Armored vehicles are military vehicles that have armor plating to protect them from bullets, shell fragments, and other projectiles. Military armored vehicles can move on wheels or continuous tracks. Armored vehicles designed to participate in combat situations must be mobile enough to outflank and surround the enemy, heavily armed and capable of performing a wide range of tasks such as breaking through enemy lines, providing fire support, and deterring an enemy advance.
Armored vehicles come in a variety of shapes and sizes, each designed for a specific purpose. Armored fighting vehicles are classified based on their intended role on the battlefield as well as their characteristics. They are classified as tank destroyers, infantry fighting vehicles, armored personnel vehicles, amphibious vehicles, armored engineering vehicles, self-propelled anti-aircraft, and armored cars.
Following the pandemic, the growing economy has resulted in a significant increase in the defense budget, which will drive the armored vehicle market. Neighbors’ high military spending can be perceived as threatening, prompting a country to increase defense spending. Furthermore, when a country faces significant political instability, violence, and terrorism within its borders, it is more likely to increase military spending. In the coming years, advances in ballistic protection, blast protection, and counter-IED will alter the armored combat vehicle industry.
One of the most key weaknesses of an armored vehicle is its track. If a track is damaged or engaged or somehow incapacitated then the vehicle is almost redundant on the battlefield. Although track design is improving and changing with the latest innovation still it imposes a challenge to the armored vehicle market.
Technological paradigms and trajectories have gained a lot of traction among economists and other social scientists working in the field of innovation studies. The Swedish T Ghost is a disguised tank that employs BAE’s ADAPTIV camouflage to blend in with its surroundings and render it invisible to opponent thermal imaging equipment. The Ghost tank’s primary weapon is a high-caliber 120mm compact cannon with revolutionary technology that reduces recoil and reduces total vehicle weight.
The Polish defense minister confirmed media speculation of a planned purchase of 250 M1A2 Abrams SEPv3 main battle tanks (MBTs) from the United States. The procurement of tanks by Poland is valued at USD 5.9 billion. The step is to begin delivering in 2022.
The Arjun MK-A1 Main Battle Tank (MBT) of the Indian Army is a DRDO multi-laboratory project. It’s a cutting-edge tank with improved firepower, maneuverability, and protection. The Indian Ministry of Defense (MoD) has ordered 118 Mk1A combat tanks for a total cost of USD 888.7 million.
Increasing usage of active protection systems is expected to boost market growth over the forecast period. Vehicle armor market growth will be aided by technological advancements in active protection systems, modular ballistic armor systems, information integration, and active mine protection systems.
The major key players in the markets are Textron Inc., Rheinmetall AG, Oshkosh Corporation, General Dynamics Corporation, Ukroboronprom, BAE Systems plc, NORINCO, UralVagonZavod, IVECO; Krauss-Maffei Wegmann GmbH & Co. (KMW); Lenco Industries, INKAS Armored Vehicle Manufacturing; Textron Inc., Rheinmetall AG, Oshkosh Corporation, General Dynamics Corporation, and Ukroboronprom.