Europe Armored Fighting Vehicles Market to Reach USD 14.9 Billion with 5.91% CAGR by 2033: SPER Market Research

Frontline combat vehicles known as armoured fighting vehicles (AFVs) provide both mobility and protection during conflict. They frequently have powerful weapons like machine guns, cannons, or missile launchers, and they are usually covered in armour to protect against enemy fire and explosives. Tanks, infantry fighting vehicles (IFVs), and armoured personnel carriers (APCs) are among the different varieties of AFVs that are classified according to their distinct combat tasks. APCs concentrate on transporting troops with less weaponry, whereas tanks prioritise protection and firepower. In order to improve survivability, modern AFVs use cutting-edge technology, such as active protection systems. Because they allow for faster movement and greater survival in dangerous circumstances, they play a critical role in modern combat.

According to SPER Market Research, ‘Europe Armored Fighting Vehicles Market Size- By Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that Europe Armored Fighting Vehicles Market is estimated to reach USD 14.9 billion by 2033 with a CAGR of 5.91%.

The market for armoured fighting vehicles in Europe has grown steadily in recent years due to a number of causes. The need for armoured fighting vehicles is being driven by European nations' modernisation initiatives and growing defence budgets. To maintain a robust defence posture in the face of regional conflicts and geopolitical pressures, sophisticated armoured vehicles must be deployed. Improved armoured vehicles that can function in urban settings are required because to the growing dangers of terrorism and insurgency. The creation and acquisition of new armoured vehicles are being propelled by technological developments, such as enhanced armour materials and sophisticated weapon systems. In order to fulfil the demands of contemporary warfare scenarios, the market is seeing a shift towards lighter and more manoeuvrable armoured vehicles.

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The European market for armoured fighting vehicles may be limited as a result of budgetary restrictions and economic uncertainty in certain European nations that affect defence expenditures. The expansion of the European armoured fighting vehicle sector may be impeded by strict laws governing defence exports and restrictions on technology transfer. Market expansion is hampered by the high expenses of advanced armoured vehicle research, development, and manufacturing. The adoption of new armoured vehicles may be hampered by the difficulty of integrating cutting-edge equipment and guaranteeing interoperability with current military infrastructure. Furthermore, governments may be forced to reallocate defence funds due to shifting geopolitical pressures, which would impede the modernisation of AFV fleets. Furthermore, future car designs may be influenced by environmental concerns which could raise prices.

Europe's industries were severely impacted by the COVID-19 epidemic, and several of the region's nations were in danger of experiencing a recession that would surpass the economic downturn. The governments of the countries in the region attempted to lessen the impact on the defence sector early on because the consequences of such a scenario may be disastrous. Due to rising defence spending and increased armoured vehicle purchases as countries saw they needed to bolster military capabilities in response to global security threats, the market demonstrated a robust recovery following COVID-19. In order to ensure that production and delivery were not severely disrupted, military manufacturers also adjusted to new supply chain issues.

Russia dominated the Europe Armored Fighting Vehicles Market due to Ukraine-Russia war. Some of the key players are - ARQUUS Defence, BAE Systems, General Dynamics Corporation, Iveco Defence Vehicles, KNDS N.V.

Our in-depth analysis of the Europe Armored Fighting Vehicles Market includes the following segments: