U.S. Armored Vehicle Market To Reach $12.26 Billion By 2030

 October 2024 | Report Format: Electronic (PDF)

U.S. Armored Vehicle Market Growth & Trends

The U.S. armored vehicles market size is expected to reach USD 12.26 billion by 2030, according to a new report by Grand View Research, Inc. The industry is anticipated to grow at a lucrative CAGR of 5.4% from 2023 to 2030. The U.S. armored vehicle market has witnessed considerable growth owing to the increasing emphasis on safeguarding soldiers from external and internal threats. High defense spending in the U.S. has positively impacted the growth of the armored vehicle market. With the largest defense budget, the U.S. dedicates a substantial portion to the development, procurement, and maintenance of armored vehicles. This immense financial commitment emphasizes the importance and demand for armored vehicles in the country’s defense infrastructure. The need to modernize aging fleets plays a pivotal role in driving the growth of the market. The U.S. military operates a large fleet of armored vehicles, many of which have reached the end of their service life. As a result, there is a compelling need to replace and upgrade these vehicles with more advanced and capable counterparts, aligning with evolving defense requirements.

Key players and research agencies are focusing on developing innovative techniques to make armored defense vehicles more autonomous, maneuverable, lighter, and faster to increase the survivability of vehicles. Defense Advanced Research Projects Agency (DARPA) introduced the Ground X-Vehicle Technologies (GXV-T) program to improve the mobility and survivability of armored vehicles. Furthermore, various Western military forces have started upgrading their aging armored vehicle fleets, including Denmark, Poland, Canada, U.S., and U.K. Manufacturers are focusing on offering technologically advanced Armored Fighting Vehicles (AFVs) for the defense sector.

AFVs include highly explosive munitions, fire control systems, remote weapon systems, and active defense suites, among others. These technologies have further increased the demand for AFVs in the defense sector. Defense crew must remain inside the vehicles during attacks from Rocket-Propelled Grenades (RPG), mines, and Improvised Explosive Devices (IED) to improve their survivability. The increase in the number of Remote Weapon Stations (RWS) is enabling crews to operate weapons from the protected vehicle hull.

The demand for advanced protection against emerging threats is leading to the development of next-generation armored vehicles equipped with advanced armor systems and electronic countermeasures. These defenses are crucial in countering modern challenges such as kinetic energy penetrators and anti-tank-guided missiles. Besides military demand, there is a rising need for armored vehicles among law enforcement and security agencies. These organizations deploy armored vehicles to protect their personnel and assets from threats such as terrorism, drug trafficking, and organized crime. For instance, in April 2021, BAE Systems collaborated with the U.S. Army to provide two prototype vehicles for assessment as a potential remedy for the Cold Weather All-Terrain Vehicle (CATV) program. BAE Systems introduced Beowulf’s all-terrain vehicle. It is built on tried-and-true techniques and can move people and goods in the most difficult and isolated environments.

Beowulf is a tracked, unarmored, extremely adaptable vehicle that can traverse even the most difficult terrains while transporting people and supplies in either of its two compartments. Beowulf’s efficiency is articulated by the mobility system, which provides ideal maneuverability on a variety of terrain. Additionally, it is modular in design and may be set up for a variety of tasks, including search and rescue, disaster and humanitarian aid, logistical support, and other tasks as needed.

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U.S. Armored Vehicle Market Report

U.S. Armored Vehicle Market Report Highlights

• The manned armored vehicles segment led the market in 2022, accounting for over 86% share of the revenue, driven by escalating geopolitical tensions and conflicts. This segment’s growth is fueled by the rising threat of terrorism and asymmetric warfare, as armored vehicles offer vital protection for personnel and equipment in high-risk settings.
• The wheeled segment led the market in 2022, accounting for over 83% of revenue. The segment’s growth is attributed to the versatility and mobility of wheeled vehicles. Wheeled armored vehicle, being lighter and faster than tracked ones, are better suited for a wide range of military operations.
• The electric armored vehicles segment is expected to showcase significant growth over the forecast period. The integration of advanced electric powertrains in armored vehicles enhances their performance, agility, and versatility. The immediate torque offered by electric propulsion ensures rapid acceleration and improved off-road capabilities. These vehicles are also quieter in operation, offering a stealth advantage in surveillance and reconnaissance missions.

U.S. Armored Vehicle Market Segmentation

Grand View Research has segmented the U.S. armored vehicles market based on product, vehicle type, mobility, mode of operation, point of sale, and system:

U.S. Armored Vehicle Product Outlook (Revenue, USD Billion, 2017–2030)

• Combat Vehicles
• Armored Personnel Carrier (APC)
• Infantry Fighting Vehicles (IFV)
• Light Protected Vehicles (LPV)
• Main Battle Tanks (MBT)
• Mine-resistant Ambush Protected (MRAP)
• Tactical Vehicle
• Others
• Combat Support Vehicles
• Armored Supply Trucks
• Armored Command & Control Vehicles
• Repair & Recovery Vehicles
• Unmanned Armored Ground Vehicles
• Cash in Transit Vehicles
• Law Enforcement Vehicles
• Others

U.S. Armored Vehicle Vehicle Type Outlook (Revenue, USD Billion, 2017–2030)

• Electric Armored Vehicles
• Conventional Armored Vehicles

U.S. Armored Vehicle Mobility Outlook (Revenue, USD Billion, 2017–2030)

• Wheeled
• Tracked

U.S. Armored Vehicle Mode of Operation Outlook (Revenue, USD Billion, 2017–2030)

• Manned Armored Vehicles
• Unmanned Armored Vehicles

U.S. Armored Vehicle Point of Sale Outlook (Revenue, USD Billion, 2017–2030)

• OEM
• Retrofit

U.S. Armored Vehicle System Outlook (Revenue, USD Billion, 2017–2030)

• Engines
• Drive Systems
• Ballistic Armor
• Fire Control Systems (FCS)
• Navigation Systems
• Others

List of Key Players in U.S. Armored Vehicle Market

• BAE Systems
• BMW AG
• Mercedes-Benz Group AG
• Elbit Systems Ltd.
• Ford Motor Company
• General Dynamics Corporation
• INKAS Armored Vehicle Manufacturing
• International Armored Group
• Iveco Group N. V
• Krauss-Maffei Wegmann GmbH & Co. (KMW)
• Lenco Industries, Inc.
• Lockheed Martin Corporation
• Navistar, Inc.
• Oshkosh Defense, LLC
• Rheinmetall AG
• STAT, Inc.
• Textron, Inc.
• Thales Group.

U.S. Automotive Battery Aftermarket To Reach $23.60 Billion By 203

 October 2024 | Report Format: Electronic (PDF)

U.S. Automotive Battery Aftermarket Growth & Trends

The U.S. automotive battery aftermarket size is expected to reach USD 23.60 billion by 2030, registering a CAGR of 5.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. Worldwide sales of electric vehicles are anticipated to increase significantly over the forecast period, which will emerge as one of the key factors boosting market growth.

A notable rise in availability of charging outlets and financial incentives for manufacturing Hybrid electric vehicles (HEVs) has emerged as a crucial factor for the growth of the electric vehicle market in the recent past. Lower running cost of electric vehicles compared to that of conventional Internal Combustion Engine (ICE)-operated vehicles is also expected to bolster market growth. Various government regulatory agencies have implemented policies that support increased usage of electric vehicles globally. In addition, environmental issues, such as increasing levels of pollution, energy depletion, global warming, and biological hazards, are leading to a substantial shift in consumer preferences from conventional vehicles to electric vehicles.

Leading manufacturers of electric vehicles are also increasingly incorporating eco-friendly materials in their production mechanisms. Ford, for instance, has started using bio-based and recycled materials to manufacture external structures of its electric vehicles. Nissan, on the other hand, is using a different approach to being environment-friendly when it comes to its electric vehicles. The company extensively uses old car parts, water bottles, and plastic bags to manufacture interior and exterior parts of these vehicles.

The automotive aftermarket is witnessing a dynamic phase change in customary automotive component sales and delivery paradigms with the convergence of digitalization and auto repair and maintenance service delivery techniques. Several start-ups have surfaced in the industry, delivering custom-made components at economical rates. For instance, CarParts.com and US Auto Parts Network, Inc. are leading global auto spare parts suppliers for maintaining vehicles. These start-ups also suggest an estimate for the right price to be paid for an auto component along with recommendations for customizations.

Similarly, ‘Auto Parts Warehouse’ allows users to compare and get components at economical rates with ease and delivers instant quotes for battery replacement and maintenance. This convergence enables component suppliers to provide pickup and drop services even from remote locations in cases of repair and replacements. Digitalization has, thereby, enabled transparency in auto repair and maintenance service delivery. Digitalization in automotive component suppliers has enabled OEMs to deliver directly to the customer’s home or office from across the globe, at the click of a button.

However, fluctuating raw material prices are hampering the growth of the U.S. automotive battery aftermarket. Lead oxide, sulfuric acid, and polypropylene are key raw materials used to manufacture batteries. Polypropylene, which is used to make cases for batteries, is derived from carbon compound and petroleum. Crude oil and natural gas derivatives are the primary feedstock used to produce polypropylene. Therefore, fluctuation in prices of crude oil and natural gas plays a key role in structuring the cost dynamics of plastics used for battery manufacturing.

Crude oil witnessed tremendous fluctuation in prices over the past few years owing to the large supply-demand gap. As a result, several nations implemented policies in order to stock up on crude oil resources to maintain constant internal supply. Volatility in prices of crude oil also has a direct impact on the manufacturing cost of its downstream derivatives.

Key manufacturers and distributors are continuously expanding their service reach by resorting to geographical expansion and mergers and acquisition across U.S. states. In April 2017, for instance, A123 Systems, LLC announced plans to construct a new headquarter in Michigan. This strategy is likely to help the company in amplifying its presence in U.S. over the near future. In June 2014, the company acquired intellectual property-related assets of Leyden Energy, based in California, U.S., and China. This strategic acquisition is projected to benefit the company in gaining access to the latter’s lithium-ion technology and battery materials, thus widening the former’s technological expertise.

In U.S., most automotive aftermarket batteries are manufactured by three leading companies, namely East Penn Manufacturing Company, Exide Industries Ltd., and Johnson Controls. These companies offer batteries under various brand names, which manufactures batteries according to desired specification of retailers, so the specifications of their products may vary. Johnson Controls, which supplies batteries to more than half market, announced in November 2018 that it has agreed to sell its power solutions business, which involves automotive battery business, to Brookfield Business Partners L.P. The transaction was valued at nearly USD 13.2 billion.

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U.S. Automotive Battery Aftermarket Report

U.S. Automotive Battery Aftermarket Report Highlights

• Rising investments and initiatives aimed at developing Hybrid Electric Vehicles (HEV) are expected to propel market growth. For instance, the U.S. American Recovery and Reinvestment Act grants funds to private and government entities to develop HEVs
• The retail/brick segment accounted for the largest revenue share of 57.7% in 2022.
• The passenger vehicles segment captured the largest revenue share of over 56.5% in 2022. The growing number of passenger vehicles on the road is leading to a higher demand for automotive batteries, as these vehicles require periodic battery replacements due to wear and tear.

