Armored Vehicle Market Report Probes the USD Billion Size, Share, Growth Report and Future Analysis by 2032

Key Insights

The Armored Vehicle Market size was valued at USD 19.5 USD Billion in 2023 and is projected to reach USD 29.71 USD Billion by 2032, exhibiting a CAGR of 6.2 % during the forecast period. Armored vehicles are armed military, commercial, or passenger vehicles covered in full or partial armor that protect against bullets, shrapnel, rocket munitions, bullet, projectiles, shrapnel, and weapon systems. They are mostly called armored fighting vehicles and are a combination of innovative weapons, technology, electronics, etc., and can move on continuous tracks or wheels. They play an important role in reconnaissance, combat, battlefield, etc., and modern versions are integrated with advanced technologies such as programmable ammunition, automatic reloading, and active defense systems. The market for armored vehicles is growing due to global security concerns, evolving threats, and technological advancements. By fulfilling the requirements of multi-functionality, safety of the crew, and new technologies, the market can continue to grow and meet the various needs of the military and security forces.

Armored Vehicle Trends

• Increased demand for armored vehicles in response to global security threats
• Advancements in technology, including unmanned armored ground vehicles and electric propulsion systems
• Growing emphasis on survivability and protection capabilities

Driving Forces: What's Propelling the Armored Vehicle Market

• Escalating Global Tensions: Deteriorating geopolitical dynamics and unresolved conflicts are driving up demand for armored vehicles to enhance defense capabilities and deter adversaries.
• Counter-terrorism and Insurgency: Ongoing terrorist threats and non-state actor insurgencies necessitate the deployment of vehicles equipped to withstand improvised explosive devices (IEDs) and other weaponry.
• Border Security and Peacekeeping Operations: Increasing border disputes, illegal migration, and civil unrest require robust armored vehicles for border patrol and peacekeeping missions to maintain stability and protect civilians.
• Technological Advancements: Innovations in armor materials, sensors, and weapons systems are enhancing the capabilities and efficiency of armored vehicles, making them more adaptable to diverse threats.

Challenges and Restraints in Armored Vehicle Market

• High Production and Maintenance Costs: Developing and producing armored vehicles is a resource-intensive process, resulting in high acquisition and maintenance expenses, which can strain defense budgets.
• Collateral Damage Concerns: The use of armored vehicles in urban or populated areas raises ethical concerns about potential collateral damage and civilian casualties, especially with the advancement of remotely operated weapons.
• Limited Mobility in Urban Environments: While armored vehicles offer protection, their size and limited maneuverability can hinder operations in congested urban settings, requiring the development of smaller, more agile vehicles.
• Technological and Regulatory Constraints: The fast-paced evolution of technology in the defense sector can outpace regulatory frameworks, creating challenges in the development, deployment, and use of armored vehicles with autonomous capabilities.

Emerging Trends in Armored Vehicle

• Integration of artificial intelligence (AI) and machine learning
• Focus on modular and customizable designs
• Integration of hybrid and electric propulsion systems

Growth Catalysts in Armored Vehicle Industry

• Increasing demand for advanced protection systems
• Technological advancements in surveillance and situational awareness
• Government initiatives to modernize military fleets

Market Segmentation: Armored Vehicle Analysis

Platform:

• Combat Vehicle
• Combat Support Vehicle
• Unmanned Armored Ground Vehicles

Propulsion:

• Conventional
• Electric

Mobility:

• Wheeled
• Tracked

System:

• Drive Systems
• Structures & Mechanisms
• Weapons & Ammunition Control Systems
• Countermeasure Systems
• Command & Control Systems
• Navigation Systems
• Observation & Display Systems
• Others

Solution:

• Line Fit
• Retrofit

Leading Players in the Armored Vehicle Market

• BAE Systems
• General Dynamics Corporation
• Rheinmetall AG
• Krauss-Maffei Wegmann GmbH
• Denel SOC ltd
• IVECO DEFENCE VEHICLES
• NORINCOGROUP.com Inc.
• Oshkosh Defense, LLC
• Otokar
• Textron Systems

Significant developments in Armored Vehicle Sector

• BAE Systems awarded a contract to supply new armored vehicles for the British Army
• Rheinmetall unveils a new unmanned armored ground vehicle
• Oshkosh Defense launches a hybrid-electric armored vehicle

Comprehensive Coverage Armored Vehicle Market Report

This report provides a comprehensive analysis of the global armored vehicle market, covering market size, growth trends, driving forces, challenges, emerging trends, segmentation, and key players. It also includes regional insights and profiles of leading companies.

Regional Insight

The Asia-Pacific region is projected to witness the fastest growth in the armored vehicle market, driven by rising defense expenditure and increased security threats. North America and Europe will remain significant markets for armored vehicles.