Armored Vehicle Market Will Witness Growth Demand In Defense Sector Till 2022
New Market Research Reports Title “Armored Vehicle Market Analysis Size and Segment Forecasts to 2022” Has Been Added to Grand View Research Report Database
The global armored vehicle market is expected to reach USD 26.79 billion by 2022, according to a new report by Grand View Research, Inc. Increasing defense expenditure worldwide to improve military capabilities is expected to contribute to revenue growth.
Rising internal and external terrorism activity worldwide is expected to drive industry demand over the forecast period. Technology advancements such as unmanned vehicles are expected to fuel market growth. Increased focus of government such as India, China and the U.S. will contribute to industry growth.
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According to Department of Industrial Policy & Promotion (DIPP) Indian government is expected to make investment of USD 130 billion on defense forces and additional USD 110 billion on homeland security over the next seven years. Rising unrest or civil war such as civil war in Iraq may also drive the armored vehicle market.
Companies are continuously investing in R&D to drive new technology and products. Enhanced fuel efficiency and protection are key aspects for future development. Budget limitations and macroeconomic conditions may delay the ongoing or future development over the forecast period.
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Further key findings from the report suggest:
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Grand View Research has segmented the armored vehicle market on the basis of product, application, and region:
Armored Vehicle Product Outlook (Revenue, USD Million, 2012 – 2022)
Armored Vehicle Application Outlook (Revenue, USD Million, 2012 – 2022)
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