The armored vehicle market is set to reach $ 34.1 billion at in 2030

Infantry combat vehicles will account for a quarter of armaments purchases over the next decade. The armored vehicle market will reach $ 34.1 billion in 2030, up 11% from 2020. The infantry fighting vehicle (IFV) segment is the industry leader. These are some of the conclusions of the report The Global Armored Vehicles Market 2020-2030 by consulting firm GlobalData.

The armored vehicle manufacturing sector is showing some resistance to the effects of the Covid-19 pandemic compared to other sectors. The demand for armored vehicles is being sustained in part by modernization programs in a large number of armed forces such as the United States, Russia, the United Kingdom, Israel, and Turkey, who are purchasing new vehicles adapted to their current needs. The only issues facing the sector are the complications resulting from the supply chain affected by Covid-19 and the security measures in place, rather than the lack of demand.

In particular, the VCI / IFV segment will lead the sector with a weight of 25.1% above the total in the next few years according to calculations by the company, which results from the importance that the current armed forces attach to this type of vehicle. Demand for this type of vehicle is growing particularly in the USA (6.2%), Australia (6.5%), Russia (3%) and India (8.8%).

Finally, the consultancy highlights growing defense budgets or improving the efficiency of defense ministries as key factors for manufacturers to develop long-term plans. (Jos M Navarro Garca)

Photo: Pizarro vehicle during a tactical exercise (army)

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