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Market Demand for Armored Vehicles to Upsurge
Published : 2016-09-06

With the upswing in defense funds by developing nations, there has been a noteworthy upwelling in the demand for innumerable types of armored vehicles over the recent years. The integration of compact and advanced photonic, light weight technology, and innovative mechanisms for augmenting operative efficacy of armored vehicles is expected to assist the growth of the global armored vehicle market in the coming years. Nevertheless, the high upkeep cost of armored vehicles and lack of supervisory standards in Asia Pacific and Rest of the World is likely to hamper the growth of the global armored vehicle market. 

The upsurge in apprehensions for safekeeping from extremist attacks and rebellious groups in Asia Pacific has accentuated the necessity for revolutionizing military groups and organizations in the region. Government organizations in the areas have been obligated to upturn the funds allocated to for the defense sector. South Korea, India, and China amongst others in Asia Pacific are directing at the procurement of advanced armored vehicles for augmenting their military automobiles standard. Countries like Iran, Israel, Turkey, and Saudi Arabia amongst others are suggestively concentrating on raising their military finances and furnish their military groups with cutting-edge armored vehicles. 

In addition, the requirement for competent, light weight, forceful, and compact vehicles from the army sector is further projected to amplify the demand for armored vehicles market in the forthcoming years. Technical innovations in navigation systems, superior situation awareness, surveillance, and communication are all set to offer makers of armored vehicles with prospective growth opportunities. 

Growing defense budgets, predominantly in Asia Pacific, is foreseen to boost growth. Benevolence of the industry contestants is anticipated to play a strategic role in contract allocations. Innovations such as augmented fuel proficiency and competent armor material are likely to fuel industry growth over the next seven years. Restricted budget for military expenditure principally in North America and Europe may pose a threat to the armored vehicle market over the coming few years.

Numerous republics in Asia Pacific lack the existence of appropriate governing standards as regards the usage and security levels of armored vehicles. Furthermore, the high value of armored vehicles and the accessibility of low quality supplies from several makers are expected to further encumber the sales of armored vehicles. Many unlicensed armored vehicles corporations are evolving in countries like Brazil, China, and India and perplexing the market position of recognized establishments. As developing economies have stumpy defense budgets and have cost sensible buyers, managing to pay for armored vehicles becomes challenging for people in these regions most often. 

Bearing in mind all these dynamics, the global armored vehicle market is anticipated to rise at a 5.2% CAGR between 2015 and 2023. In 2014, the market was priced at US$22.73 billion and is likely to reach a market worth US$35.49 billion in 2023.

Read more on Automotive at http://www.asklinkerreports.com/category/automotive-market-research

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