The armored vehicles market is estimated at USD 51.6 billion in 2025 and is projected to reach USD 60.7 billion by 2030 at a CAGR of 3.3% from 2025 to 2030. Nations facing territorial disputes or border tensions, such as those in regions like South Asia, Eastern Europe, and the Middle East, are compelled to bolster their defense capabilities, including the acquisition of armored vehicles. These conflicts heighten the demand for advanced military equipment to ensure territorial integrity and protect national borders. As a result, governments allocate substantial budgets toward the procurement of armored vehicles equipped with cutting-edge technology, enhancing their combat capabilities and readiness to respond to potential threats. Additionally, the need to maintain peace and security amid border disputes fosters continuous investment in armored vehicles, sustaining market growth over the forecast period.
Based on type, the conventional armored vehicles segment is estimated to have the largest market share in 2025.
Conventional armored vehicles are estimated to hold the largest market of the armored vehicles market because of their established utility, extensive use, and continuous upgrading. They make up the backbone of mechanized ground forces with their facilitating capabilities in firepower, mobility, and protection for offense and defense operations.
Even with the introduction of drones and hybrid platforms, traditional armored vehicles are still crucial in combined arms and high-intensity combat, where kinetic effectiveness and survivability are a top priority. The continuing investments of principal military forces in fleet refurbishment - through enhanced armor, active protection packages, digital fire control, and networked battle management - are prolonging the service and shelf life of these systems. European, Asian, and Middle Eastern countries are procuring or modernizing conventional systems to counter evolving threats, particularly against the backdrop of increasing geopolitical tensions and shifting defense needs. These programs include the US Army M1A2 SEP upgrades, the Polish procurement of the K2 tank, and NATO's emphasis on tracked mobility to further this trend.
The renewed red-hot fighting, as with that ongoing in Ukraine, has revalidated the utility of armored combat vehicles in their role of attacking heavily defended positions, assisting infantry, and securing control of territory. Hence, countries are investing quickly in either refurbishing older combat fleets or procuring next-generation systems with active defense systems, networked command systems, and modular, packaged armor.
The constant border conflicts in the South China Sea, increased border tensions along the India-China and Korean Peninsula borders, and strategic positioning by China's military expansion have encouraged many countries in the region to invest in MBTs, IFVs, and wheeled armored vehicles. Projects such as India's Future Infantry Combat Vehicle (FICV), Australia's LAND 400, and South Korea's K2 export programs are driving local production as well as global cooperation.
Furthermore, the Asia Pacific region is emerging as a manufacturing and export hub, with countries such as South Korea and India entering international markets through defense cooperation and technology transfer.
The armored vehicles market experiences growth and evolution driven by various factors. Rising geopolitical tensions and terrorism are compelling countries to enhance defense capabilities, fueling demand for armored vehicles. Global military modernization programs aiming to replace aging fleets with advanced technology-equipped vehicles are further driving the market. The report provides insights into the following points:
Based on type, the conventional armored vehicles segment is estimated to have the largest market share in 2025.
Conventional armored vehicles are estimated to hold the largest market of the armored vehicles market because of their established utility, extensive use, and continuous upgrading. They make up the backbone of mechanized ground forces with their facilitating capabilities in firepower, mobility, and protection for offense and defense operations.
Even with the introduction of drones and hybrid platforms, traditional armored vehicles are still crucial in combined arms and high-intensity combat, where kinetic effectiveness and survivability are a top priority. The continuing investments of principal military forces in fleet refurbishment - through enhanced armor, active protection packages, digital fire control, and networked battle management - are prolonging the service and shelf life of these systems. European, Asian, and Middle Eastern countries are procuring or modernizing conventional systems to counter evolving threats, particularly against the backdrop of increasing geopolitical tensions and shifting defense needs. These programs include the US Army M1A2 SEP upgrades, the Polish procurement of the K2 tank, and NATO's emphasis on tracked mobility to further this trend.
Based on platform, the combat vehicles segment is estimated to have the largest market share in 2025.
Combat vehicles are expected to lead the armored vehicles market since they are the frontline edge of combat, force projection, and battlefield superiority. Main battle tanks (MBTs), infantry fighting vehicles (IFVs), and armored assault and reconnaissance vehicles are all part of this segment and are essential to modern land warfare doctrine. They are the model force-projection vehicle balance of firepower, defense, and mobility, allowing forces to be offensive or defensive in traditional and hybrid war environments.The renewed red-hot fighting, as with that ongoing in Ukraine, has revalidated the utility of armored combat vehicles in their role of attacking heavily defended positions, assisting infantry, and securing control of territory. Hence, countries are investing quickly in either refurbishing older combat fleets or procuring next-generation systems with active defense systems, networked command systems, and modular, packaged armor.
