What are Reasons behind Growth of Armored Vehicles Market?

Vehicles with bulletproof windows, used for movement under armed security, are termed as armored vehicles. These vehicles are primarily used to maintain homeland security and enhance defense capabilities, which is why they are becoming increasingly common. Law enforcement agencies, military units, corporates, celebrities, and VIPs use armored vehicles for transportation purposes. The basic purpose of these modern bulletproof vehicles is to reduce the impact of bullets and small bombs and projectiles. The rising civil unrest has contributed significantly in increasing the demand for armored vehicles worldwide.


Keeping in tune with the rising security threats, the armored vehicles market is expected to register a 5.8% CAGR during 2017–2023. At this projected growth rate, the market will generate $36.6 billion by 2023 compared to $24.8 billion in 2016. The demand for these automobiles will be propelled by the increasing number of cross-border disputes, growing number of armed conflicts, and rising terrorism activities. Additionally, the growing cases of civil war, natural disasters, armed violence, and technological advancements are also contributing to the surge in the demand for armored vehicles.

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In particular, counter-terrorism operations and cross-border conflicts are on the rise in the Asia-Pacific (APAC) region. This is why the region is expected to witness an increasing demand for armored vehicles, driven by the increasing defense budgets. Europe and the U.S. used to generate the maximum demand, but the sales are expected to slow down here in the future. In Europe, the reduced demand will be a result of the decreased expenditure on the defense sector, while in the U.S., this reduction would be because of the withdrawal of its troops from Iraq and Afghanistan.

In addition to the defense sector, armored vehicles have witnessed a surge in demand from the commercial sector. Civilian use of armored vehicles has significantly increased during recent times, and the trend is set to continue in the coming years. The rising incidents of violence and easy availability of armored vehicles on lease and rent are the key reasons behind the rising demand for such secure vehicles by celebrities, VIPs, and eminent businesspersons. Personal threats and increasing unrest in society have led to the rising use of armored vehicles. The defense and commercial sectors will thus be the largest contributors to the global armored vehicles market growth.

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Therefore, the demand for armored vehicles will grow, as the concerns for security rise in the coming future.

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