U.S. Automotive Battery Aftermarket Segmentation

Grand View Research has segmented the U.S. automotive battery aftermarket based on battery type, vehicle type, and distribution channel:

U.S. Automotive Battery Aftermarket Battery type Outlook (Volume in Million Units, Revenue in USD Billion, 2017–2030)

• Lithium-ion
• Lead Acid
• Nickel-based
• Sodium-ion
• Others

U.S. Automotive Battery Aftermarket Vehicle type Outlook ((Volume, Million Units; Revenue, USD Billion, 2017–2030)

• Passenger Vehicle
• Electric Vehicle
• Commercial Vehicle
• Others

U.S. Automotive Battery Aftermarket Distribution Channel Outlook ((Volume, Million Units; Revenue, USD Billion, 2017–2030)

• Retail/Brick
• E-commerce
• Others

List Of Key Players U.S. Automotive Battery Aftermarket

• A123 Systems, LLC
• East Penn Manufacturing Company
• Aptiv
• Exide Technologies
• Johnson Controls
• NEC Corporation
• Samsung SDI Co., Ltd
• Tesla
• Interstate Batteries

U.S. Concierge Medicine Market To Reach $13.3 Billion By 2030

 October 2024 | Report Format: Electronic (PDF)

U.S. Concierge Medicine Market Growth & Trends

The U.S. concierge medicine market size is anticipated to reach USD 13.3 billion by 2030, based on a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 10.37% from 2024 to 2030. Rising waiting times for a physician appointment, shortage of physicians, and rising prevalence of chronic diseases are driving patients from conventional settings to non-traditional care settings. This, coupled with more time with physicians, fewer hospitalizations, and a focus on preventive care is driving market growth.

Concierge medicine is not only beneficial for patients but also for providers. Owing to this, many physicians are switching to this practice. As per Concierge Medicine Today, LLC, there are around 10,000 to 25,000 physicians or subscription-based programs across the U.S. A large number of female doctors are switching to concierge practice. Female doctors are more burned out and stressed. Physician burnout is the prime reason for the increase in the adoption of concierge medicine.

Hybrid concierge model successfully addresses the issues of primary care physician shortages. In hybrid model, the primary care doctor provides an option to patients to choose between subscription-based care or receiving care in the traditional way under insurance. Owing to shortage of physicians in the near future, access to healthcare will become difficult resulting in many patients moving to concierge physicians for convenient care. The subscription-based model will ensure easy access to care even if there is a physician shortage. This is expected to drive market growth over the forecast period.

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U.S. Concierge Medicine Market Report

U.S. Concierge Medicine Market Report Highlights

• Growing patient awareness, rising disposable income, and increasing demand for quality healthcare services are anticipated to boost the demand for concierge medicine in the U.S. The interest of the millennials in concierge practice is increasing owing to its advantages, which are favoring market growth
• Based on speciality, the primary care segment dominated the market in terms of revenue in 2023. Growing demand for primary care services and the sizeable aging population have increased the work burden on existing physicians. Hence, to reduce their stress and maintain work-life balance, many physicians are downsizing to membership-based medicine where they maintain less patient volume
• In terms of ownership, the group segment held the maximum market portion in 2023 owing to the VIP services provided in membership model. As transitioning to a retainer model requires legal compliance, high advertisement, and patient communication, many physicians merge their practice with concierge medicine companies
• Although concierge medicine is priced high when compared to traditional care, the patients get value services for their money. Physicians provide full attention to their patients and provide personalized care
• The demand for membership-based care skyrocketed during COVID-19 pandemic due to the presence of patients with chronic diseases such as diabetes that require continuous monitoring. Many concierge physicians are actively adopting telemedicine to connect to these patients virtually

U.S. Concierge Medicine Market Segmentation

Grand View Research has segmented the U.S. concierge medicine market based on specialty, and ownership:

U.S. Concierge Medicine Specialty Outlook (Revenue, USD Million, 2018–2030)

• Primary Care
• Pediatrics
• Osteopathy
• Internal Medicine
• Cardiology
• Psychiatry
• Others

U.S. Concierge Medicine Ownership Outlook (Revenue, USD Million, 2018–2030)

• Standalone
• Group

List of Key Players in the U.S. Concierge Medicine Market

• MDVIP
• Signature MD
• Crossover Health
• Specialdocs Consultants, LLC
• PartnerMD
• Concierge Consultants & Cardiology
• Castle Connolly Private Health Partners
• Peninsula Doctor
• Cambell Family Medicine
• Destination Health
• Priority Physicians, Inc.
• U.S. San Diego Health