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Global armored vehicle market: Key players include General Dynamics, Nexter & Denel Land Systems
The Global Armored and Counter IED Vehicles Market 2013-2023 - a new market research report on 2014-04-22 21:31:01
The global armored and counter IED vehicles market valued US$ XX billion in 2013, and will increase at a CAGR of XX % during the forecast period, to reach US$ XX billion by 2023. The market consists of six categories: APCs, LMVs, IFVs, MRAPs, MBTs and Tactical Trucks. The IFV segment is expected to account for XX % of the global armored and counter IED vehicles market, followed by the MBT segment with a share of XX %
Furthermore, the APC and MRAP markets will account for XX % and XX % of the overall armored and counter IED vehicles market, whereas LMV and tactical trucks will account for the remaining XX % market share. During the forecast period, the cumulative global expenditure on armored and counter IED vehicles is expected to reach US$ XX billion.
With the war in Iraq coming to an end and the US governments plans underway to withdraw its troops from Afghanistan as well, the MRAP segment is set to witness a drastic slump in demand. The US DoD has stopped further procurement of MRAPs and is planning to move 60% of these vehicles into storage or prepositioned stocks, 30% to be fielded with the units and the remaining 10% of the fleet for troop training.
Advanced economies such as the US, the UK, France, Germany, and Japan are following strict austerity measures in allocating defense budgets. The US has already scheduled the decrease of the defense budget by US$ XX billion over the next decade. These budget cuts warrant in cancellation of various programs as well as pose challenge towards equipping the army with modern warfare.
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