According to the Global Armoured Vehicles: Market Report 2016 from Defence iQ, international defense budgets have been increasing, giving way for growth in the market. This comes as a welcomed and necessary investment for continued development and advancement of armored vehicles as hostile terrorist threats, tension in the Middle East, and the Ukraine crisis loom. Read and download the full report online at www.oemoffhighway.com/12133051.
With the increasing international demand, manufacturers should look to grow their global operations in emerging markets, according to the report. Based on industry survey results, the countries that present the greatest opportunity for growth over the next 10 years include India, Saudi Arabia, Turkey, the UAE and the United States. Close monitoring of these markets will help manufacturers to identify regional standards and ultimately allow for effective collaborations.
In the report, Textron Systems Marine & Land Systems states that in order to remain committed to the market and keep up with the potential increase in international vehicle demand, vehicle manufacturers should continuously look for ways to balance survivability and mobility.
Globally, 78% of respondents to the report’s survey consider the single greatest threat facing soldiers to be the continued enhancement of IEDs (improvised explosive devices). As a result, investment and innovation has been focused in vehicle areas such as Armored Personnel Carriers (APCs) and Mine-Resistant Ambush-Protected (MRAP) vehicles, which are in high demand. MRAP demand is further amplified by the need for vehicles to become lighter, more flexible and agile.
Textron predicts that the future of vehicle demand and development will sway in favor of light armored vehicles versus battle tanks as the nature of war continues to evolve. The report concludes that while confidence in the global military vehicle market is yet to return to pre-2008 levels, the latest survey results compared year over year demonstrate that the recovery is now well-established and the industry is beginning to heavily invest in future capabilities and infrastructure.