ARMORED VEHICLE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

High research and development costs involved are significantly restraining the growth of the global armored vehicle market. Developing advanced armored vehicles equipped with the latest technologies requires massive investments in R&D. It takes years of sustained research efforts and testing to build robust and resilient armored vehicles that can effectively counter varied threats on the modern battlefield. Several critical components and materials used in armored vehicles such as bulletproof glass and composite armor plating are also highly specialized and expensive.

The addition of cutting-edge capabilities like active protection systems, advanced optics, communication suites further inflate the R&D expenditures.

Market Opportunities: Technological advancements in protection, communication and surveillance systems

Technological advancements have significantly impacted the global armored vehicle market by improving protection, communication, and surveillance capabilities. Protection systems have seen rapid developments with active protection systems (APS) and enhanced armor. APS uses radar, laser, or projectile interceptors to detect and neutralize incoming fire within fractions of a second before impact. They provide 360-degree coverage against rockets, anti-tank missiles, and even artillery shells. Some recent APS includes the Israeli-developed Trophy system and Russian-developed Arena.

Communication and surveillance technologies have also grown tremendously. Vehicles now have high-speed satellite links with advanced encryption for seamless communication on the move. Systems like Barrett's VCS and Harris Falcon III allow real-time sharing of situational awareness with complete battlefield visibility through day and night vision cameras, thermal imaging as well as nuclear, biological and chemical detection capabilities.