According to new report available with Million Insights, the global armored vehicles industry size was worth USD 25.5 billion in 2018. It is projected to register 5.4% CAGR over the forecast duration, 2019 to 2025.
The global Armored Vehicle Market size is projected to touch USD 36.4 billion by 2025, as per a new report by Million Insights. The market is anticipated to expand at 5.4% CAGR from 2019 to 2025. The rise in insurgencies and terrorism activities across the world is driving the demand for armored vehicles. In addition, technical advancements in the field of vehicle manufacturing are further proliferating the market growth.
Armored vehicles have layers of stainless steel and depleted uranium and are equipped with a weapon that has operation mobility ability, tactical offensive and combine defensive capabilities. Further, the use of artificial intelligence-based object tracking features is anticipated to boost the market growth.
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Government expenditure on safeguarding military personnel has increased considerably in the past few years. This has resulted in procuring advanced armored