Bulletproof Vehicle Market Scope
Bulletproof vehicles can be defined as military vehicles that are fitted with complete armor plating for protection against bullets, shell fragments, or any other projectiles. It has wide application in order to come to reconnaissance, frontline combat, and modern battlefield from logistics. Armored vehicles used in a wide range of applications in defense as well as commercial use such factor rising the demand for Bulletproof vehicles owing to the militarization of law enforcement agencies and increase in demand for bulletproof vehicles are anticipated to propel the growth of the Armored vehicles market. However, a decrease in national defense budgets hampering the growth of the market. Furthermore, adoption of unmanned combat vehicles and production of modular Armored vehicles provides remarkable growth opportunities for the players operating in the global market. . The Bulletproof vehicles used by defense forces include bulletproof personnel vehicle, main battle tanks, infantry fighting vehicle, and other. Whereas, the bulletproof vehicle industry for commercial use include Bulletproof SUVs, sedan, limousine, cash-in-transit vehicles, and other special-purpose vehicles. The demand for the bulletproof vehicle is huge that is triggering market growth over the upcoming year
According to AMA, the Global Bulletproof Vehicle market is expected to see growth rate of 5.1%
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. The market is expected to grow in the defense industry. It has wide application in order to protect from kidnappers, assassins, and terrorist attacks. Several companies such as BMW, Mercedes, and Toyota are operating in the market to provide customers with various features & unique offering products. The market is a consolidated market with the presence of few manufacturers in the market that is triggering the market growth over the forecast period Research Analyst at AMA estimates that (Germany),(India) Manufacturers will contribute to the maximum growth of Global Bulletproof Vehicle market throughout the predicted period.
Toyota (Japan), Mercedes (Germany), BMW (Germany), Mahindra (India), Tata Motor (India), Ford (United States), Chevrolet (United States), Rolls-Royce Motor Cars Limited (United Kingdom), Volkswagen Group (Germany), Nissan Motor Co., Ltd (Japan), Renault (France), Ashok Leyland (India), Eicher (India), Maruti (India) and Others are some of the key players that are part of study coverage.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
The study have segmented the market of Global Bulletproof Vehicle market , by Application (Police Morcha, VIP Armoured, 4x4Tactical Vehicle and Others) and Region with country level break-up.
On the basis of geography, the market of Bulletproof Vehicle has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2021.
Market Leaders and their expansionary development strategies
on June 2021 Luxembourg had acquire 80 new lightly armored vehicles through NSPA.This fleet upgrade will enable Luxembourg to enhance their operational capabilities
On April 2021 Ashok Leyland has launched the first light bulletproof vehicles in collaboration with Lockheed Martin. Light bulletproof vehicles have developed under the transfer of technology (TOT).
Rising Stringent Government Regulations Regarding Travel Bans on United Kingdom Flights across different Parts of the World Due to COVID-19 has impacted the United States' milliary Sector Severely and also it has led to a Negative Impact on the Demand for Aircraft Clocks in the UK
- Rapid use of artificial intelligence and robotic combat modules, like systems that can automatically detect and track targets, has huge demand in the market
- Rising number of terrorist activities in different regions that are propelling the market growth
- Increasing Demand for bulletproof vehicles in law enforcement agencies
- The defense budget by the government is hampering the growth of bulletproof vehicles.
- Rising security is another challenge for a bulletproof vehicle
- Heavy costs of Primary battle tanks
Key Target Audience
OEM (Original Equipment Manufacturer), Raw Material Supplier, Trader, Regulatory Authorities, New Entrants/Investors, Strategic Business Planners, Governments and End-use Industry
Frequently Asked Questions (FAQ):1. What are the key segments playing vital role in Bulletproof Vehicle Market?
The Bulletproof Vehicle study can be customized to meet your requirements. The market size breakdown by type , by end use application [Police Morcha, VIP Armoured, 4x4Tactical Vehicle and Others].
2. How big is the Bulletproof Vehicle Market?
The Bulletproof Vehicle Market is gaining popularity and expected to see strong valuation by 2027 .
3. What is expected growth rate in Bulletproof Vehicle Market?
According to AMA, the Global Bulletproof Vehicle market is expected to see growth rate of xx%.