Armored Vehicles Global Market Report 2022 – By Vehicle Type (Armored Personnel Carrier, Infantry Fighting Vehicle, Main Battle Tanks, Tactical Truck, Bus), By Platform (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles), By System (Engine, Drive System, Ballistic Armor, Fire Control System (FCS), Armaments, Ammunition Handling System, Countermeasure System, Command And Control System), By Mobility (Tracked, Wheeled, 4X4, 6X6, 8X8) – Market Size, Trends, And Global Forecast 2022-2026

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The armored vehicles market consists of sales of armored vehicles by entities (organizations, sole traders, and partnerships) that produce armored vehicles. The armored fighting vehicle is a self-propelled, weaponized military vehicle used for combat operations.

The main vehicle types of armored vehicles are armored personnel carrier, infantry fighting vehicle, main battle tanks, tactical truck, bus, and others. An armored personnel carrier is a type of armored military vehicle used to transport personnel and equipment in combat zones. The various platform includes combat vehicles, combat support vehicles, unmanned armored ground vehicles and the different systems involved are engine, drive system, ballistic armor, fire control system (FCS), armaments, ammunition handling system, countermeasure system, command, and control system, others. By mobility, the armored vehicles are classified into tracked, wheeled, 4x4, 6x6, 8x8, others.

The global armored vehicles market size is expected to grow from $10.62 billion in 2021 to $11.22 billion in 2022 at a compound annual growth rate (CAGR) of 5.7%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The armored vehicle market is expected to reach $13.01 billion in 2026 at a CAGR of 3.8%.

Increased military spending is expected to fuel the growth of the armored vehicles market over the coming years. Countries around the world are investing in the military because of their conflicts and rivalry with other nations. Military expenditure covers operations, maintenance, arms acquisition, armored vehicles, and military research and development. For instance, on December 20, 2019, the Japanese government signed off on its highest-ever defense budget of $48.5 billion for the next financial year, amidst the increasing conflicts with Asia-Pacific. According to current results from the Stockholm International Peace Research Institute (SIPRI), the overall global military budget increased to $1,917 billion in 2019. Therefore, the increased military spending drives the growth of the armored vehicles market.

The high cost of armored vehicles is expected to limit the growth of the armored vehicles market in the coming years. The cost of armored vehicles is high because armored vehicles are fitted with strict attention to quality for providing uncompromising protection while being on the route. For example, Inkas Sentry Civilian is an armed personnel carrier that starts at a base price of $350,000. Therefore, the high cost of armored vehicles hinders the growth of the armored vehicles market.

The unmanned armored vehicle is a key trend gaining popularity in the armored vehicles market. The use of unmanned armored vehicles in the defense sector is increasingly evolving and military organizations around the globe are experimenting with their use in an attempt to understand what actually such systems can bring and how they can best be incorporated into existing power structures. For instance, in March 2020, the first unmanned armored vehicle from SOORAN, capable of fighting on battlefields and operating from a distance, grabbed the attention of the Indian Army. SOORAN is an artificial intelligence multi-terrain vehicle fitted with a petrol engine and can be controlled in three modes, including remote teleoperation, mobile control station teleoperation, and autonomous mode.

In May 2020, BAE Systems, a USA-based Aerospace company acquired Raytheon Company for an undisclosed amount. This acquisition augments BAE Systems’ portfolio in airborne communications with broad-spectrum, multi-band, multi-channel radios that feature robust anti-jamming and encryption capabilities. Raytheon Company is a USA defense contractor and industrial corporation with core manufacturing concentrations in weapons and military and commercial electronics.

Major players in the armored vehicles market are BAE Systems, Oshkosh Corp, International Armored Group, General Dynamics Land Systems, Textron, Rheinmetall, Lockheed Martin, Krauss-Maffei Wegmann, INKAS Armored Vehicle, Elbit Systems, IVECO, Lenco Industries, Navistar, Thales Group, STREIT Group, UralVagonZavod, Ukroboronprom, NORINCO, BMW, Ford Motor Company, The Raytheon and Mitsubishi Heavy Industries and Hyundai.

