The global Armored Vehicles market worth US$ 28 Billion by 2032, growing at a CAGR of 7%
.jpg "The Global Armored Vehicles Market 2022-2032 (USD Billion)")
The global armored vehicles market was valued at USD 11.7 Billion in 2020 and is expected to grow at a CAGR of 5.8% over the forecast period. Increasing demand for armored vehicles due to the increase in the instances of cross-border conflicts coupled with rising incidences of unbalanced warfare across the world are one of the major factors that assist in driving the growth of the armored vehicles market. However, the high cost of the products and the absence of major OEMs of armored vehicles in the Middle East and Asia Pacific region are the factors are projected to hinder the growth of the market. Nonetheless, ongoing research and development in the region will bring the huge growth avenues during the forecasted period.
Armoured vehicle, are the military vehicle that is fitted with partial or complete armour plating for protection against bullets, shell fragments, and other projectiles. Armoured vehicles are specifically used in military use can move either on wheels or on continuous tracks. The tank is the principal fighting armoured vehicle. Other types armed with large-calibre main guns include tank destroyers and assault guns. This article traces the development of armoured personnel carriers, infantry fighting vehicles, and other armoured vehicles designed primarily as platforms for assault troops.
The COVID-19 pandemic has caused a multi-level impact on economies globally. The global manufacturing of automotive parts, components, and assembly lines has been severely impacted. Although the production of armored vehicles is of prime importance, disruptions in the supply chain have set back their manufacturing for the time being.
Resuming the manufacturing and deliveries of armored vehicles depends on the level of COVID-19 exposure a country is facing, the level at which manufacturing operations are running, and import-export regulations, among others. Although companies may still be taking in orders, delivery schedules might not be fixed.
Armored Vehicles Market Scope Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Study Period | 2018-2032 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2032 | US$ 28 Billion |
| Growth Rate | CAGR of 7% during 2022-2032 |
| Segment Covered | By Technology, By Vehicle Type, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | BAE Systems, Lenco Industries, Inc., Daimler AG (Mercedes Benz), Ford Motor Company, INKAS Armored Vehicle Manufacturing, Elbit Systems, Navistar, Inc., Krauss-Maffei Wegmann GmbH & Co., General Dynamics Corporation, Rheinmetall AG, Textron, Inc., International Armored Group, IVECO, STAT, Inc., Oshkosh Defense, LL, and others. |
Segment Overview of Global Armored Vehicles Market
Platform Type Overview
- Combat Vehicles
- Combat Support Vehicles
- Unmanned Armored Ground Vehicles Capture fisheries
Mobility Overview
- Tracked
- Wheeled
System Overview
- Engine
- Drive System
- Ballistic Armor
- Turret Drive
- Fire Control System (FCS)
- Armament
- Ammunition Handling System
- Countermeasure System
- Command & Control System
- Power System
- Navigation System
- Observation & Display System
- Hull/Frame
Mode of Operation Overview
- Manned
- Unmanned
Type Overview
- Electric
- Conventional
Regional Overview
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
- Middle East and Africa
- South Africa
- UAE
- Rest of Middle East and Africa
- South America
- Brazil
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global Armored Vehicles industry
- The overall segmentation of Armored Vehicles market, especially key segments are thoroughly studied.
- Presence of major players and their wide product portfolio across developed countries is anticipated to further boost the growth of Armored Vehicles market
What does the report include?
- The study on the global Armored Vehicles market includes analysis of qualitative market indicators such as drivers, restraints, challenges, and opportunities
- Additionally, the market competition has been evaluated using the Porter’s five forces analysis
- The study covers qualitative and quantitative analysis of the market segmented on the basis of type, platform type, mobility, system, mode of operation and country. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the considered segments
- The study includes the profiles of key players in the market with a significant global and/or regional presence
Who should buy this report?
- The report on the global Armored Vehicles market is suitable for all the players across the value chain including raw material suppliers, producer, distributors, suppliers, and retailers
- Venture capitalists and investors looking for more information on the future outlook of the global Armored Vehicles market
- Consultants, analysts, researchers, and academicians looking for insights shaping the global Armored Vehicles market
Frequently Asked Questions (FAQ) :
The market value of armored vehicles market in 2032 was US$ 28 Billion
The base year for the report is 2023 in armored vehicles market.
Asia Pacific dominated the market for armored vehicles market and accounted for the largest revenue share
The global armored vehicles market is expected to grow at a CAGR of 5.8% over the forecast period. The global armored vehicles market is highly fragmented in nature as large number of small armored vehicles manufacturer companies are operating in this global industry. Manufacturers are adopting mergers & acquisitions and new product development strategies to increase their geographical reach. Additionally, well-established Chinese manufacturer companies are focusing on untapped areas to increase their market concentration. For instance,
- BAE Systems received a contract worth USD 376.0 million from the US Government for the Engineering, Development, and Manufacture (EDM) of Mobile Protected Firepower (MPF) vehicles.
- Oshkosh Corporation received a contract worth USD 1.69 billion from the US Army to supply over 6,000 armored vehicles.
- KMW received a contract worth USD 832.0 million from the Government of Germany for upgrading its 104 Leopard 2 Battle Tanks.
Based on the platform, the armored vehicles market has been segmented into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. The combat vehicle segment is projected to lead the armored vehicles market during the forecast period. Increasing demand for Armored Personnel Carriers (APCs) and Light Armored Vehicles (LAVs) across the globe is leading to the growth of the combat vehicle segment of the market.
Based on system, the armored vehicles market has been segmented into engines, drive systems, ballistic armor, turret drives, fire control systems, armaments, countermeasure systems, Command & Control (C2) systems, power systems, navigation systems, ammunition handling systems, observation & display systems, and hulls/frames. The armaments segment is estimated to lead the armored vehicles market from 2018 to 2023. The growth of this segment can be attributed to the increased demand for remote weapon stations, Anti-tank Guided Missile (ATGM) launchers, and other armaments across the globe.
Based on operation, the armored vehicles market has been segmented into manned and unmanned. The manned segment holds the largest market share in the year 2020. The unmanned segment will grow at the highest CAGR% during the forecasted year. Technological advancement is the major factor responsible for its growth.
Based on type, the armored vehicles market has been segmented into conventional and electric. The conventional segment holds the largest market share in the year 2020. Rising demand from conventional type is the major factor driving the growth of the market. Furthermore, the electric segment is the most fasted segment growing during the forecasted year. The increasing use of technology in the area of defense is the major factor which assists in driving the growth of the market.
The Asia Pacific armored vehicles market is projected to grow at the highest CAGR from 2018 to 2023. The growth of the market in this region can be attributed to the rising number of terrorist activities in this region and the increasing spending of emerging economies on defense operations. Countries such as India and China have increased their defense budgets and are procuring advanced armored vehicles for their military operations. This, in turn, is expected to drive the growth of the Asia Pacific armored vehicles market during the forecast period.
The recent COVID-19 pandemic is expected to impact the global automotive industry, including the military armored vehicles industry. The entire supply chain is disrupted due to a limited supply of parts. Chinese suppliers around the globe have placed production lines on halt or shut them down completely. Also, legal and trade restrictions, such as sealed borders, increase the shortage of required parts. Such disruptions in the supply chain is expected to affect the assembly of OEMs in Europe and North America.
