Global Armoured Vehicles Market Report 2015

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Transnational security threats, sustained conflict in the Middle East and simmering disputes in Southeast Asia mean international relations across the globe remain frosty for some, volatile for others. The flashpoints of the latter half of 2014 –the Ukraine crisis, a hot conflict in Gaza, the brutal rise of ISIL in Iraq and Syria, and the territorial clashes between China and her neighbours –make it one of the more eventful years in recent memory for global security.

The economic pressures choking military budgets in Western countries these last few years remain, but governments and defence ministries are finding the funds to bolster military capabilities where necessary.

The outlook for the armoured vehicle market is more compelling than it has been since the 2008 economic downturn triggered widespread anxiety and the post-Iraq hangover that resulted in sluggish demand and supply.

Despite steadily increasing budgets and new contract opportunities, global confidence in the armoured vehicle market is declining year-on-year according to Defence IQ’s annual survey. Exactly a third of respondents said they were very confident about the future of the market over the next decade, down 4 percent on the response in the 2014 report. The responsibility for this downturn is almost exclusively down to respondents in the North American region showing concerns about the future of the industry.

Conversely, the European market, which has been struggling in recent years following the global economic crisis, looks to be making a robust return to form with respondents in this region significantly more confident than just 12 months ago. The US data is in fact an outlier; the armoured vehicle market has seldom looked so buoyant over the last few years as programmes and opportunities abound.

Emerging markets in Asia and the Middle East are becoming established business hubs while there is still hope that Africa will develop into the prosperous economic power is has promised for some time.

The abrupt and bloody rise of the ISIL jihadist group has thrown the Middle East back into chaos and the future of the region appears blighted by conflict and insurgencies. Predominantly owing to continued instability, many countries in the Middle East, including Turkey, are continuing to modernise their armoured vehicles and acquire new fleets.

In Europe, the Ukrainian crisis is puzzling experts wondering whether the Kremlin has pressed the reset button as President Putin forces through an agenda of expansion and Russian interests not seen since the 1980s. Continued insecurity has led NATO to take a hesitant approach to the new threat but has certainly reminded European leaders of the importance of a healthy defence budget and maintaining robust military capabilities. Recent or planned armoured vehicle procurements in the UK, Germany, Poland, Italy, France, and Sweden are testament to this.