The armored vehicles market has managed to show some degree of resilience to COVID-19, compared with other industries. The issues faced by the market have arisen mostly from the supply side and not from a lack of demand, according to GlobalData, a leading data and analytics company. This is primarily due to manufacturers shutting down production lines to implement safety measures. At the same time, armored vehicle manufacturers had to mitigate the risks of a supply chain that was weakened due to the lack of adequate finances.

Rahul Bhushan, Defense Analyst at GlobalData, commented: “Military forces around the globe are implementing modernization programs to replace their legacy armored vehicles because of the need for new equipment that will serve new force structures. This will help the global armored vehicles market to grow by 11% in 2030, as compared to the market in 2020. The US, Russia, the UK, Israel and Turkey are leading the investments in developing new generation advanced vehicles designed to address the complex challenges of battlefield operations.”

The company’s latest report, ‘The Global Armored Vehicles Market 2020-2030’, reveals that the infantry fighting vehicle (IFV) segment will dominate the market. This is one of the fastest-growing segments in major countries such as the US (at 6.2% growth rate), Australia (6.5%), Russia (3%) and India (8.8%).

Rahul continues: “The Infantry Fighting Vehicle is estimated to be the largest market globally with a share of 25.1% over the next ten years. IFV’s continued importance in modern land force structures influenced its position as the largest segment in the market.

“Growing defense budgets and improvements in the efficiency of various ministries of defense to expedite contract awards has provided some assurance to manufacturers and the larger supply chain. This has allowed them to focus and create long-term mitigation plans and will help the market grow.”