The global armored vehicles market is anticipated to grow at a considerable CAGR of 6.1% during the forecast period (2022-2028). One of the crucial factors that have been boosting the market growth is the growing military activities between countries for strengthening the security of the nations. Such military collaboration has been increased in the past few years as the tensions between the countries have risen. It has also increased the sales of armored vehicles by exchanging the new technology, and weaponry between the countries. For instance, in January 2022, Australia purchased 120 tanks and other armored vehicles from the US is $2.58 billion. This deal includes 17 bridge landing vehicles, 29 assault clearing vehicles used against minefields, and six repair and evacuation tanks. As per the report that the first batch of such weapons will be delivered in 2024 and put into service from 2025.
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Before this announcement, Australia, and the US along with the UK announced the new trilateral defense partnership, which forced Canberra to give up on a $66 billion contract with France to manufacture 12 state-of-the-art attack submarines powered conventionally, as the alliance promised to enhance Australia’s fleet with nuclear-powered submarines in September 2021. Moreover, in December 2021, Australia signed a new agreement with Japan to strengthen the defense and security collaboration between the two countries. The agreement will expand interoperability and collaboration between the Australian Defense Force and the Japanese Self-Defense Forces by abolishing limitations on the movement of supplies and weapons for cooperative training and disaster relief missions.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Global Armored Vehicles Market Report Segment
By Vehicle Type
- Armored Personnel Carrier (APC)
- Infantry Fighting Vehicle (IFV)
- Mine-resistant Ambush Protected (MRAP)
- Main Battle Tank (MBT)
- Others (Light Protected Vehicle, and Armored Mortar Carrier)
By Drive Type
- Wheel
- Track
By Application
- Defense
- Communication
Global Armored Vehicles Market Report Segment by Region
North America
- US
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global armored vehicles market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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