The global armored vehicles market size reached US$ 17.8 Billion in 2023. Looking forward, the market is projected to reach US$ 28.8 Billion by 2032, exhibiting a growth rate (CAGR) of 5.49% during 2023-2032.
Armored vehicles are automobiles specially designed with partial or complete armor plating to withstand explosions and attacks. Armored personal carriers, infantry fighting vehicles, main battle tanks, tactical trucks, buses, limousines, and sedans are common product variants. These vehicles provide high protection against basaltic threats, including missiles, bullets, and improvised explosives devices (IEDs).
They are also used to transport military personnel and valuable items, such as money and jewelry. Armored vehicles are often fitted with weapons and a protective shell manufactured from multiple plates of corrosion-resistant steel, steel alloys, or special composite materials. Besides this, they offer better performance and higher reliability and durability to withstand attacks.
Additionally, the integration of an active protection system (APS) that uses launchers, sensors, tracking radar, and countermeasure munitions to automatically detect and counteract incoming threat projectiles is providing an impetus to the market growth. Moreover, the increasing adoption of unmanned variants by defense forces to carry out intelligence, surveillance, and reconnaissance (ISR) and combat operations is propelling the market growth. Other factors, including rising incidences of asymmetric warfare across the globe, increasing military modernization, growing production of modular armored vehicles, and the implementation of various government initiatives toward strengthening the armed forces, are anticipated to drive the market growth.
2. What is the expected growth rate of the global armored vehicles market during 2024-2032?
3. What are the key factors driving the global armored vehicles market?
4. What has been the impact of COVID-19 on the global armored vehicles market?
5. What is the breakup of the global armored vehicles market based on product?
6. What is the breakup of the global armored vehicles market based on the drive type?
7. What are the key regions in the global armored vehicles market?
8. Who are the key players/companies in the global armored vehicles market?
Armored vehicles are automobiles specially designed with partial or complete armor plating to withstand explosions and attacks. Armored personal carriers, infantry fighting vehicles, main battle tanks, tactical trucks, buses, limousines, and sedans are common product variants. These vehicles provide high protection against basaltic threats, including missiles, bullets, and improvised explosives devices (IEDs).
They are also used to transport military personnel and valuable items, such as money and jewelry. Armored vehicles are often fitted with weapons and a protective shell manufactured from multiple plates of corrosion-resistant steel, steel alloys, or special composite materials. Besides this, they offer better performance and higher reliability and durability to withstand attacks.
Armored Vehicles Market Trends
The increasing product demand from defense forces across the globe is creating a positive outlook for the market. Armored vehicles are used for frontline combat, armed escorting, surveillance, and goods transportation on battlefields. The rising popularity of armored vehicles can also be attributed to the rapid militarization of law enforcement agencies to combat internal security challenges, which, in turn, is acting as another growth-inducing factor. Furthermore, the widespread adoption of armored passenger vehicles for self and family protection, safeguarding public figures, and securing valuable materials due to increasing insurgent activities and rising threat levels is favoring the market growth.Additionally, the integration of an active protection system (APS) that uses launchers, sensors, tracking radar, and countermeasure munitions to automatically detect and counteract incoming threat projectiles is providing an impetus to the market growth. Moreover, the increasing adoption of unmanned variants by defense forces to carry out intelligence, surveillance, and reconnaissance (ISR) and combat operations is propelling the market growth. Other factors, including rising incidences of asymmetric warfare across the globe, increasing military modernization, growing production of modular armored vehicles, and the implementation of various government initiatives toward strengthening the armed forces, are anticipated to drive the market growth.
Key Market Segmentation
This report provides an analysis of the key trends in each sub-segment of the global armored vehicles market report, along with forecasts at the global, regional and country level from 2024-2032. The report has categorized the market based on product, system and drive type.Breakup by Product:
- Defense
- Armored Personnel Carrier (APC)
- Infantry Fighting Vehicles (IFVs)
- Light Protected Vehicles (LPVs)
- Main Battle Tanks (MBTs)
- Mine-resistant Ambush Protected (MRAP)
- Tactical Vehicle
- Others
- Commercial
- Bus/Van
- Limousine
- Sedan
- SUV
- Others
Breakup by System:
- Engine
- Drive System
- Ballistic Armor
- Turret Drives
- Ammunition Handling System
- Fire Control Systems (FCS)
- Armaments
- Countermeasure System
- Command and Control (C2) System
- Power System
- Navigation System
- Observation and Display System
- Hulls/Frames
Breakup by Drive Type:
- Wheeled
- Tracked
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape
The competitive landscape of the industry has also been examined along with the profiles of the key players being BAE Systems plc, Elbit Systems Ltd., General Dynamics Corporation, INKAS Armored Vehicle Manufacturing, International Armored Group, IVECO, Krauss-Maffei Wegmann GmbH & Co. KG (KMW+Nexter Defense Systems N.V.), Lenco Armored Vehicles Inc, Lockheed Martin Corporation, Oshkosh Defense, LLC (Oshkosh Corporation), Rheinmetall AG and Textron Inc.Key Questions Answered in This Report
1. What was the size of the global armored vehicles market in 2023?2. What is the expected growth rate of the global armored vehicles market during 2024-2032?
3. What are the key factors driving the global armored vehicles market?
4. What has been the impact of COVID-19 on the global armored vehicles market?
5. What is the breakup of the global armored vehicles market based on product?
6. What is the breakup of the global armored vehicles market based on the drive type?
7. What are the key regions in the global armored vehicles market?
8. Who are the key players/companies in the global armored vehicles market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Armored Vehicles Market
6 Market Breakup by Product
7 Market Breakup by System
8 Market Breakup by Drive Type
9 Market Breakup by Region
10 SWOT Analysis
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- BAE Systems plc
- Elbit Systems Ltd.
- General Dynamics Corporation
- INKAS Armored Vehicle Manufacturing
- International Armored Group
- IVECO
- Krauss-Maffei Wegmann GmbH & Co. KG (KMW+Nexter Defense Systems N.V.)
- Lenco Armored Vehicles Inc
- Lockheed Martin Corporation
- Oshkosh Defense LLC (Oshkosh Corporation)
- Rheinmetall AG
- Textron Inc.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 138 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 17.8 Billion |
| Forecasted Market Value ( USD | $ 28.8 Billion |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 12 |
