Top companies covered are Oshkosh Corporation (the U.S), General Dynamics Corporation (the U.S.), BAE Systems plc (the U.K), UralVagonZavod (Russia), Ukroboronprom (Ukraine), NORINCO (China), Rheinmetall AG (Germany), Textron Inc. (the U.S.), and more players profiled in armored vehicle market research report
The global armored vehicle market size is predicted to reach $ 26.12 billion by 2026, exhibiting a CAGR of 5.36% during the forecast period. According to a report, published by Fortune Business Insights, the market size stood at $17.18 billion in 2018.
The armored vehicle market is predicted to reach USD 26.12 billion by 2026, exhibiting a CAGR of 5.36% during the forecast period. The rising adoption of active protection systems can contribute positively to the growth of the market during the forecast period.
APS consist of launchers, tracking radar, sensors, and countermeasure munitions, which assist during combat and survivability of the armored vehicle. Moreover, the introduction of armored vehicles with the integration of APS will promote the armored vehicle market trends in the forthcoming years.
For instance, In October 2019, RAFAEL Advanced Defense Systems of Israel and Leonardo DRS delivered the first trophy active protection system for the U.S. Army for tanks and armored combat vehicles.
Competitive Landscape
Collaboration of Polska Grupa Zbrojeniowa SA with RMMV to Boost Market Growth
Rheinmetall MAN Military Vehicles GmbH, Aka RMMV, a joint venture company between German companies MAN Truck & Bus AG and Rheinmetall AG, announced to collaborate with The Polska Grupa Zbrojeniowa, a holding company established by the Polish government through its subsidiary Obrum sp. z o.o to develop a new wheeled vehicle designed to replace hundreds of Russian made BRDM-2 armored vehicles currently in service with the Polish military.
The collaborative agreement between the companies can offer business opportunities for the market in the forthcoming years owing to its design and development along with the capacity of 3.5 tonnes.
Strategic alliance
Furthermore, RMMV Managing Direct and Rheinmetall Defence member of the executive board Pietro Borgo said in a statement the company finds this development contract as an important first step in a highly promising cross-border strategic alliance in the field of military wheeled vehicles.
“We also see excellent opportunities for marketing the LOTR outside of Europe. In addition, the ground-breaking technology in the new vehicle will spur demand around the world, which in turn will accelerate the armored vehicle market revenue in the foreseeable future,” said Pietro Borgo.
List of the Leading Companies Profiled in the Global Market are:
- Oshkosh Corporation (the U.S)
- General Dynamics Corporation (the U.S.)
- BAE Systems plc (the U.K)
- UralVagonZavod (Russia)
- Ukroboronprom (Ukraine)
- NORINCO (China)
- Rheinmetall AG (Germany)
- Textron Inc. (the U.S.)
