Increasing purchase of highly-modernized armored vehicles is slated to propel the vehicle armor market expansion over the coming years. Growing defense budgets of emerging as well as developed economies alike would also play a major role in augmenting the industry share.
Taking November 2019 for instance, the British Army signed a £2.8 billion contract to buy state-of-the-art armored fighting vehicles. The Defense Secretary reportedly announced that the British army would get over 500 Boxer 8x8 network-enabled, high mobility armored vehicles to move troops to the frontlines during a battle scenario. The novel vehicles would make up a part of the British Army’s Strike brigades, which are new units that are set up to rollout rapidly over long distances across a plethora of terrains.
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Rising efforts by governments and numerous vehicle armor companies towards the improvisation of communication systems, armor systems, and vehicle components will drive vehicle armor market expansion through coming years.
Increased scope for the development of armored vehicles in areas pertaining to mobility and protection coupled with surging government investments in the modernization and upgradation of the ground vehicle fleet are likely to push vehicle armor market outlook over the estimated timeframe.
Citing an instance, DSM Dyneema has launched the Force Multiplier Technology for the improvement of operational performance of armored vehicles. This technology is set to assist in the improvement of flexibility, provision of superior ballistic protection, and reduction of vehicle weight, in turn propelling vehicle armor business landscape over the forecast period.
Ability of armored cars to provide good protection against numerous guns such as AK-47 & 9 mm pistols, AR-15, and bomb blasts has been instrumental in driving vehicle armor market growth through coming years. Civilian and law enforcement vehicle market will grow at an appreciable CAGR of over 5.0 per cent over the estimated timeframe.
Studies cite, the chances of death in case of an accident while travelling via armored cars and civilian armored vehicles are considerably lower as compared to normal cars owing to various features such as bulletproof glass, bulletproof car windows, electric shock handles, bomb blankets, and oil sleek systems incorporated by vehicle armor companies.
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Geographically, the North America vehicle armor market is projected to cross a valuation of $890 million by the end of the analysis period owing to the increasing military armament development as well as counterterrorism programs. The regional market expansion is led by the United States, which is known as the country with the world’s highest defense budgets. In fact, the U.S. DOD (Department of Defense) has granted an immense $700 billion budget towards military sector development. Meanwhile, the regional growth is also likely to come from Canada as the Canadian government had announced that it would be increasing its defense budget by over 70% in the next decade. Such budget decisions would greatly fuel armored vehicle sales, further stimulating the regional market expansion.
The competitive landscape of the market is inclusive of players such as DEW Engineering and Development ULC, MKU Limited, Permali, TenCate Advanced Armor, SSAB, Armormax, Kaiser Aluminum, and CoorsTek among others.
Major Key Points from Table of Content:
Chapter 5. Vehicle Armor Market, By Vehicle
5.1. Global market vehicle insights
5.2.1. Market estimates and forecast, 2016 – 2026
5.2.2. Market estimates and forecast, by region, 2016 – 2026
5.3. Armored fighting vehicles
5.3.1. Market estimates and forecast, 2016 – 2026
5.3.2. Market estimates and forecast, by region, 2016 – 2026
5.4. Civilian & law enforcement vehicles
5.4.1. Market estimates and forecast, 2016 – 2026
5.4.2. Market estimates and forecast, by region, 2016 – 2026
5.5.1. Market estimates and forecast, 2016 – 2026
5.5.2. Market estimates and forecast, by region, 2016 – 2026
Chapter 6. Vehicle Armor Market, By Application
6.1. Global market application insights
6.2.1. Market estimates and forecast, 2016 – 2026
6.2.2. Market estimates and forecast, by region, 2016 – 2026
6.3.1. Market estimates and forecast, 2016 – 2026
6.3.2. Market estimates and forecast, by region, 2016 – 2026
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