Asia Pacific was the largest region in the armored vehicles market in 2021. Western Europe is expected to be the fastest growing region in 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 and Africa.

The countries covered in the armored vehicles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The global armored vehicles market 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

    Table Of Contents

    1. Executive Summary

    2. Armored Vehicles Market Characteristics

    3. Armored Vehicles Market Trends And Strategies

    4. Impact Of COVID-19 On Armored Vehicles

    5. Armored Vehicles Market Size And Growth

    5.1. Global Armored Vehicles Historic Market, 2016-2021, $ Billion

    5.1.1. Drivers Of The Market

    5.1.2. Restraints On The Market

    5.2. Global Armored Vehicles Forecast Market, 2021-2026F, 2031F, $ Billion

    5.2.1. Drivers Of The Market

    5.2.2. Restraints On the Market

    6. Armored Vehicles Market Segmentation

    6.1. Global Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    Armored Personnel Carrier

    Infantry Fighting Vehicle

    Main Battle Tanks

    Tactical Truck

    Bus

    Other

    6.2. Global Armored Vehicles Market, Segmentation By Platform, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    Combat Vehicles

    Combat Support Vehicles

    Unmanned Armored Ground Vehicles

    6.3. Global Armored Vehicles Market, Segmentation By System, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    Engine

    Drive System

    Ballistic Armor

    Fire Control System (Fcs)

    Armaments

    Ammunition Handling System

    Countermeasure System

    Command And Control System

    Others

    6.4. Global Armored Vehicles Market, Segmentation By System, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    Engine

    Drive System

    Ballistic Armor

    Fire Control System (Fcs)

    Armaments

    Ammunition Handling System

    Countermeasure System

    Command And Control System

    Others

    6.5. Global Armored Vehicles Market, Segmentation By Mobility, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    Tracked

    Wheeled

    4X4

    6X6

    8X8

    Others

    7. Armored Vehicles Market Regional And Country Analysis

    7.1. Global Armored Vehicles Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    7.2. Global Armored Vehicles Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    8. Asia-Pacific Armored Vehicles Market

    8.1. Asia-Pacific Armored Vehicles Market Overview

    Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies

    8.2. Asia-Pacific Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    9. China Armored Vehicles Market

    9.1. China Armored Vehicles Market Overview

    9.2. China Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F,$ Billion

    10. India Armored Vehicles Market

    10.1. India Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    11. Japan Armored Vehicles Market

    11.1. Japan Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    12. Australia Armored Vehicles Market

    12.1. Australia Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    13. Indonesia Armored Vehicles Market

    13.1. Indonesia Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    14. South Korea Armored Vehicles Market

    14.1. South Korea Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    15. Western Europe Armored Vehicles Market

    15.1. Western Europe Armored Vehicles Market Overview

    15.2. Western Europe Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    16. UK Armored Vehicles Market

    16.1. UK Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    17. Germany Armored Vehicles Market

    17.1. Germany Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    18. France Armored Vehicles Market

    18.3. France Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    19. Eastern Europe Armored Vehicles Market

    19.1. Eastern Europe Armored Vehicles Market Overview

    19.2. Eastern Europe Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    20. Russia Armored Vehicles Market

    20.1. Russia Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    21. North America Armored Vehicles Market

    21.1. North America Armored Vehicles Market Overview

    21.2. North America Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    22. USA Armored Vehicles Market

    22.1. USA Armored Vehicles Market Overview

    22.2. USA Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    23. South America Armored Vehicles Market

    23.1. South America Armored Vehicles Market Overview

    23.2. South America Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    24. Brazil Armored Vehicles Market

    24.1. Brazil Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    25. Middle East Armored Vehicles Market

    25.1. Middle East Armored Vehicles Market Overview

    25.2. Middle East Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    26. Africa Armored Vehicles Market

    26.1. Africa Armored Vehicles Market Overview

    26.2. Africa Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    27. Armored Vehicles Market Competitive Landscape And Company Profiles

