The global armored and counter IED vehicles market has an estimated value of US$25.1 billion for 2011. The market is expected to decline during the forecast period, as global operations in Afghanistan and Iraq are expected to end during this time. The market is expected to register a CARC of -0.43% during the forecast period, to reach US$24.1 billion by 2021. The cumulative market value for armored vehicles and counter IED vehicles during the forecast period is estimated at US$265 billion.
Despite the high fiscal deficit of North American countries, this region is expected to account for the largest share of the armored vehicles market during the forecast period, with a share of 31.9%. Countries in Europe are also facing high fiscal debt, which will reflect in the declining market for armored vehicles during the forecast period.
Europe is expected to account for 26.5% of the total armored vehicles market during this time. Strong economic growth, territorial disputes, domestic violence and the large troop size of regional forces will create a significant demand for armored vehicles in Asia, which will account for a share of 24.1% of the total armored vehicles market during the forecast period. Soaring oil prices and high economic development in the Middle East is expected to be reflected in the demand for armored vehicles in the region, which will account for 8.8% of the total armored vehicles market during the forecast period.
South American countries are expected to modernize their armed forces over the forecast period; and their main modernization priority is expected to be on the air force and navy, and for other electronic and cyber warfare capabilities. As a result, the demand for armored vehicles in the region will witness a slight increase, and South America will account for just 4.7% of the global armored vehicles market during the forecast period.
The demand for armored vehicles in Africa is expected to be strong in the forecast period, driven by the discovery of new mineral and oil resources, and territorial and ethnic disputes. However, the small defense budget of countries in the region will result in a small market share of 4.1%.
More information on this new study can be found on ASDReports.com, follow the link to the study named 'The Global Armored Vehicles and Counter IED Vehicles Market 2011-2021' in this article.
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