Europe Armored Fighting Vehicles Market Share, Trends, Revenue, Demand, Challenges, Growth Drivers, Key Players and Business Opportunities Till 2033


Europe Armored Fighting Vehicles Market Share, Trends, Revenue, Demand, Challenges, Growth Drivers, Key Players and Business Opportunities Till 2033: SPER Market Research

 Published: May-2024
 Author: SPER Analyst

Europe Armored Fighting Vehicles Market is projected to be worth USD 14.9 billion by 2033 and is anticipated to surge at a CAGR of 5.91%.

ARVs, or armored fighting vehicles, are combat vehicles that combine mobility, firepower, and armored protection. Ground forces can move around effectively even when they are under fire because to these vehicles, which are crucial in today's battle. APCs, self-propelled artillery, tanks, and infantry fighting vehicles (IFVs) are a few types of AFVs. Being the most well-equipped and armored AFVs, tanks' main function is to engage enemy armor and strongholds. IFVs combine a large amount of firepower with the capacity to carry personnel to support infantry units during combat.

Europe Armored Fighting Vehicles Market Driving Factors and Challenges

Drivers: The main battle tank (MBT) sector currently controls the majority of the market, and this is expected to continue during the projected period. This market is being driven by the increasing number of countries buying tanks, such as Hungary, Russia, Poland, France, and Germany. Among the countries in the area collaborating to develop the next generation of MBTs are France and Germany. Furthermore, Demand for sophisticated new-generation ammunition with improved capabilities is anticipated to be driven during the projected period by a gradual but deliberate increase in the European defense budget as well as the initiation of infantry support initiatives.

Challenges: Armored Fighting Vehicles (AFV) markets are dealing with a number of challenges as a result of changing defense goals, technological breakthroughs, and changing geopolitical environments. A notable obstacle is the increasing expenses linked to the creation, manufacturing, and upkeep of sophisticated armored vehicles. As technology develops, AFVs need more complex systems for lethality, survivability, and communication, which raises costs. The market also has to deal with strict laws and export prohibitions that restrict the export of AFVs and their parts abroad.

Impact of COVID-19 on Europe Armored Fighting Vehicles Market
The global pandemic of COVID-19 has caused substantial disruptions to the Armored Fighting Vehicle (AFV) industry, impacting procurement, supply networks, and production around the globe. Lockdowns and travel restrictions put in place to stop the virus's spread resulted in a shortage of workers, the shutdown of factories, and logistical snags that slowed down the production of AFVs. In addition, social distancing rules and travel limitations impeded international cooperation and postponed important decision-making procedures concerning defense modernization and procurement. Governments have also been forced to reconsider their defense expenditure priorities as a result of the pandemic's effects on the economy and fiscal constraints. This may include postponing or reducing plans for AFV procurement. Furthermore, the epidemic brought attention to weak points in international supply chains, which led to a review of sourcing tactics and a focus on localization and resilience.

Europe Armored Fighting Vehicles Market Key Players:

The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; ARQUUS Defense, BAE Systems, General Dynamics Corporation, Iveco Defence Vehicles, KNDS N.V., Military Industrial Company, Oshkosh Corporation Inc., Patria, Rheinmetall AG, Supacat.

Europe Armored Fighting Vehicles Market Segmentation:

By Type: Based on the Type, Europe Armored Fighting Vehicles Market is segmented as; Armored Personal Carrier, Infantry Fighting Vehicle, Others.

By Region: This research also includes data for UK, France, Germany, Italy, Spain, Rest of Europe.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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