    27.1. Armored Vehicles Market Competitive Landscape

    27.2. Armored Vehicles Market Company Profiles

    27.2.1. BAE Systems

    27.2.1.1. Overview

    27.2.1.2. Products and Services

    27.2.1.3. Strategy

    27.2.1.4. Financial Performance

    27.2.2. Oshkosh Corp

    27.2.2.1. Overview

    27.2.2.2. Products and Services

    27.2.2.3. Strategy

    27.2.2.4. Financial Performance

    27.2.3. International Armored Group

    27.2.3.1. Overview

    27.2.3.2. Products and Services

    27.2.3.3. Strategy

    27.2.3.4. Financial Performance

    27.2.4. General Dynamics Land Systems

    27.2.4.1. Overview

    27.2.4.2. Products and Services

    27.2.4.3. Strategy

    27.2.4.4. Financial Performance

    27.2.5. Textron

    27.2.5.1. Overview

    27.2.5.2. Products and Services

    27.2.5.3. Strategy

    27.2.5.4. Financial Performance

    29. Key Mergers And Acquisitions In The Armored Vehicles Market

    29. Armored Vehicles Market Future Outlook and Potential Analysis

    30. Appendix

    30.1. Abbreviations

    30.2. Currencies

    30.3. Research Inquiries

    30.4. The Business Research Company

    30.5. Copyright And Disclaimer

List Of Tables

    Table 1: Global Historic Market Growth, 2016-2021, $ Billion
  • Table 2: Global Forecast Market Growth, 2021-2026F, 2031F, $ Billion
  • Table 3: Global Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 4: Global Armored Vehicles Market, Segmentation By Platform, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 5: Global Armored Vehicles Market, Segmentation By System, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 6: Global Armored Vehicles Market, Segmentation By System, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 7: Global Armored Vehicles Market, Segmentation By Mobility, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 8: Global Armored Vehicles Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 9: Global Armored Vehicles Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 10: Asia-Pacific, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 11: China, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 12: India, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 13: Japan, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 14: Australia, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 15: Indonesia, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 16: South Korea, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 17: Western Europe, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 18: UK, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 19: Germany, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 20: France, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 21: Eastern Europe, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 22: Russia, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 23: North America, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 24: USA, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 25: South America, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 26: Brazil, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 27: Middle East, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 28: Africa, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 29: BAE Systems Financial Performance
  • Table 30: Oshkosh Corp Financial Performance
  • Table 31: International Armored Group Financial Performance
  • Table 32: General Dynamics Land Systems Financial Performance
  • Table 33: Textron Financial Performance

List Of Figures

    Figure 1: Global Historic Market Growth, 2016-2021, $ Billion
  • Figure 2: Global Forecast Market Growth, 2021-2026F, 2031F, $ Billion
  • Figure 3: Global Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 4: Global Armored Vehicles Market, Segmentation By Platform, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 5: Global Armored Vehicles Market, Segmentation By System, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 6: Global Armored Vehicles Market, Segmentation By System, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 7: Global Armored Vehicles Market, Segmentation By Mobility, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 8: Global Armored Vehicles Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 9: Global Armored Vehicles Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 10: Asia-Pacific, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 11: China, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 12: India, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 13: Japan, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 14: Australia, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 15: Indonesia, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 16: South Korea, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 17: Western Europe, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 18: UK, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 19: Germany, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 20: France, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 21: Eastern Europe, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 22: Russia, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 23: North America, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 24: USA, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 25: South America, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 26: Brazil, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 27: Middle East, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 28: Africa, Armored Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 29: BAE Systems Financial Performance
  • Figure 30: Oshkosh Corp Financial Performance
  • Figure 31: International Armored Group Financial Performance
  • Figure 32: General Dynamics Land Systems Financial Performance
  • Figure 33: Textron Financial Performance
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