The Armored Vehicles Market Overview 2025 report reveals that the market size has grown significantly over the past few years, with projections indicating further expansion.
What are the Historical Growth Trends in the Armored Vehicles Market?
The market size of the armored vehicles has seen substantial growth recently. It's projected to expand from $9.94 billion in 2024 to $10.68 billion in 2025, with a compound annual growth rate (CAGR) of 7.5%.
What are the 2025 Market Projections: Forecasted Size & Growth Rate for the Armored Vehicles Industry?
The 2029 market projections for the Armored Vehicles Global Market indicate that the market size is expected to reach $13.47 billion, expanding at a compound annual growth rate (CAGR) of 6.0%.
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What are the Key Growth Drivers Fueling the Armored Vehicles Market?
The key drivers in the armored vehicles market are:
• Rising concerns about urban warfare and asymmetric threats
• Increasing focus on cybersecurity and data protection
• Advancements in hybrid and electric propulsion
• Growth in the production of unmanned and autonomous armored vehicles
Global Market Segmentation: Identifying Major Armored Vehicles Industry Segments
The armored vehicles market covered in this report is segmented –
1) By Vehicle Type: Armored Personnel Carrier, Infantry Fighting Vehicle, Main Battle Tanks, Tactical Truck, Bus, Others
2) By Platform: Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles
3) By System: Engine, Drive System, Ballistic Armor, Fire Control System (FCS), Armaments, Ammunition Handling System, Countermeasure System, Command And Control System, Others
4) By Mobility: Tracked, Wheeled, 4X4, 6X6, 8X8, Others
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What are the Emerging Trends Shaping the Future of the Armored Vehicles Market?
The key trends in the armored vehicles market are:
• The market is forecasted to shift towards modular armor and upgrades as a major trend.
• Crew safety and comfort is increasingly influencing the direction of the market.
• The incorporation of lighter weight materials in armored vehicles is a growing trend.
• The use of armored vehicles in riot control, crowd management, and multi-role functions is an emerging trend.
Who Are the Top Competitors & Leading Players in the Armored Vehicles Market?
Major companies in the armored vehicles market are:
• BAE Systems
• Oshkosh Corporation
• International Armored Group
• General Dynamics Land Systems
• Textron Inc.
• Rheinmetall AG
• Lockheed Martin Corporation
• Krauss-Maffei Wegmann GmbH & Co. KG
• INKAS Armored Vehicle Manufacturing
• Elbit Systems Ltd.
• IVECO S.p.A.
• Lenco Armored Vehicles Inc.
• Navistar - Navistar International Corporation
• Thales Group
• STREIT Group
• UralVagonZavod Corporation
• Ukroboronprom
• NORINCO - China North Industries Group Corporation Limited (NORINCO)
• Bayerische Motoren Werke AG
• Ford Motor Company
• Raytheon Technologies Corporation
• Mitsubishi Heavy Industries Ltd.
• Hyundai Motor Company
• Nexter Group
• Panhard General Defense SAS
• Plasan Sasa Ltd.
• SABIEX International
• Hanwha Defense Co.Ltd.
Regional Dominance: Which Area Leads the Global Armored Vehicles Market?
Asia-Pacific was the largest region in the armored vehicles market in 2023
