The global armoured vehicle market is estimated to increase from $24.3 billion in 2019 to $33.3 billion in 2029, say analysts at Shephard in a market forecast report.
The analysts at Shephard say that this growth is driven primarily by China, India, Australia and Pakistan in Asia-Pacific, Saudi Arabia, Israel and the UAE in the Middle East, the US, and a resurgent Russia in Europe.
Shephard Media publishes a range of specialist magazines covering a wide range of current events and latest developments in the aerospace and defence industry; each regularly attracting a readership of senior personnel and industry leaders. I was lucky enough to be sent a preview of the publication, I can see why work by Shephard is popular, the analysis is very detailed.
According to the forecasts by Shephard, wheeled and tracked IFVs and APCs are among the top three largest segments, with mine-protected vehicles or MRAPs being the smallest market segment.
The report states:
“As is evident from the aftermath of operations in Afghanistan, which relied heavily on MRAPs to offer protection against IED threats, the strategic landscape is now moving back towards high-end warfare and increased procurement of IFVs and APCs.
Technological advancements have widened the range of armoured vehicles currently being developed and procured. Unmanned ground vehicles (UGVs), active protection systems (APS), artificial intelligence (AI) – used mainly for vehicle autonomy and predictive maintenance – reconfigurable wheel tracks and hybrid engines are some of the latest technologies disrupting the market.”
Also of note is the reports run down of the largest armoured vehicles programmes globally.
These include the US’s Joint Light Tactical Vehicle (JLTV) with a spending of $20.3 billion during the forecast period, the Armoured Multi-Purpose Vehicle (AMPV) – $7.9 billion, Russia’s BMD-4M – $7.5 billion, the UK’s Boxer Mechanised Infantry Vehicle (MIV) – US$6.2 billion, Australia’s Land 400 Phase 3 – $5.7 billion, India’s Future Ready Combat Vehicle (FRCV) – $4.5 billion, the US Mobile Protected Firepower – $4.5 billion and India’s Future Infantry Combat Vehicle (FICV) – $2.8 billion.
Shephard also publishes a range of niche industry handbooks, known for providing a complete, convenient and portable reference source to the industry with features such as: product, vehicle and payload specifications; and manufacturer, operator and supplier guides.