Dallas, TX -- (ReleaseWire) -- 05/01/2014 -- According to a new market research report "Armored Vehicle Market by Product [Main Battle Tanks, Light Protected Vehicles, Amphibious Armored Vehicles, Unmanned Ground Vehicles, MRAP], by Application [Defense, Homeland Security, Commercial], by Technology [Active, Passive] - Global Forecasts to 2014-2019 " is projected to reach $28.62 billion by 2019. The CAGR for the global armored vehicle market is expected to register a growth rate of 4.93% from 2014 to 2019.
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According to Market Report, research associate, Aerospace and Defense business unit at MarketsandMarkets, the global armored vehicle market is expected to reach $28.62 billion by 2019. The CAGR for the armored vehicle market is expected to register a growth rate of 4.93% from 2014 to 2019. The growth regions for the armored vehicle market are Asia-Pacific and the Middle East.
The advent of sequestration, after the end of the Afghan War, had led to considerable amount of fall in demand in the armored vehicle market, since the U.S. and Europe had cut down their defense budgets significantly.
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The growth in the armored vehicle market would be completely dependent on the growing demand of armored vehicles in the APAC and the Middle East. The peace initiative missions undertaken by most of the countries in the Middle East countries are one of the primary causesof this growing demand.
The demand for mine resistant ambush protected vehicles(MRAPs) in the U.S.would fall significantly after the Afghan War, but globally the demand would sustain due to the growing demand forit in the APAC regions due to continuous internal terror threats inside most of the countries. For example, India is expected to procure MRAPs due to growing Naxalite problems in certain states of the country.
The armored vehicle market was at its peak during the Afghan and Iraq wars. An extensive amount of armored vehicle production was witnessed during that period due to the urgent operational requirements (UOR). The U.S. and the European nations had given utmost priority to armored vehicle procurement at that point of time. Since the U.S. and the rest of the nations have withdrawn their troops from Afghanistan and Iraq, it created a certain void in the market. The recent defense budget cuts by the U.S. and European nations created further uncertainty in this market.
However, the market is expected to show enormous growth in the Asia-Pacific region and hence would continue to keep the market growing. China and India would continue to be the biggest potential countries in this region.
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The Middle East would also play a pivotal role in this market. Countries like Saudi Arabia, Israel, and UAE are expected to spend extensively on armored vehicle procurement.
Despite the global economic meltdown and the end of the Afghan War, the U.S. would not stop procuring weapons; it will just reduce its pace of investment. They are expected to increasingly adopt wheeled armored vehicles rather than tracked vehicles.
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