Armoured vehicle market to jump to US$21.97B: Allied Market Research
The boost in the market is due to militarization of law enforcement agencies and surge in demand for bulletproof vehicles, says Allied
The global armoured vehicle market accounted for US$15.96 billion in 2018 and is anticipated to garner $21.97 billion by 2026, growing at a compound annual growth rate (CAGR) of 4.2% from 2019 to 2026, according to a report published by research firm Allied Market Research.
The commercial vehicle segment of the market, which includes personal vehicles and cash-in-transit vehicles, is expected to manifest the fastest CAGR of 5.4% through 2026.
However, the defense segment, which includes tanks and armoured personnel vehicles, dominated in 2018, contributing more than four-fifths of the total revenue.
When it comes to vehicle drive type, wheeled vehicles held the largest share of the market in 2018 (edging out tracked vehicles by a considerable margin) and are expected to experience CAGR of 4.6% during the study period. The segment contributed to more than three-fourths of the market.
The boost in the market is due to militarization of law enforcement agencies and surge in demand for bulletproof vehicles, says Allied Market Research, which also notes that the adoption of unmanned combat vehicles and the production of modular armoured vehicles could unlock lucrative opportunities in the coming years.
However, the report notes that reductions in defence budgets, particularly in Africa, are expected to hamper the growth of the market somewhat moving into the future.