Furthermore, the climbing demands from non-combatant applications that include commercial applications are predicted to fuel the growth of armoured vehicles in nearing future. In past few years, the rate of terrorism and armed violence, such as the Paris attack, the 26/11 incident in India, Islamabad attacks among others have encouraged more number of civilians to opt for armoured vehicles for commercial purposes. Also, looking at the scenario, government and the VIPs, embassy officials and the banks worldwide are more focused upon capitalizing into procurement of advanced armoured vehicles that comprise major vehicles such as Sedans, SUV, Buses, Vans and many more. These are the factors that are anticipated to escalate the growth of armoured vehicles market during the forecast period. Although, restricted budget allotment for national military expenses can hinder the growth of market, specifically in Europe and North America. Despite of it, goodwill of the industry participants in allotment of contract can generate new opportunities for the market players in future.

 

The market is broadly segmented into its applications, product type, technology used and vehicle types. The sub fragments of these segments can be explained as; application segment is further bifurcated into Defence that include homeland security and military, and commercial application that include Government Embassy, VIPs, banks and others. Further, Light protected vehicles, main battle tanks and amphibious armoured vehicles are some of the product types used by the defence, whereas sedans, SUVs and buses are some of its commercial product types. Technologically, the vehicles can be further segmented into active and passive. The armoured vehicles are of three major kinds i.e., tracked, wheels and others.

 

Geographically, the market divided into 5 major regions, which are; Asia-Pacific, Middle East and Africa, Latin America, North America and Europe. Globally, the western countries are facing the challenge of economic pressures that are blocking the military budgets, despite of which the local government and defence ministries are looking for funds to boost the capabilities of its armed forces wherever necessary. Moreover, the evolving markets in Middle East and Asia are transforming into established commercial hubs whereas, Africa is expected to develop into a promising market in coming years. Mainly due to the pertaining instability, several nations in Middle East that also include Turkey continue to update their armoured vehicles and procurement of new fleet contributing to the market growth of armoured vehicles. Ironically, the European market, which was struggling since part few years followed by the economic crisis, seems to make healthy come back. For instance, the recent procurement of armoured vehicles in Germany, Poland, UK, Italy, Sweden and France is owing to the Ukrainian crisis that is puzzling the experts regarding the Kremlin issue. The agenda of expansion that was pressurized by President Putin was ignored by the Russians in late 90’s and has continued to pose a threat subsequently leading to a hesitant step taken by NATO that has certainly made European leaders realise about the importance of healthy budget for defence and robust defence army.

 

Overall, the viewpoint of armoured vehicle market is more convincing than before, thus, resulting into robust demand supply management, moving towards budding future of the market.