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Monday Apr 27, 2015
Monday Apr 27, 2015
The armored vehicle market is expected to witness high growth over the next six years owing to its defense and commercial uses. These vehicles enhance the capability of ground forces; therefore, they are expected to be an integral part of military operations over the forecast period. Increasing internal and external security concern globally is expected to drive the armored vehicle market. Rise in defense spending and commercial security consciousness is expected to be favorable for the global market. Additionally, increasing technological advancements and modernization is also expected to fuel armored vehicle market growth. Political and social concerns may act as critical factors effecting market dynamics over the forecast period. High investment and environmental threats may hinder market growth.
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The armored vehicle market can be segmented on the basis of product and application. Product segments includes Mine Resistant Ambush Protected Vehicles (MRAP), amphibious armored vehicles, main light protected vehicles, unmanned ground vehicles and battle tanks. Further, armored vehicles can be used for defense and commercial applications. Defense is expected to contribute significantly to the market and grow at a considerable rate over the forecast period.
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