What Has Been the Progress and Growth of the Armored Vehicles Market in Recent Years?
The armored vehicles market has seen considerable growth due to a variety of factors.
• The market size for armored vehicles has significantly expanded over the last few years. From being worth $9.94 billion in 2024, it is projected to escalate to $10.68 billion in 2025, marking a Compound Annual Growth Rate (CAGR) of 7.5%.
The historic growth can be linked to factors such as military disputes, peacekeeping endeavors, acts of terrorism and insurgency, border security concerns, and law enforcement requirements.
How Does the Forecast Look for the Armored Vehicles Market?
The armored vehicles market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, an impressive growth is projected for the armored vehicles market. The market is poised to expand to a value of $13.47 billion by 2029, with a compound annual growth rate (CAGR) of 6.0%.
Various factors such as urban warfare, asymmetric threats, cybersecurity and data protection, hybrid and electric propulsion, along with unmanned and autonomous features, contribute to the anticipated growth in this forecast period. Key trends expected to shape the market during the forecast period include modular armor and upgrades, increased emphasis on crew safety and comfort, use of lighter weight materials, initiatives for riot control and crowd management, and the development of multi-role armored vehicles.
What Are The Essential Drivers Behind The Growth Of The Armored Vehicles Market?
The growth of the armored vehicle market in the forecast period is anticipated to be spurred by higher military spending. Global conflicts and international rivalries are compelling nations to invest more in their military capabilities, encompassing operations, maintenance, weapons procurement, armored vehicles, and research and development targeted towards military advancements. In context, the Stockholm International Peace Research Institute (SIPRI), based in Sweden, reported that there was a 6.8% real-term increase in global military expenditure in 2023, taking the total to $2,443 billion from the preceding year. Hence, this rise in military spending is fundamental for the expansion of the armored vehicle market.
How Are The Segments Defined Within The Global Armored Vehicles Market?
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
Subsegments:
1) By Armored Personnel Carrier: Wheeled Armored Personnel Carriers, Tracked Armored Personnel Carriers
2) By Infantry Fighting Vehicle: Wheeled Infantry Fighting Vehicles, Tracked Infantry Fighting Vehicles
3) By Main Battle Tanks: Light Battle Tanks, Heavy Battle Tanks
4) By Tactical Truck: Armored Cargo Trucks, Armored Utility Trucks, Armored Tactical Vehicles
5) By Bus: Armored Passenger Buses, Armored Military Transport Buses
6) By Others: Armored Reconnaissance Vehicles, Armored Bridge Layers, Armored Engineering Vehicles
Pre-Book The Armored Vehicles Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
How Are New Trends Expected To Influence The Growth Of The Armored Vehicles Market?
Major operators in the armored vehicle market are focusing their efforts on product innovation, such as the armored light specialist vehicle, to offer dependable services to their customers. The term light specialist vehicle often refers to a vehicle specifically designed and equipped for dedicated, often military or emergency service roles. For example, Mahindra Defence Systems Limited, an India-domiciled supplier of armored solutions to military and paramilitary forces, launched the Armoured Light Specialist Vehicle (ALSV) in June 2023. The ALSV is a lightweight, four-wheel-drive, air-transportable tactical armored specialist vehicle utilized for various roles such as patrol, reconnaissance, and convoy escort. The vehicle is equipped with a Steyr 3.2-liter, 6-cylinder turbo diesel engine that delivers 215 hp at 3600 rpm with a maximum torque of 500Nm. The ALSV variants include the Armored Protection Vehicle for Security which can seat 6 to 8 people, Light Armored Ambulance, Command and Control Vehicle, 81/82mm Light Mortar Vehicle, and Ammunition Carrier for Light Weapons.
Who Are the Key Players In The Armored Vehicles Market?
Major companies operating in the armored vehicles market include:
• 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.
What Is The Most Dominant Region In The Armored Vehicles Market?
Asia-Pacific was the largest region in the armored vehicles market in 2023. Western Europe is expected to be the fastest-growing region in the armored vehicles market during the forecast period. The regions covered in the armored vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
