Market Insight-Global Bulletproof Vehicle Market Research Report 2022
Global Bulletproof Vehicle market size was estimated at USD 3910.78 million in 2021 and is projected to reach USD 5157.69 million by 2028, exhibiting a CAGR of 4.16% during the forecast period.– Bossonresearch.com
A VIP armored car (or bulletproof vehicle) is a civilian vehicle with a reinforced structure that is designed to protect its occupants from assaults, bullets and blasts. Armored cars are typically manufactured with bulletproof glass and layers of armor plating, often with a variety of other defensive mechanisms and features to aid the individuals inside. Unlike military armored vehicles, a civilian armored car is designed to be inconspicuous and similar to its factory version. Armored cars are used internationally and often used to protect high-profile individuals such as heads of state, political figures, businesspersons, VIPs, and sometimes celebrities. They may also be used by governmental law enforcement agencies as well as private military contractors.
Most civilian armored cars are created by fitting aftermarket upgrades to standard production cars. Several car manufacturers produce armored car models from the factory, such as the Audi Security Vehicles (A6 and A8 models), Lincoln Town Car BPS, Hyundai Equus, BMW Security series (3 Series, 5 Series, 7 Series and X5 models), the Mercedes Benz Guard vehicles (E, ML, GL, G & S Class).
The latest armoring technology has entirely changed the paradigm of passengers’ vehicles. A few years back, only armored forces and other security agencies utilized bulletproof vehicles. Someone can easily identify those bulletproof vehicles due to their unique look. The main objective of these vehicles to withstand the lethal weaponry.
But today, almost all public figures prefer to travel in armored vehicles. Bulletproof vehicles have become a giant business in those countries where the crime rates are very high. Due to this, the armoring market is booming at a very high pace. The Global Bulletproof Vehicle Market Size was estimated at USD 3910.78 million in 2021 and is projected to reach USD 5157.69 million by 2028, exhibiting a CAGR of 4.16% during the forecast period.
Figure Global Bulletproof Vehicle Market Size
Source: Bossonresearch.com, 2022
In this race, South America is dominating the armoring market. North America is the second biggest market of bulletproof vehicles followed by Europe and Asia-Pacific. In South America, Brazil still maintains its lead during the market forecast since 2018. Similarly, the USA is the leading county in North America.
Apart from the military, civilians are shifting towards armored vehicles. Similarly, armies are using advanced armor materials to upgrade their existing armored vehicles.
The rising number of terrorist activities in different regions like Asia-Pacific compel civilians to buy armored vehicles. Similarly, some people want to use luxury vehicles along with foolproof security. Luxury bulletproof vehicles or luxury armored cars are the best options for them.
Similarly, the tension between different countries at the borders is another important factor that is boosting this industry. For example, countries like China, Pakistan, and India have increased their defense budget to purchase advanced armored vehicles.
According to different studies, more than 300,000 armored vehicles were circulating on streets worldwide in 2019. And, this number has increased around 5%. Brazil leads with the highest per capita number of armored vehicles in the world. Sao Paolo, a city of Brazil, receives almost 1000 armored vehicles a month.
The demand for civilian armored vehicles is increasing rapidly in Mexico and other African nations such as Nigeria. In the USA, 49 different companies are producing armored vehicles. The main activity of these manufacturers is to manufacture armored vehicles and parts. Further, they produce self-propelled weapons, modification, and repairing of these vehicles. As a result, The market is generating around $4 billion in revenue annually.
Driving Factors
Increasing Demand for Armored Vehicles in Law Enforcement Agencies
The militarization of law enforcement agencies is one of the reasons for the rising demand for armored vehicles. It is the process in which the civilian police forces adopt the principles of the military model. The reason behind the adaptation of this model is to obtain the equipment, mindsets, tactics, and culture of the military. Therefore, police forces are obtaining advanced weapons and armoring vehicles.
Rising Demand for Bulletproof Vehicles in Civilians
The rising security challenges are arising out everywhere in the world. The increasing crime rate and other insurgent activities are boosting the demand for civilian armored vehicles. Almost all public figures and elite groups prefer to buy passenger armored vehicles for a greater sense of security.
Leading automobile manufacturers like Armormax are launching a lot of armored cars to meet their rising demand. For example, Land Rover launched more than 2020 Range Rover Sensational with armored glass and a ballistic steel plate in 2019. And, this number is growing rapidly.
Transportation of Different Goods
Many firms widely use armored vehicles for the transportation of different goods. For example, the cannabis industry is rapidly growing in the USA after its legalization in 33 states. All these states allow its usage for medical and recreation use.
The bulletproof Ford Transit Cargo Van is very popular among marijuana transporters. They use these vans to transport the large sum of cash and bulk amount of flowers. Further, these are also quite popular in many dispensaries and other provisioning center owners. These vehicles are also a good option to transport the COVID-19 vaccine. Therefore, the demand for armored vehicles is highly in demand for this purpose.
Mineral and Money Transportation
Bullet-resistant cars are widely used to transport precious metals and money. People use these vehicles to transport precious elements like diamonds, gold, and silver, etc. For the safest transportation of precious stones like Emerald, Sardonyx, Chalcedony, and Jacinth, armored vehicles are good options.
Rising terrorism rates and growing political disputes
The factors driving the growth of global armored vehicles market are the ever-increasing security challenges faced by the government bodies and civilians across the globe on account of rising terrorism rates and growing political disputes. The Asia-Pacific region has witnessed increased defense expenditure from various countries including China, India, South Korea and Australia, which is expected to spike the demand for armored vehicles during the forecast period. Additionally, the rising investment for militarization of law enforcement agencies as a part of their modernization program and for advanced combat and counter-terrorist operations is expected to further propel the demand for armored vehicles during the forecast period.
Key players in the Bulletproof Vehicle Market include:
STREIT Group
Centigon Security Group
INKAS
Armormax
MSPV
Double Star (Shanghai)
JANKEL ARMOURING
The Armored Group
Shell Armored Vehicles
Alpine Armoring Inc
WELP Armouring
JCBL Group
Isotrex
Texas Armoring Corp
O'Gara Group
Alpine Armoring Inc
INKAS
International Armored Group
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