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Armoured Fighting Vehicles (AFV) Market Size is growing at CAGR of 5.6%, and this report covers analysis by Type, Application, Growth, and Forecast 2024 - 2031

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The "Armoured Fighting Vehicles (AFV) market" report analyzes important operational and performance data so one may compare them to their own business, the businesses of their clients, or the companies of their rivals. And this report consists of 179 pages. The Armoured Fighting Vehicles (AFV) market is expected to grow annually by 5.6% (CAGR 2024 - 2031).

Armoured Fighting Vehicles (AFV) Market Overview and Report Coverage

The Armoured Fighting Vehicles (AFV) market has been experiencing significant growth due to rising global security concerns and increasing defense budgets, particularly in emerging markets. The demand for AFVs is driven by the need for modernization of military capabilities, as well as the increasing emphasis on enhancing operational mobility, firepower, and protection for military forces.

Market research indicates a steady increase in procurement of AFVs, including main battle tanks, infantry fighting vehicles, armored personnel carriers, and other specialized vehicles. This growth is expected to continue as countries aim to strengthen their defense capabilities and adapt to evolving threats in the global security landscape.

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Market Segmentation 2024 - 2031:

In terms of Product Type: Active Armored Vehicle,Passive Armored Vehicles, the Armoured Fighting Vehicles (AFV) market is segmented into:

  • Active Armored Vehicle
  • Passive Armored Vehicles

In terms of Product Application: Military,Commercial, the Armoured Fighting Vehicles (AFV) market is segmented into:

  • Military
  • Commercial

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The available Armoured Fighting Vehicles (AFV) Market Players are listed by region as follows:

North America:

  • United States
  • Canada

Europe:

  • Germany
  • France
  • U.K.
  • Italy
  • Russia

Asia-Pacific:

  • China
  • Japan
  • South Korea
  • India
  • Australia
  • China Taiwan
  • Indonesia
  • Thailand
  • Malaysia

Latin America:

  • Mexico
  • Brazil
  • Argentina Korea
  • Colombia

Middle East & Africa:

  • Turkey
  • Saudi
  • Arabia
  • UAE
  • Korea

The Armoured Fighting Vehicles (AFV) market has witnessed significant growth across various regions in recent years. In North America, the United States and Canada have been key contributors to the market growth. In Europe, countries such as Germany, France, the ., Italy, and Russia have shown a strong demand for AFVs. The Asia-Pacific region, particularly China, Japan, South Korea, India, and Australia, has also emerged as a lucrative market for AFVs. Latin America, including Mexico, Brazil, Argentina, and Colombia, has displayed a growing interest in AFVs. In the Middle East & Africa, countries like Turkey, Saudi Arabia, the UAE, and Korea are expected to drive the market growth. Looking ahead, Asia-Pacific and North America are projected to dominate the AFV market due to increased defense spending and modernization initiatives in these regions.

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Leading Armoured Fighting Vehicles (AFV) Industry Participants

Among the mentioned companies, General Dynamics Corporation, BAE Systems Plc., and Oshkosh Corporation are considered market leaders in the Armoured Fighting Vehicles (AFV) industry. These companies have a long-standing reputation for producing high-quality AFVs and have a strong presence in the global market.

New entrants such as Elbit Systems Ltd., Thales Group, Lockheed Martin, Rheinmetall AG, Denel Land Systems, Sabiex International, and Diehl Defense are also making their mark by introducing innovative technologies and solutions in the AFV market.

These companies can help grow the AFV market by investing in research and development to enhance the capabilities and performance of their vehicles, collaborating with defense agencies to meet specific requirements, and expanding their global presence through strategic partnerships and acquisitions. By focusing on technological advancements, customization options, and customer support, these companies can attract new customers and drive growth in the AFV market.

  • General Dynamics Corporation (U.S.)
  • BAE Systems Plc. (U.K)
  • Textron Inc. (U.S.)
  • Oshkosh Corporation (U.S.)
  • Elbit Systems Ltd. (Israel)
  • Thales Group (France)
  • Lockheed Martin (U.S.)
  • Rheinmetall AG (Germany)
  • Denel Land Systems (South Africa)
  • Sabiex International (Belgium)
  • Diehl Defense (Germany)

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Market Trends Impacting the Armoured Fighting Vehicles (AFV) Market

- Advanced protection systems: AFVs are increasingly being equipped with modern armor and active protection systems to counter evolving threats.

- Electrification and hybridization: AFV manufacturers are exploring electric and hybrid propulsion systems to enhance performance and reduce emissions.

- Autonomous capabilities: The integration of artificial intelligence and autonomous technologies is revolutionizing AFV operations and combat capabilities.

- Modular designs: AFVs are being designed with modular components to facilitate upgrades and customization based on mission requirements.

- Market consolidation: The AFV market is witnessing consolidation as companies merge or form strategic partnerships to enhance their competitive edge.

The AFV market is projected to grow significantly in the coming years driven by these trends.

Armoured Fighting Vehicles (AFV) Market Dynamics ( Drivers, Restraints, Opportunity, Challenges)

The Armoured Fighting Vehicles (AFV) market is primarily driven by increasing defense budgets globally and the need for advanced vehicles to address modern security threats. Additionally, escalating territorial conflicts and rising cross-border tensions have further fueled the demand for AFVs. However, the market faces restraints such as high acquisition and maintenance costs, stringent regulatory requirements, and evolving defense strategies favoring unmanned systems. The opportunity for market growth lies in the integration of advanced technologies like artificial intelligence and advanced armaments. Challenges include the development of lightweight, efficient, and cost-effective AFVs to meet evolving military requirements.

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