The global ”future armored vehicles” size is projected to reach USD 26.12 billion by 2026, exhibiting a CAGR of 5.36% during the forecast period. Steady ramping up of military expenditure by countries will prove beneficial for this market, observes Fortune Business Insights™ in its report, titled “Armored Vehicle Market Size, Share and Industry Analysis, By Platform (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles), By Mobility (Wheeled, Tracked), By System (Engine, Drive Systems, Ballistic Armor, Turret Drives, Ammunition Handling Systems, Others) and Regional Forecast, 2019-2026”. The latest report by the Stockholm International Peace Research Institute (SIPRI) reveals that in 2019, cumulative global military spending stood at USD 1917 billion, rising by 3.6% from 2018 level.
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Browse Detailed Research Insights with Table of Content:
https://www.fortunebusinessinsights.com/industry-reports/armored-vehicle-market-101817
Major Industry Developments:
- July 2019: UK-based BAE Systems and Germany-based Rheinmetall teamed up to establish a new and independent military vehicle support, manufacturing, and design joint venture in the UK. Called the Rheinmetall BAE Systems Land (RBSL), the venture aims at enhancing the manufacturing of the Boxer 8×8 for the Mechanized Infantry Vehicle Program of the British Army.
- February 2019: The Canadian arm of the US-based aerospace & defense major, General Dynamics, clinched a contract worth USD 37.2 million to provide 60 hardware kits for the Light Armored Vehicle Reset Program of the US Marine Corps. The kits will comprise of a new turret slip ring, a modern instrument panel for the driver, a driveline system, and improved power-pack.
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