Market Insights
"The global civilian and security armored vehicle market is likely to rebound at a promising CAGR of 6.9% in the long run to reach US$ 7.3 billion in 2028."
Civilian and security armored vehicles are non-combat bulletproof vehicles used by individuals and organizations designed to provide enhanced protection against various threats, including ballistic attacks, explosives, and hostile environments. These vehicles can be SUVs, sedans, vans, trucks, or other vehicles such as buses or camper vans. These vehicles are used by both civilians and security entities to ensure the safety and security of individuals, assets, and valuable cargo.
In 2020, the sudden outburst of the COVID-19 pandemic shook various industries. The industries recorded a massive decline in the year 2020 across regions due to lockdowns across nations, limited availability of raw materials, supply chain disruption, and production halts. The grave impact of this was registered for the civilian and security armored vehicle production in the year 2020 too, witnessed a decline of -19.7% in 2020 amid the pandemic.
However, civilian and security armored vehicle production started rebounding from 2021 onwards. Economic downturns resulting from the pandemic, such as job losses, business closures, and financial instability, led to increased poverty and desperation. This, in turn, drove the crime rate across the world and ultimately fueled the armored vehicles market.
Major factors, such as an increase in violent crimes, increasing concern about personal safety, an increasing number of high-profile individuals, increasing investment in homeland security, and global banking activities, drive the demand for civilian and security armored vehicles during the forecast period. In addition to that, the growing trend of political instability and violence around the world and the increasing use of armored vehicles by law enforcement are further expected to fuel the demand for civilian and security armored vehicles during the forecast period.
Segments Analysis
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Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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Product-Type Analysis
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SUV, Sedan, Van, Truck, and Others
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SUVs are anticipated to remain the major vehicle category for civilian and security armored vehicles in the years to come.
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Application-Type Analysis
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Passenger Protection Vehicles, Cash-in-Transit Vehicles, Specialty Vehicles, Law Enforcement Vehicles, and Others
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Passenger protection vehicles remain the biggest application category for civilian and security armored vehicles during the forecast period.
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Engine-Type Analysis
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Conventional, Electric, and Hybrid
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Conventional engines are expected to be the dominant engine type whereas hybrid engines are expected to be the fastest-growing engine type during the study period.
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Regional Analysis
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Latin America, Middle East & and Africa, North America, Asia-Pacific, and Europe
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Latin America is expected to remain the largest producer as well as the fastest-growing market over the next five years.
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Product Trends
Based on the product type, the civilian and security armored vehicle production is segmented into SUVs, sedans, vans, trucks, and others. In terms of production, SUVs are expected to remain the largest and fastest-growing product type during the forecast period. This is due to the high demand for armored SUVs among celebrities, CEOs, businessmen, ultra-rich individuals, politicians, and famous athletes. In addition to that, SUVs often have higher payload capacities, making them capable of carrying the additional weight of armoring materials. The most common armored SUVs are the Toyota Land Cruiser, Ford Raptor, Mercedes-Benz S-Class, Cadillac Escalade, and Toyota Corolla Cross.
Application Trends
Based on the application type, the market is segmented into passenger protection vehicles, cash-in-transit vehicles, specialty vehicles, law enforcement vehicles, and others. Passenger protection vehicles are expected to be the fastest-growing application category for civilian and security armored vehicles during the forecast period. The primary driver for the demand for passenger protection vehicles is security concerns. People and organizations seek armored vehicles to protect against various threats, including crime, terrorism, and civil unrest. High-profile individuals, such as celebrities, politicians, and business executives, as well as organizations, invest in armored vehicles due to the risk of targeted attacks, kidnappings, or theft.
Engine Trends
Based on the engine type, the market is segmented into conventional vehicles, engine vehicles, and hybrid vehicles. Conventional engine is likely to remain the most preferred engine type for civilian and security armored vehicles during the forecast period. Conventional vehicles have a longer range, are more reliable, are less expensive than electric and hybrid vehicles, and are more versatile. Hybrid engine is expected to be the fastest-growing engine type for civilian and security armored vehicles during the forecast period due to gaining popularity among NGOs, government officials, and high-net-income individuals. In addition to that, hybrid vehicles are typically more fuel-efficient than conventional vehicles. To further add to that, technological advancements are expected to fuel the demand for hybrid engines for civilian and security armored vehicles during the forecast period.
