LONDON–(BUSINESS WIRE)–The new military armored vehicles and counter-IED vehicles market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the military armored vehicles and counter-IED vehicles market.
“One of the primary growth drivers for this market is the Ongoing Digitization of Battlefield Operations,” says a senior analyst for the Industrials industry at Technavio.
Factors such as the introduction of information-based weapon systems that are capable of providing effective firepower and knowledge base for combat personnel will transform military tactics and procedures. The adoption of networked technologies will provide customers with automated remote area target monitoring. Additionally, it aids in enhancing surveillance by providing units the ability to detect and recognize personnel. Advanced economies have already started adopting electronic warfare and are involved in R&D to enhance military efficiency. With the growing of countries towards adopting modern technologies, the demand for modern warfare vehicles will increase in the coming years.
As the markets recover Technavio expects the military armored vehicles and counter-IED vehicles market size to grow by USD 5.62 billion during the period 2020-2024.
Military Armored Vehicles and Counter-IED Vehicles Market Segment Highlights for 2020
- The military armored vehicles and counter-IED vehicles market is expected to post a year-over-year growth rate of 2.78%.
- The infantry fighting vehicle market segment will account for the highest global military armored vehicles and counter-IED vehicles market share during the forecast period because of the high demand for IFVs.
- 39% of the growth will originate from the APAC region.
- Factors such as the growing demand for equipment such as armored and counter-IED vehicles from military forces of different countries will significantly drive military armored vehicles and counter-IED vehicles market growth in this region over the forecast period.
- China and India are the key markets for military armored vehicles and counter-IED vehicles in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The military armored vehicles and counter-IED vehicles market size is expected to accelerate at a CAGR of almost 4% during the forecast period.
- The military armored vehicles and counter-IED vehicles market is segmented by Product (Infantry fighting vehicle (IFV), Armoured personnel carrier (APC), Main battle tank (MBT), Self-propelled howitzer (SPH), and Others) and Geography (APAC, North America, MEA, Europe, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including BAE Systems Plc, Denel Dynamics, General Dynamics Corp., Hyundai Motor Co., Lockheed Martin Corp., Navistar International Corp., Oshkosh Corp., Renault SA, Rheinmetall AG, and Rostec State Corp.
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