The armored vehicles market will touch USD 35.2 billion by 2030, powering at a rate of 5.1% by the end of this decade. This is because of the militarization of law implementation agencies, increase in the incidence of cross-border disagreements, development in the requirement for compact, sturdy, and extremely efficient armored vehicles, and growth in the defense budgets of numerous nations.
Furthermore, the high research and development spending by the giants of the industry and government partnerships with private administrations to advance highly groundbreaking and accurate solutions for defense support the industry growth.
The U.S., the leading power, is growing its defense expenditure, having spent about 3.7% of its gross domestic product on the military in the past. The growing military expenditure gives the armed forces more freedom to buy novel armored vehicles and reinforce their land-based competences.
Wheeled armored vehicles had the larger revenue share in the past and will have the faster growth in the years to come. Such vehicles are attaining acceptance due to their better mobility, low weight, and enhanced combat competences. Moreover, the growing occurrence of hostile and terrorist attacks in urban areas generates a robust need for armored cars and other wheeled automobiles.
The defense category had the larger share in the armored vehicles market, and it will continue dominating in the future as well. This can be credited to the rising use of APCs, IFVs, LPVs, MBTs, MRAP, and tactical automobiles for diverse purposes, rising essential to protect armed forces people from mine explosions, and the robust emphasis on safer disposition of infantrymen to battlefields or risky areas.