The Asia Pacific region is estimated to capture a significant market share in 2025.
The Asia Pacific region is estimated to be a major armored vehicles market due to increased defense spending, regional competition, and enormous modernization initiatives. China, India, South Korea, Australia, and Japan are all leading countries actively building and improving their ground forces to respond to a wide range of conventional and unconventional threats. It includes strengthening perimeter defenses, developing rapid deployment capabilities, and gearing up for expected high-intensity combat environments.The constant border conflicts in the South China Sea, increased border tensions along the India-China and Korean Peninsula borders, and strategic positioning by China's military expansion have encouraged many countries in the region to invest in MBTs, IFVs, and wheeled armored vehicles. Projects such as India's Future Infantry Combat Vehicle (FICV), Australia's LAND 400, and South Korea's K2 export programs are driving local production as well as global cooperation.
Furthermore, the Asia Pacific region is emerging as a manufacturing and export hub, with countries such as South Korea and India entering international markets through defense cooperation and technology transfer.
Breakdown of Primary Interviews
The breakdown of the profile of primary participants in the armored vehicles market is as follows:- by Company Type: Tier 1 - 35%, Tier 2 - 45%, and Tier 3 - 20%
- by Designation: C Level - 35%, Director Level - 25%, and Others - 40%
- by Region: North America - 25%, Europe - 15%, Asia Pacific - 45%, Middle East - 10%, and the Rest of the World (RoW) - 5%
Research Coverage:
This market study covers the armored vehicles market across various segments and subsegments. It aims to estimate this market's size and growth potential across different parts based on region. This study also includes an in-depth competitive analysis of the key players in the market, their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies they adopted.Reasons to Buy this Report:
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall Armored Vehicles market. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report will also help stakeholders understand the market pulse and provide information on key market drivers, restraints, challenges, and opportunities.The armored vehicles market experiences growth and evolution driven by various factors. Rising geopolitical tensions and terrorism are compelling countries to enhance defense capabilities, fueling demand for armored vehicles. Global military modernization programs aiming to replace aging fleets with advanced technology-equipped vehicles are further driving the market. The report provides insights into the following points:
- Market drivers (improving ISR and target acquisition capabilities of defense forces, increasing demand for armored vehicles to tackle cross-border conflicts, rising incidence of asymmetric warfare across the globe, and increased defense spending), restraints (occurrence of mechanical and electrical failure in armored vehicles and survivability issues), opportunities (rising technology integration and upgrades in military vehicles, rising adoption of lifecycle optimization strategies for sustainment, military modernization plans across the globe) challenges (hardware and software malfunctions and high costs of main battle tanks)
- Market Penetration: Comprehensive information on armored vehicles offered by the top players in the market
- Product Development/Innovation: Detailed insights into upcoming technologies, research & development activities, and product launches in the armored vehicles market
- Market Development: Comprehensive information about lucrative markets (the report analyzes the armored vehicles market across varied regions)
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the armored vehicles market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in the armored vehicles market
Table of Contents
1 Introduction
2 Research Methodology
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Armored Vehicles Market, by Platform
8 Armored Vehicles Market, by Type
9 Armored Vehicles Market, by Mobility
10 Armored Vehicles Market, by Mode of Operation
11 Armored Vehicles Market, by System
12 Armored Vehicles Market, by Point of Sale
13 Armored Vehicles Market, by Region
14 Competitive Landscape
15 Company Profiles
16 Appendix
List of Tables
List of Figures
Companies Mentioned
- Rheinmetall AG
- General Dynamics Corporation
- Oshkosh Corporation
- Bae Systems
- Hanwha Group
- Northrop Grumman
- Lockheed Martin Corporation
- Thales
- L3Harris Technologies, Inc.
- St Engineering
- Elbit Systems Ltd.
- Mitsubishi Heavy Industries, Ltd.
- Hyundai Rotem Company
- Textron Inc.
- Otokar Otomotiv Ve Savunma Sanayi
- Denel Soc Ltd.
- Knds
- Fnss
- China North Industries Corporation (Norinco)
- Rtx
- Iveco Defence Vehicles
- Paramount Group
- Arquus
- Tatra Trucks A.S.
- Kalyani Strategic Systems Ltd.
- Am General
- Mahindra Emirates Vehicle Armouring Fz LLC
- Tata Advanced Systems Limited
- Inkas Armored Vehicle Manufacturing
- Streit Group
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 339 |
| Published | June 2025 |
| Forecast Period | 2025 - 2030 |
| Estimated Market Value ( USD | $ 51.6 Billion |
| Forecasted Market Value ( USD | $ 60.7 Billion |
| Compound Annual Growth Rate | 3.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 30 |
