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Armoured Vehicles Market Report: Asia to be a key region for growth over the next decade
August 25, 2011Posted by on
Contributor: Calum Jeffray, Armoured Vehicles Team, Defence IQ
A few weeks ago Marketresearch.com unveiled its latest report, Global Armored Vehicles and Counter IED Vehicles Market 2011-2021, which analyses the expected trends and statistics within the global armoured vehicles market over the next decade.
Although the news isn’t universally good for everyone (when is it ever?), when you look at some of the headlines, there are some pretty impressive figures in there. In particular, some of the best news seems to be reserved for those who work with the Asian markets, whose governments are going against the grain and increasing their defence budgets. Here is what our Armoured Vehicles Team thinks about some of the key takeaways:
In 2011, the global armored vehicles and counter IED vehicles market is valued at over US$25 billion*.
Whilst the report makes the point that the amount of in-service vehicles looks set to decline as military operations come to an end inIraqandAfghanistan, it remains true that for all modern militaries, the armoured vehicle continues to provide the lynchpin in all ground campaigns, and is the recipient of ongoing continuous investment worldwide. With the role of Improvised Explosive Devices continuing to be of paramount importance in modern warfare worldwide, it is clear that the armoured vehicles market is set to see some exciting new developments over the next few years, particularly in the areas of new armour and survivability technologies.
In Asia, defense expenditure and modernization is set to increase […] Asia will increasingly require armored and counter IED vehicles to combat territorial disputes and to cater to the large troop size of regional forces*.
Today, some of the fastest-growing militaries in the world are to be found in Asia. Top of the list are likely to be China and India, but Malaysia, Singapore, Indonesia and Thailand are all experiencing a boost in the numbers of serving personnel. And these countries are showing no sign of slowing down their defence spending – leading to a situation of rapidly-expanding forces investing in new equipment, new systems and new technology.
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**.
Unsurprisingly then, many vendors view the region as being crucial to their long term growth plans. Whilst not the biggest market (the number one spot still being reserved for the North America countries), Asia will account for almost a quarter of all armoured vehicles business over the next 10 years, representing a huge potential market for suppliers and offering opportunities for real long-term growth.