Armored Vehicle Market Growth in India

Chicago, Feb. 06, 2024 (GLOBE NEWSWIRE) — Increased procurement to tackle terrorist strikes, border disputes, and sensitive multi-cultural issues
India is one of the fastest-growing economies in the world. It is also the eighth-largest in military expenditure and third-largest in armed forces in the world. In the past 10 years, India has grown its international influence and has become a prominent voice in global affairs.

 It has prioritized good relationships with Russia, France, the US, Israel, China, Iran, Japan, and several other countries in recent years. India is facing increasing instances of terrorist strikes, border disputes, sensitive multi-cultural issues, and rampant crime. These factors have led to the increased procurement of armored vehicles in the country, thereby fueling the growth of the Indian armored vehicles market.

Download PDF Brochure @
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=6322755

In March 2021, the Ministry of Defence (MoD) awarded a major contract to Mahindra Defence Systems (MDS) for the manufacturing of armored tactical vehicles (specifically Light Strike Vehicles – LSV) for the Indian Army for its recce and weapon carrier requirements. The Mahindra Defence Systems LSV has undergone rigorous and elaborate trial procedures carried out by the Indian Army in different terrains, including high altitudes, deserts, and plains. It is the only vehicle that passed all field, ballistics, and technical trials.

Paramount Group, based in South Africa, is enlarging its manufacturing facility in India to diversify the array of combat vehicles it intends to manufacture. This expansion includes the incorporation of 4×4 and 6×6 infantry fighting platforms, extending the product lineup to cater to global customers.

This expansion strengthens the already established industrial collaboration between the partners. In 2021, Paramount and Bharat Forge formalized a cooperative agreement for jointly manufacturing the Kalyani M4 armored personnel carrier in India. A substantial number of these vehicles have been supplied to the Indian Army under a contract valued at approximately USD 21.4 million.

CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaShorts takes no editorial responsibility for the same.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Privacy & Cookies Policy