, rising demand for military modernization, the growing number of players, and complex geopolitics. 

Due to the growing demand for advanced armored vehicles in the military and defense sector, the industry will grow considerably in the coming years.  

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Armored Vehicles Market Revenue and Industry Expansion Strategies

Wars and acts of genocide are as old as human civilization itself, but often these take a form uglier than imaginable. Asia (South Asia and the Middle East in particular) and Africa have emerged as the hotbeds for such incidents, especially after the two World Wars. Though the setting up of international organizations, such as the United Nations, has helped a bit, the situation is till out of control in many places. The scenario is such that terrorist activities are also spreading to the otherwise-peaceful nations, such as New Zealand and Norway.

To diffuse such threats as soon as possible, as well as protect human lives, governments of several nations are procuring advanced defense equipment, such as armored vehicles, which is why the armored vehicles market is witnessing considerable growth. Such vehicles are helpful in situations wherein a strong offensive has to be launched, while protecting those in the line of fire. Though these are also used for commercial purposes, their primary role is in defense. Here, several types of armored vehicles are deployed, including infantry fighting vehicles, main battle tanks, armored personnel carriers, amphibious armored vehicles, light protected vehicles, tactical trucks, and mine-resistant ambush-protected vehicles.

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Even within the defense sector, there are two types of agencies that procure such equipment — the military and homeland security. Historically, military organizations have been the larger user of armored vehicles, owing to the high number of war-like situations around the world. In the coming years, homeland security departments would rapidly deploy them, due to the increasing incidents of terrorist and insurgency-related acts, primarily in South Asia, the Middle East, and Africa.

With a number of terrorist organizations, such as ISIS, Boko Harem, and Taliban, actively carrying out attacks, it is becoming imperative for countries to increase their homeland security procurement. Often, such attacks are not classified as full-scale wars, which is why the involvement of the military is not that extensive. Here, homeland security departments generally handle the situation, which is why they are gradually increasing their defense procurements in the wake of the rising insurgent and terrorist mishaps.

Apart from terrorism, insurgency, and full-blown wars, civil unrest also puts the life of people at risk. The political situation in a large number of countries is volatile, which results in large-scale protests, where those agitating for a cause resort to violence and public property destruction. Here too, the police or paramilitary forces are pressed into action, so that the violence can be contained, if not completely quelled. In such situations too, armored vehicles are deployed, mostly as a deterrent, but sometimes their use goes beyond it.

Historically, the largest procurement of such equipment has been seen in Europe, and the situation would be the same in the coming years. However, the armored vehicles market would progress at the highest pace in Asia-Pacific (APAC), where countries such as India, Pakistan, Iraq, Yemen, Israel, Syria, and Afghanistan have a serious militancy and insurgency issue. This is why the governments of these countries are spending more than ever on military and homeland security, including on the purchase of advancement combat vehicles.

Therefore, with the strong need to protect security personnel as well as civilians from terrorists and wars, as well as contain general unrest, the sale of armored vehicles would continue increasing.

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