The increasing incidence of terror attacks, violence, and security threats in several countries is fueling the demand for armored vehicles
. In addition to this, the presence of political tensions and disputes between various countries is pushing up the defense spending, which is, in turn, driving the sales of armored vehicles. In Asia-Pacific (APAC), the defense expenditure of nations such as India, China, Australia, and South Korea is soaring rapidly and this is adding wings to armored vehicle sales.
The rising cross-border tensions between India and Pakistan and India and China and the increasing security concerns being raised in these countries over rebellions, vigilantism, attacks on government buildings and civilians, and terror attacks are augmenting the defense expenditure of these countries. Moreover, the growing requirement for replacing old military weaponry and tech in these countries is boosting the demand for advanced equipment and military vehicles such as armored vehicles.
Besides the aforementioned factors, the increasing modernization of military and the surging investments being made in various countries for the militarization of police and other law enforcement agencies for making them prepared for counter-terrorist operations and advanced combat are creating a huge upswing in armored vehicle sales. In addition to this, the governments of many countries are increasingly implementing policies aimed at boosting the procurement rate of advanced weapons and equipment in order to enhance national security.
Furthermore, rapid technological advancements in military equipment and weapons in Russia and other European countries are facilitating the faster development of armored vehicles and cars. Moreover, the enactment of defense collaborations between various countries and regions is pushing up the sales of advanced military equipment. For instance, the multilateral collaboration between the African Union and the North Atlantic Treaty Organization (NATO) for counter-terrorism is predicted to boost the sales of armored vehicles in the future.
Countries in the Latin American, Asia-Pacific, and Middle East and African regions are predicted to spend heavily on the procurement of armored vehicles and military modernization programs. In addition to this, various Middle Eastern nations have launched several peace initiative missions aimed at reducing the incidence of armed conflicts and terror attacks. These factors are pushing up the sales of armored vehicles, which is subsequently causing the expansion of the global armored vehicles market.
Some of the major armored vehicle manufacturing companies in the world are General Dynamics Corporation, Rheinmetall AG,Textron Inc.,Lockheed Martin Corporation,BAE Systems plc,Thales Group, INKAS Armored Vehicle Manufacturing, Elbit Systems Ltd.,Denel Land Systems,Oshkosh Corporation, and International Armored Group (IAG). These companies have established their stronghold in the industry. With the boom of the market, these companies are predicted to witness a massive surge in their profits in the coming years.
Hence, it can be said without any hesitation that the demand for armored vehicles would skyrocket all over the world in the forthcoming years, primarily because of the growing requirement for advanced military weapons and the increasing defense expenditure of various countries around the world.