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Military Armored Vehicles and Counter-IED Vehicles Market to Reach USD 5.62 Billion, Despite Pandemic-Impacted Growth in 2020

Strategic Insights

— 2 min read

The global military armored vehicles and counter-IED vehicles market is forecast to grow at a compound annual growth rate (CAGR) of 4% from 2020 to 2024, driven by the ongoing digitization of battlefield operations and the adoption of advanced technologies such as electronic warfare. Despite a slowdown in growth due to the COVID-19 pandemic in the first half of 2020, the market is expected to continue steady growth throughout the forecast period. This growth is attributed to the increasing demand for advanced military vehicles and counter-IED systems to enhance operational capabilities and enhance the safety of military personnel.

Key Takeaways:

  • The military armored vehicles and counter-IED vehicles market is driven by the ongoing digitization of battlefield operations, which is expected to boost the growth of the market.
  • The advent of hybrid drivetrains in MRAPs is anticipated to drive the growth of the military armored vehicles and counter-IED vehicles market.
  • The adoption of electronic warfare technologies, such as the Electronic Warfare Tactical Vehicle (EWTV), is expected to play a significant role in driving the growth of the market during the forecast period.
  • Major players in the market include BAE Systems Plc, Denel Dynamics, General Dynamics Corp., Hyundai Motor Co., and Lockheed Martin Corp.
  • The military armored vehicles and counter-IED vehicles market is expected to grow at a CAGR of 4% from 2020 to 2024, despite the pandemic-impacted growth in 2020.
  • The market is expected to reach USD 5.62 billion by 2024, driven by the increasing demand for advanced military vehicles and counter-IED systems.

Statistics:

  • The military armored vehicles and counter-IED vehicles market is estimated to grow at a CAGR of 4% from 2020 to 2024.
  • The market is expected to reach USD 5.62 billion by 2024.
  • The digitization of battlefield operations is expected to drive the growth of the military armored vehicles and counter-IED vehicles market during the forecast period.
  • The adoption of electronic warfare technologies, such as the Electronic Warfare Tactical Vehicle (EWTV), is expected to play a significant role in driving the growth of the market.
  • Major players in the market, including BAE Systems Plc, Denel Dynamics, General Dynamics Corp., Hyundai Motor Co., and Lockheed Martin Corp., are expected to continue to dominate the market throughout the forecast period.

Sources:

  • Technavio: Global Military Armored Vehicles and Counter-IED Vehicles Market 2020-2024
  • Business Wire: Military Armored Vehicles and Counter-IED Vehicles Market to Reach USD 5.62 Billion, Despite Pandemic-Impacted Growth in 2020
  • Technavio: Military Armored Vehicles and Counter-IED Vehicles Market Product Outlook (Revenue, USD Billion, 2020-2024)
  • Technavio: Military Armored Vehicles and Counter-IED Vehicles Market Geography Outlook (Revenue, USD Billion, 2020-2024)
  • Technavio: Global UAV Payload and Subsystems Market - Global UAV payload and subsystems market type (cameras and sensors, radars and communication, weaponry, and others) and geography (North America, Europe, APAC, MEA, and South America)
  • Technavio: Global Military Ground Robot Market - Global military ground robot market by product (airborne military robots, naval military robots, and land-based military robots) and geography (APAC, Europe, MEA, North America, and South America)

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