The global civilian and security armored vehicle market is projected to witness a growth rate of 6.9% annually from 2023 to 2028, with an anticipated size of US$ 7.3 billion by 2028, according to an analysis by Stratview Research.
Stratview Research, a global market research firm has launched a report on the global civilian and security armored vehicle market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.
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Market Statistics:
Market Size in 2028: US$ 7.3 billion
Growth (CAGR): 6.9% during 2023-2028
Leading Product Type: SUVs
Leading Application Type: Passenger protection vehicles
Leading Engine Type: Conventional engines
Leading Region: Latin America
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 4
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20
Segment Insights & Market Share Analysis of the Civilian and Security Armored Vehicle Market:
The global civilian and security armored vehicle market is segmented based on application type, product type, engine type and region.
Based on Product type –
- Based on the product type, the civilian and security armored vehicle business is segmented into SUVs, sedans, vans, trucks, and others. In terms of products, 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.
Based on the Application type -
- 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 Vehicle 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.
Based on the Engine type –
- Based on the type of engine, the market is segmented into conventional vehicles, engine vehicles, and hybrid vehicles. The 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 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.
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Which Region Shows the Most Promising Growth Forecast and Opportunity?
"Latin America accounted for the largest market share."
- In terms of regions, Latin America is expected to remain the largest as well as the fastest-growing market for Civilian and Security Armored Vehicle 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.
Civilian and Security Armored Vehicle Market Drivers:
Some of the key drivers listed in the report are given below.
- Rising security threats and terrorism concerns across global regions worldwide
- Growing demand from high-net-worth individuals seeking personal protection solutions
- Increasing geopolitical tensions and conflict zones requiring armored transportation
- Expansion of cash-in-transit and valuable goods logistics requiring secure vehicles
- Rising kidnapping and ransom incidents driving executive protection vehicle demand
Competitive Landscape: Top Companies in the Civilian and Security Vehicle Armored Market:
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 Vehicle 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.
What Unique Insights Does This Report Offer?
This report provides comprehensive insights into the market, answering critical questions like
- How big is the sales opportunity?
- Which regions offer the best sales opportunities?
- Which are the most attractive market segments?
- Which are the top players and their market positioning?
- How complex is the business environment?
- What are the factors affecting the market?
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