Regional Insights
In terms of regions, Latin America is expected to remain the largest as well as the fastest-growing market for civilian and security armored vehicles during the forecast period due to the highest crime rates in the world, including high rates of violent crime such as murder, kidnapping, and armed robbery. In addition to that, the region has a presence of many major armorers, such as Carbon Blindados and VRZ Blindados, that have tie-ups with the biggest OEMs such as Volvo, Jaguar Land Rover, and Toyota for armoring new vehicles. In Latin America, Brazil is the leading producer of civil and security armored vehicles.
Key Players
The civilian and security armored vehicle business is highly consolidated from a regional perspective except in Latin America. The Latin American market is relatively fragmented considering other regions in mind. The following are the key players in the civilian and security armored vehicles market.
- Carbon Blindados
- Streit Group
- VRZ Blindados.
- International Armoring Corporation (Armormax)
- Avallon Blindagens
- INKAS Armored Vehicle Manufacturing
- W Truffi Blindados
- BSS Blindagens
- CART Veículos Blindados
- Centigon Group
- The Armred Group
Note: The above list does not necessarily include all the top players in the market.
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Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.
What deliverables will you get in this report?
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Key questions this report answers
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Relevant contents in the report
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How big is the sales opportunity?
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In-depth Analysis of the Civilian and Security Armored Vehicle? Market
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How lucrative is the future?
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Market forecast and trend data and emerging trends
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Which regions offer the best sales opportunities?
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Global, regional and country-level historical data and forecasts
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Which are the most attractive market segments?
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Market segment analysis and Forecast
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Which are the top players and their market positioning?
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Competitive landscape analysis, Market share analysis
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How complex is the business environment?
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Porter’s five forces analysis, PEST analysis, Life cycle analysis
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What are the factors affecting the market?
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Drivers & challenges
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Will I get the information on my specific requirement?
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10% free customization
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The civilian and security armored vehicle market is segmented into the following categories:
By Product Type
- SUV (Regional Analysis: Latin America, Middle East & Africa, North America, Asia-Pacific, and Europe)
- Sedan (Regional Analysis: Latin America, Middle East & Africa, North America, Asia-Pacific, and Europe)
- Van (Regional Analysis: Latin America, Middle East & Africa, North America, Asia-Pacific, and Europe)
- Truck (Regional Analysis: Latin America, Middle East & Africa, North America, Asia-Pacific, and Europe)
- Others (Regional Analysis: Latin America, Middle East & Africa, North America, Asia-Pacific, and Europe)
By Application Type
- Passenger Protect. Vehicle (Regional Analysis: Latin America, Middle East & Africa, North America, Asia-Pacific, and Europe)
- Cash-in-transit Vehicle (Regional Analysis: Latin America, Middle East & Africa, North America, Asia-Pacific, and Europe)
- Specialty Vehicle (Regional Analysis: Latin America, Middle East & Africa, North America, Asia-Pacific, and Europe)
- Law Enforcement Vehicle (Regional Analysis: Latin America, Middle East & Africa, North America, Asia-Pacific, and Europe)
- Others (Regional Analysis: Latin America, Middle East & Africa, North America, Asia-Pacific, and Europe)
By Engine Type
- Conventional (Regional Analysis: Latin America, Middle East & Africa, North America, Asia-Pacific, and Europe)
- Electric (Regional Analysis: Latin America, Middle East & Africa, North America, Asia-Pacific, and Europe)
- Hybrid (Regional Analysis: Latin America, Middle East & Africa, North America, Asia-Pacific, and Europe)
By Region
- Latin America (Country Analysis: Brazil, Mexico, Colombia, Argentina, Chile, and Rest of Latin America)
- North America (Country Analysis: The UAE & Jordan, South Africa, Nigeria, Kenya, Uganda, and Rest of Middle East & Africa)
- North America (Country Analysis: The USA, and Canada)
- Asia-Pacific (Country Analysis: China, India, Japan, South Korea, Vietnam, Australia, and Rest of Asia-Pacific)
- Europe (Country Analysis: France, The UK, Germany, and Rest of Europe)
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s civilian and security armored vehicle market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
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- Detailed profiling of additional market players (up to three players)
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- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
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