HOME › Research Insight › New product launches and long-term contracts are among the key strategies adopted by leading market players to catalyze their growth in the armored vehicles market
New product launches and long-term contracts are among the key strategies adopted by leading market players to catalyze their growth in the armored vehicles market
General Dynamics Corporation (U.S.) operates through four major segments, namely, Aerospace, combat systems, information systems and technology and marine systems, wherein the combat systems group deals with main battle tanks, tracked combat vehicles and light armored vehicles, as well as a broad range of high-performance weapons systems and munitions. The company has, in the recent years, awarded many contracts. This has lead the companies to broaden their portfolio of armored vehicles for commercial applications. Long-term contracts are the major strategies adopted by General Dynamics Corporation (U.S.) for strengthening their position in the global armored vehicles market. Some of the notable contracts by General Dynamics Corporation (U.S.) include the company signing a USD 600 Million contract with Denmark for 309 PIRANHA 5 APCs; and in January 2016, the company was awarded a contract to serve the Danish Army’s fleet of wheeled armored vehicles, both of which helped the company to widen their product portfolio, along with becoming one of the major providers of armored vehicles in the global market space.
BAE Systems, Plc. (U.S.) mainly provides standard-issue armored vehicles to naval forces and military forces of the U.S., while they are also the key providers of the untracked, tracked and amphibious combat vehicles for defense applications. The company has, in recent years, laid major emphasis on new product launches in order to strengthen their portfolio as well as their position in the armored vehicles market space. For instance, BAE Systems Plc. launched Battle View 360 digital mapping system. This would allow the crew of an armored vehicle to see through the metal confines of their war machine, allowing for unprecedented levels of combat awareness for the crews of combat vehicles.
It is also important to note that companies, such as Lockheed Martin (U.K.) and Textron, Inc. (U.S.) have made significant contribution to the overall global armored vehicles market. These aforementioned companies, along with ELBIT Systems (Israel) and Oshkosh Defense (U.S.), are expected to witness significant growth in the coming years, primarily owing to new product launches, long-term contracts, and acquisition strategies adopted by them in the recent years.
Armored Vehicles Market by Application (Defense, Commercial), Defense Products (MBT, LPV, AAV, MRAP, IFV, APC, Others), Commercial Products (SUV, Sedan, Limousine, Bus/Van, Others), Technology (Active, Passive), Type, & Region - Global Forecast to 2021
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