In a recent development, Royal Canadian Armoured Corps’ Halifax Rifles reserve reconnaissance regiment introduced Tactical Armoured Patrol Vehicle (TAPV), the newest addition to their fleet.
Armored fighting vehicles have long been popular amongst military establishments worldwide. Experts predict the armored vehicles market is likely to reach $34.6 Billion by 2020.
Online sources reveal that the U.S.A which was once the greatest market has witnessed a gradual decline in the procurement of new armoured fighting vehicles. Industry insiders believe this is because USA has already pulled back its troops from Afghanistan and Iraq; thus, it has reduced expenditure for new armoured cars, tanks and other vehicles.
Though American authorities are planning to cut down on their expenses on armoured vehicles, they have recently placed a $6.75 billion order for procurement of 17000 light tactical vehicles. Earlier, USA’s core infantry used Humvees.
Industry insiders believe the Asia Pacific and Middle East regions will soon become the biggest markets for armoured fighting vehicles. Countries including Saudi Arabia, China and others are already investing heavily in armored cars, high-mobility tanks, and light tactical vehicles.
In fact, the Middle-East region accounts for more than 15.8% of total armoured fighting vehicles across the globe. Reports reveal that around 23,511 such vehicles are already in the region. In addition, Saudi Arabia and the UAE are just two of the Middle Eastern countries likely to invest billions in armoured vehicles in a few years.
The Armoured Personnel Carrier (APC) is most likely to become the most in demand over the next decade after the gradual decrease in the popularity of the Mine Resistant Ambush Protected (MRAP) vehicle.
A survey revealed that around 28% respondents are interested in procuring APCs over other light tactical vehicles. The survey also revealed that the MRAP is fast losing out in popularity and demand for Main Battle Tanks (MBT) is likely to increase this year. Sources reveal that more than 6,000 MBTs are likely to be manufactured worldwide in the next 10 years and the budget for this production will be as much as $26bn.
MBTs are second to none in popularity. In fact, countries such as Turkey, South Korea and Thailand are focused on developing and modernizing old MBTs. This is because the risk of state-on-state battle between such militaries is more intense than ever before.
In addition to MBTs, around 11,000 light tracked vehicles are likely to be manufactured worldwide in the next decade for a total budget of $30bn, whereas approximately 27,000 light wheeled vehicles for a budget for more than $12bn are likely to be manufactured worldwide.
On the 2018 demand scale, LPVs account for 14%. Unmanned Ground Vehicles (UGV) are also fast becoming popular with 15% popularity on the 2018 demand scale. A number of countries are already investing in UGVs and they are likely to be valued at around $0.5m worldwide.
With such a huge demand for armoured cars, tanks and light tactical weapons, experts are expect to see continued growth in the production and purchase of these vehicles in the international market. More countries are likely to invest in these vehicles for new capability and to replace some ageing fleets.
