General Dynamics Corporation (US) and Oshkosh Corporation (US) are Leading Players in the Armored Vehicles Market
The global armored vehicles market size is projected to grow from USD 11.6 billion in 2020 to USD 15.4 billion by 2025, at a CAGR of 5.8% from 2020 to 2025. Armored vehicles are designed to carry combat infantry squads to battlefields and provide them with direct fire-support. They offer a high level of protection to defense personnel against Improvised Explosive Devices (IEDs), mines, and indirect enemy fire. These vehicles are equipped with weapons of different types, calibers, and ranges. Armored vehicles are also used to carry out reconnaissance, Command & Control (C2), mine-clearance, and ammunition supply functions. Armored vehicles can be equipped with additional payloads such as sensors, cameras, lasers, radars, articulated arms, and Global Positioning System (GPS) antennas.
New product launches and contracts are among the key strategies adopted by the leading market players to strengthen and sustain their position in the armored vehicles market. In April 2018, Hanwha Defense Systems, a subsidiary of Hanwha Corporation and Malaysia-based AVP Engineering, unveiled the Tigon 6x6 armored wheeled vehicle during the Defence Services Asia 2018 (DSA 2018) exhibition held in Kuala Lumpur. In December 2018, BAE Systems received a contract worth USD 376.0 million from the US Government for the Engineering, Development, and Manufacture (EDM) of Mobile Protected Firepower (MPF) vehicles.
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Key players in the armored vehicles market include Oshkosh Corporation (US), UralVagonZavod (Russia), Ukroboronprom (Ukraine), General Dynamics Corporation (US), BAE Systems plc (UK), NORINCO (China), Rheinmetall AG (Germany), and Textron Inc. (US). These players have been focusing on securing contracts from governments of different countries for their organic growth. The core competencies of these companies include increased investments in R&D activities.
General Dynamics Corporation (US) is a major player in the armored vehicles market. The company has been focusing on enhancing the technical competence of its products as well as securing new contracts. In December 2018, General Dynamics Corporation received a contract worth USD 335.0 million from the US Army for the delivery of 12 prototype vehicles for its mobile protected firepower program. In June 2018, it secured a contract worth USD 258.0 million from the US Army Contracting Command to modify its 116 Stryker flat-bottom vehicles.
Oshkosh Corporation (US) is another major player operating in this market. In November 2018, it received a contract worth USD 1.69 billion from the US Army to supply over 6,000 armored vehicles. In February 2018, the company received a contract worth USD 476.0 million from the US Army to supply medium tactical vehicles.
Related Reports:
Armored Vehicles Market by Platform (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles), Mobility (Wheeled, Tracked), System (Engine, Drive Systems, Ballistic Armor, C2 Systems, Mode of Operation, Region - Global Forecast to 2025
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