The global military armored vehicles and counter-IED vehicles market is expected to grow by USD 5.62 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 4%.
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Technavio has announced its latest market research report titled Global Military Armored Vehicles and Counter-IED Vehicles Market 2020-2024 (Graphic: Business Wire)
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Read the 120-page report with TOC on "Military Armored Vehicles and Counter-IED Vehicles Market Analysis Report by Product (Infantry fighting vehicle (IFV), Armored personnel carrier (APC), Main battle tank (MBT), Self-propelled howitzer (SPH), and Others), Geography (APAC, North America, MEA, Europe, and South America), and the Segment Forecasts, 2020-2024". Gain competitive intelligence about market leaders. Track key industry opportunities, trends, and threats. Information on marketing, brand, strategy and market development, sales, and supply functions. https://www.technavio.com/report/military-armored-vehicles-and-counter-vehicles-market-industry-analysis
The military armored vehicles and counter-IED vehicles market is driven by the ongoing digitization of battlefield operations. In addition, the advent of hybrid drivetrains in MRAPs is anticipated to boost the growth of the military armored vehicles and counter-IED vehicles market.
Digitization of communication and surveillance plays an important role in enhancing operations of the modem battlefield. Many countries worldwide are increasingly adopting electronic warfare and are actively involved in researching advanced capabilities to equip their forces and gain an edge over their rivals. For instance, the US Army is testing the Electronic Warfare Tactical Vehicle (EWTV). It houses an undisclosed specification of radio jamming gear developed by SRC known as Duke, which can detect and disrupt a variety of signals, ranging from cellphones to control links for enemy UAVs. Other countries are also adopting similar technologies, and this trend is expected to drive the global military armored vehicles and counter-IED vehicles market during the forecast period
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Major Five Military Armored Vehicles and Counter-IED Vehicles Companies:
BAE Systems Plc
BAE Systems Plc operates its business through segments such as Electronic Systems, Cyber & Intelligence, Platforms & Services (US), Air, and Maritime. The company offers a wide range of military armored vehicles and counter-IED vehicles. Some of its key offerings include Warrior, CV90 IFV, M109A7, and M88A2 HERCULES.
Denel Dynamics operates its business through segments such as Missiles, UAS, and Spaceteq. The company offers main battle tank, Mamba, RG21, RG31, and RG35 armored vehicles.
General Dynamics Corp.
General Dynamics Corp. operates its business through segments such as Aerospace, Combat Systems, Information Technology, Mission Systems, and Marine Systems. The company offers a wide range of military armored vehicles and counter-IED vehicles. Some of its key offerings include ASCOD, PIRANHA, PANDUR, and EAGLE.
Hyundai Motor Co.
Hyundai Motor Co. operates its business through segments such as Vehicle, Finance, and Others. The company offers the Rotem K808/K806.
Lockheed Martin Corp.
Lockheed Martin Corp. operates its business through segments such as Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space. The company offers a wide range of military armored vehicles and counter-IED vehicles. Some of its key offerings include Multiple Launch Rocket System (MLRS) M270, MLRS M270A1, and Reduced-Range Practice Rocket (RRPR).
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Military Armored Vehicles and Counter-IED Vehicles Market Product Outlook (Revenue, USD Billion, 2020-2024)
- Infantry fighting vehicle (IFV)
- Armored personnel carrier (APC)
- Main battle tank (MBT)
- Self-propelled howitzer (SPH)
Military Armored Vehicles and Counter-IED Vehicles Market Geography Outlook (Revenue, USD Billion, 2020-2024)
- North America
- South America
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