• 出版社/出版日：Mordor Intelligence / 2021年5月30日
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The Armored Fighting Vehicles Market was valued at about USD 15.57 billion in 2020 and is projected to reach USD 24 billion in 2030 with a CAGR of 4.6% during the forecast period (2021-2030).
Despite the significant impact of the COVID-19 pandemic on the economy, the market of armored fighting vehicles remained unaffected as the procurement projects were on track and the sales and revenues of armored vehicles increased steadily for the manufacturing companies.
The growing geopolitical tensions and border issues between various countries in the Asia-Pacific, Europe, and Middle East regions are generating demand for the procurement of new armored vehicles to enhance the combat capabilities of the ground forces.
In addition, the aging fleet of armored vehicles is also forcing some countries to invest in new programs to improve the efficiency, lethality, and sophistication of the vehicles.
The increasing focus on development of local manufacturing capabilities in the Asia-Pacific and Middle East region is expected to accelerate the growth of the market during the forecast period.
Key Market Trends
Infantry Fighting Vehicle (IFV) Segment Accounted for Highest Share in 2020
The infantry fighting vehicle (IFV) segment currently dominates the market and is expected to continue its dominance during the forecast period. This is mainly due to increased demand for IFVs due to their tactical advantage to provide direct-fire support along with infantry troop carrying capabilities. Several countries globally are undertaking various programs for robustly modernizing their fleet of IFVs to enhance their attack and troop support capabilities. Currently, the United States has a fleet of over 2,000 Bradley IFVs in services. To further increase its fleet, in October 2019, BAE Systems was awarded a USD 269 million contract by the US armed forces to manufacture and deliver 168 additional units of the Bradley A4 IFV. Similarly, Argentina received approval from the US State Government for procurement of 27 M1126 Stryker infantry carrier vehicles and related equipment for USD 100 million in mid-2020. Recently, in 2021, the Australian Government officially unveiled the names of the two infantry fighting vehicle (IFV) contenders for the army’s LAND 400 Phase 3 project. Rheinmetall Defence Australia and Hanwha Defense Australia have been officially unveiled as contenders. The total acquisition cost of the vehicles is estimated to be worth up to USD 27 billion. Such large-scale procurement and the growing tensions in Asia-Pacific region and the Middle East will further propel the growth of this segment during the forecast period.
Asia-Pacific Region is Expected to Witness Highest Growth During the Forecast Period
China, India, Australia, South Korea, Singapore, and Japan are generating significant demand for new armored vehicles. The demand is primarily to replace an aging fleet that has been in operation for over 30-40 years. For instance, in 2017, the Singapore Ministry of Defence awarded a contract to ST Kinetics to produce Hunter AFVs. The Hunter AFV was commissioned by the Singapore Army in June 2019 and replaced the Singapore Army’s aging M113 Ultra armored vehicle, which has been in service since the 1970s. Likewise, in February 2021, the Indian Army placed an emergency procurement order worth USD 24.4 million for M4 armored vehicles from the Kalyani group. The new armored vehicles will support the Indian Army to transport troops faster and operate in high-altitude regions. These countries are also focusing on indigenous armored vehicle manufacturing. Mahindra Defence Systems (MDS) has developed a Light Strike Vehicle (LSV) for the Indian Army and has also been awarded a contract worth about USD 145 million. The induction of vehicles is planned to be completed in four years (by 2025) commencing in 2021. China’s NORINCO has been focusing on increasing the production and sales of domestically manufactured armored vehicles, for the past few years. Such developments are anticipated to accelerate the growth of the market in this region.
Some of the prominent players in the armored fighting vehicles market are General Dynamics Corporation, Oshkosh Corporation, BAE Systems, Rheinmetall AG, and Nexter Group. For decades, the market of armored fighting vehicles was highly consolidated with few international players accounting for the majority share of the market. However, over the past few years, due to the global trend of indigenous manufacturing, many new local players have entered the market in the Asia-Pacific and Middle East region. Saudi Arabian Military Industries (SAMI), STREIT Group, Nurol Makina, BMC Otomotiv Sanayi ve Ticarest AS (BMC), and Katmerciler HIZIR, among others, are some of the local players based out of the Middle-East region. To further enhance their footprint in the market, the local players are entering into long-term contracts to meet the requirements of regional armed forces. In this regard, companies in Turkey have been rapidly expanding their presence in the Middle East and North Africa countries through strategic partnerships with the local defense authorities. In 2020, the Turkish defense companies delivered MRAPs, armored combat vehicles, tanks, etc., to the armed forces of Tunisia. Due to high competitiveness in the market, the international players are investing in the development of next-generation armored vehicle models with advanced weapons and electro-optic infrared sensor suites, which will enhance the situational awareness and survivability of the military personnel on the battlefield.
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1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value – USD billion)
5.1.1 Armored Personnel Carrier (APC)
5.1.2 Infantry Fighting Vehicle (IFV)
5.1.3 Mine-resistant Ambush Protected (MRAP)
5.1.4 Main Battle Tank (MBT)
5.1.5 Other Types
5.2.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.2.4 Latin America
188.8.131.52 Rest of Latin America
5.2.5 Middle-East and Africa
184.108.40.206 Saudi Arabia
220.127.116.11 United Arab Emirates
18.104.22.168 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 General Dynamics Corporation
6.2.2 Rheinmetall AG
6.2.3 BAE Systems plc
6.2.4 Textron Inc.
6.2.5 Elbit Systems Ltd
6.2.6 Oshkosh Corporation
6.2.7 Nexter Group
6.2.8 Denel SOC Ltd
6.2.9 FNSS Savunma Sistemleri
6.2.10 BMC Otomotiv Sanayi ve Ticarest AS
6.2.11 Saudi Arabian Military Industries (SAMI)
6.2.12 Patria Group
7 MARKET OPPORTUNITIES AND FUTURE TRENDS