Home » Technology » Armored Vehicles Market Research – Expected To Garner About USD 28 Billion By 2019

The worldwide armored vehicles market is predicted at around USD 28 billion by the end of the forecast phase. This phase lasts till 2019 and begins in 2014. The CAGR of this market during the same phase is projected to be near about 5 percent. Some of the significant components that positively affect the armored vehicles market are increasing wars in the world and overriding significance laid on safety at native soil in emergent nations. Vehicles used in wars are called armored vehicles.

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Other factors that drive demand for the armored vehicles market are quick demand for armored vehicles in emergent nations and boost in the outside and inside wars of emergent nations. The market expanded to its maximum limit during 2007-2012 whilst the United States was busy battling terror campaigns in Iraq and Afghanistan. The topmost concern at this juncture was the safety of soldiers fighting for their nation.

Mine resistant ambush protected vehicles and other high-tech armored vehicles were brought to the front to save soldiers from mine attacks and other dangers in war. Majority of the share in the armored vehicles market is occupied by defense. In simple words, most of the income of this market is attributed to the defense sector. Europe and United States are the two regions which comprise the primary market share.

The biggest obstruction for the armored vehicles market is extreme reliance on the defense sector. The market is expanding constantly since it is not only focused in the defense sector but also the business sector. Significant spendings in the armored vehicles market are estimated to develop from urbanization plans.

Armored Vehicles Market Research

Information Source: Grand View Research