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The key market drivers for this market are the growing conflicts in the global scenario, paramount importance given to homeland security in developing countries, rapid demand of armored vehicles in developing nations, and increased internal turbulence in certain specific developing nations.
The market was at its boom during the period 2007-2012 when the U.S. government was fighting terrorism in Afghanistan and Iraq. The highest priority at this point was the security of the soldiers serving the country. Hence, to protect the soldiers from CBRN or mine attacks,special vehicles such as Mine Resistant Ambush Protected Vehicles (MRAPs) were introduced. Until 2012, around 42000 MRAPs were produced with an overall expenditure of $47.7 Billion towards its production.
The major market share is contributed by the defense sector. The U.S. and Europe constitute the major market share of the armored vehicle market. Key players in this market such as Navistar, BAE Systems, Oshkosh Defense, and Rheinmetall among others are mainly from the U.S. and Europe.
The biggest challenge for this market is extreme dependence on the defense sector. There is a consistent rate of growth of demand in the APAC region, the Middle East, and Africa as the countries are prone to internal and external threats from the bordering countries.