Latest News- Military Armored Vehicles and Counter-IED Vehicles Market: Infantry fighting vehicle (IFV) is expected to lead the Product segment during 2024-2028

The Military Armored Vehicles and Counter-IED Vehicles Market is being driven by Asymmetric warfare leading to procurement of arsenal

The Military Armored Vehicles and Counter-IED Vehicles Market is expected to grow at a CAGR of 3.71% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 6864.34 million. In the military vehicle market, there is a growing trend towards hybrid drivetrains for armored vehicles and Counter-IED (Improvised Explosive Device) vehicles. This technology offers the benefits of both conventional engines and electric motors, with the combustion engine recharging the batteries and the electric motor providing additional power for steep climbs. The military aims to reduce operational costs by transitioning from fuel-guzzling armored fleets to hybrid variants. Furthermore, hybrid designs enable crucial design modifications for blast mitigation, such as a clean underbody, crushable floating floor system, which decouples the crew from the steel hull and absorbs blast impact. The next generation of Mine-Resistant Ambush Protected (MRAP) vehicles is anticipated to incorporate this hybrid powertrain, enhancing both mobility and survivability. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Infantry fighting vehicle (IFV)
  • Armored personnel carrier (APC)
  • Main battle tank (MBT)
  • Self-propelled howitzer (SPH)
  • Others
• Mobility Type
  • Wheeled
  • Tracked
• Geography
  • APAC
    • China
    • India
    • Japan
  • North America
    • US
  • Middle East and Africa
  • Europe
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Asymmetric warfare leading to procurement of arsenal
• Upgrade of defense capabilities to counter emerging security threats
• Ongoing digitization of battlefield operations

However, the market also witnesses some limitations, which are as follows:

• High R and D costs
• Defense budget cuts affecting procurement patterns
• Growing cyber threats

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Market Scope in Military Armored Vehicles and Counter-IED Vehicles Market Research Report

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Research Analysis Overview

The Military Armored Vehicles and Counter-IED Vehicles market encompasses various segments, including Infantry Fighting Vehicles, Armored Personnel Carriers, Main Battle Tanks, Self-propelled Howitzers, and National Defense systems. Homeland Security applications also utilize armored vehicles for Internal Security, Armed Escort, and Reconnaissance tasks. High-quality industrial valves are essential for Automotive and Transportation in military applications. Military tactics involve Information-based weapon systems, Firepower, and Combat personnel. Networked technologies are crucial for Battlefield tasks, while Ground Penetrating Radars and Laser Detectors aid in detecting terror attacks, improvised explosive devices, and insurgent activities in the military segment. The Airborne Mounted segment is another area of focus, addressing the unique challenges of armored vehicles in the sky.

Market Research Overview

The military armored vehicles and counter-IED vehicles market is a significant segment of the global aerospace and defense industry, which falls under the capital goods market. This market includes the production of Infantry Fighting Vehicles, Armored Personnel Carriers, Main Battle Tanks, Self-propelled Howitzers, and related defense electronics, logistics equipment, and MRO activities. Technavio calculates the size of the global capital goods market based on the revenue generated by manufacturers and providers in industries such as aerospace and defense, building and construction, electrical equipment, industrial conglomerates, machinery, trading companies, and distributors. This market caters to the needs of national defense and homeland security sectors, focusing on the production of armored vehicles equipped with advanced technologies to counter improvised explosive devices (IEDs) and ensure military superiority.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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