Market Share of Armored Fighting Vehicles Industry
The armored fighting vehicles market is moderately fragmented, with many international and regional players in the market. Some of the prominent players in the market are General Dynamics Corporation, Oshkosh Corporation, BAE Systems plc, Rheinmetall AG, and Nexter Group. For decades, the market for armored fighting vehicles was highly consolidated, with few international players accounting for the majority share of the market.
However, over the past few years, due to the global trend of indigenous manufacturing, many new local players have entered the market in the Asia-Pacific and Middle Eastern regions. Saudi Arabian Military Industries (SAMI), STREIT Group, Nurol Makina, BMC Otomotiv Sanayi ve Ticarest AS (BMC), and Katmerciler HIZIR, among others, are some of the local players based out of the Middle Eastern region.
To further enhance their footprint in the market, the local players are signing long-term contracts to meet the requirements of the regional armed forces. In this regard, companies in Turkey have been rapidly expanding their presence in Middle Eastern and North African countries through strategic partnerships with the local defense authorities. Due to high competitiveness in the market, the international players are investing in the development of next-generation armored vehicle models with autonomous capabilities as well as advanced weapons and electro-optic infrared sensor suites, which will enhance situational awareness and survivability of the military personnel on the battlefield.
Armored Fighting Vehicles Market Leaders
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Rheinmetall AG
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General Dynamics Corporation
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Nexter Group
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BAE Systems plc
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Oshkosh Corporation
*Disclaimer: Major Players sorted in no particular order
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