Military Armored Vehicles and Counter-IED Vehicles Market to increase by USD 6.86 billion from 2023 to 2028; Upgrade of defense capabilities to counter emerging security threats boosts the market – Technavio

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 SEThe 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 helicopter market size is estimated to grow at a CAGR of 6% between 2023 and 2028. The market size is forecast to increase by USD 18.94 billion.

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. 

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

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio