Global Armored Vehicles Market

Armored Vehicles Market was valued at USD 13.77 Bn in 2023 and is expected to reach USD 20.57 Bn by 2030, at a CAGR of 5.9% during a forecast period.

Armored Vehicles Market Overview:

An armored vehicle is an armed combat vehicle protected by armor, generally combining operational mobility with offensive and defensive capabilities. AFVs can be wheeled or tracked. Main battle tanks, armored cars, armored self-propelled guns, and armored personnel carriers are all examples of Armored Vehicles.To know about the Research Methodology  :- Request Free Sample Report

COVID-19 impact on global armored vehicles market:

The breakout of the COVID-19 pandemic has a multi-level influence on the global armoured vehicle market's various economies. Automotive component, part, and assembly line producers have all been adversely affected. Due to the pandemic scenario, manufacture of the armoured vehicle has also stalled.

The leading competitors in the global armoured vehicle market are increasingly employing a variety of tactics and strategies in order to resurrect production and boost demand for the vehicles. During the forecast years, the market will rise significantly because to the combined efforts of the major armoured vehicle manufacturers and government initiatives.

Global Armored Vehicles Market Dynamics

Rising incidences of asymmetric warfare across the globe: Asymmetric warfare is defined as a type of conflict in which opposing parties or states have unequal military resources and weaker opponents deploy unorthodox weaponry and tactics to exploit their adversaries' vulnerabilities. Political instability, religious, economic, and socio-cultural issues have all contributed to an increase in asymmetric warfare during the last decade. As asymmetric warfare has become more common, government agencies have begun to deploy combat vehicles for self-defense and defense against terrorist or rebel attacks, as armored vehicles provide protection against both ballistic and explosive strikes.

Furthermore, these vehicles are equipped with turret gun systems for counter-insurgency missions. India, for example, employs armoured trucks in its anti-Naxalite operations in east India. As a result, rising instances of asymmetric warfare are likely to result in higher purchase of armoured vehicles around the world, propelling the armoured vehicles market forward over the forecast period.

Absence of major OEMs of armored vehicles in the Middle East and Asia Pacific regions: Because of the presence of big OEMs such as BAE Systems, General Dynamics, Rheinmetall, and Nexter Systems in these countries, the armoured vehicle market is heavily concentrated in North America and Europe. However, due to poor domestic armoured vehicle production in these countries, the armoured vehicle market in the Middle East and Asia Pacific is still developing. As a result, countries like Saudi Arabia, the United Arab Emirates, India, the Philippines, and Qatar rely on foreign OEMs for armoured vehicles. As a result, armoured vehicle procurement becomes more expensive, resulting in a decline in total demand.

Increased adoption of unmanned combat ground vehicles by defense forces of different countries: The growing use of unmanned systems by military forces from many countries for intelligence, surveillance, and reconnaissance (ISR) and combat operations has increased demand for unmanned systems around the world in recent years. Furthermore, as defense budgets in industrialized economies such as the United Kingdom, Italy, Spain, Germany, and France have shrunk, unmanned systems have become more popular as a replacement for defense personnel, requiring vast amounts of equipment and logistic support.

Global Armored Vehicles Market Segment Analysis:

The global armored vehicles market is segmented into platform, mobility, system.

On the basis of platform, the global market is sub-segmented into Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles Combat Vehicles, Combat Support Vehicles, and Unmanned Armored Ground Vehicles.

The Combat Vehicles segment held largest share of xx% in 2023. The combat vehicle segment of the market is growing due to rising demand for armoured personnel carriers (APCs) and light armoured vehicles (LAVs) around the world.

On the basis of mobility, the global market is sub-segmented into Wheeled, Tracked.The wheeled segment held largest share of xx% in 2023. Military forces' increased demand for 4x4 light armoured vehicles to conduct Intelligence, Surveillance, and Reconnaissance (ISR) tasks and transport defence people and equipment from one location to another is propelling this segment of the market forward.

On the basis of system, the global market is sub-segmented into By Engines, By Drive Systems, Ballistic Armor, Turret Drives, Ammunition Handling Systems, Fire Control Systems, and Armaments.The armaments segment held largest share of xx% in 2023, due to the rise of the armament segment is mostly due to the increased use of remote weapon stations, Launchers for anti-tank guided missiles (ATGMs) and other armaments can be found all over the world.

Armored Vehicles Market Regional Insights:

In terms of region, Asia Pacific is expected to hold the largest share in the vetronics market during the forecast period. The defense and security challenges round-faced by Asian countries have enlarged considerably throughout the past decade, leading governments to require substantive steps to reinforce military ground capabilities to defend their territorial integrity: measures that have been supported by the expansion of these countries’ economies. Consequently, the region has experienced new strategic alliances through trade partnerships that have strengthened domestic defense industries and boosted exports. China, India, and Asian country area unit among the world’s prime ten spenders on military vehicles and area unit possible to contribute over USD126 billion to the world market throughout the next forecasted period.

The objective of the report is to present a comprehensive analysis of the global Armored Vehicles market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global Armored Vehicles market dynamics, structure by analyzing the market segments and project the global  market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global market make the report investor’s guide.

Armored Vehicles Market Scope: Inquire before buying

Armored Vehicles Market, by Region

North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)

Global Armored Vehicles Market, Key Players

1. General Dynamics Co
2. Lockheed Martin
3. Textron Inc.
4. The Raytheon Company
5. Krauss-Maffei Wegmann
6. Oshkosh Corporation
7. Rheinmetall Defence
8. International Armoured
9. BAE Systems,
10. INKAS Armoured
11. STREIT Group
12. Elbit Systems Ltd.
13. UralVagonZavod
14. Ukroboronprom
15. NORINCO
16. Mitsubishi Heavy Industries, Ltd
17. Diehl Defence GmbH & Co. KG

Frequently Asked Questions:

1. Which region has the largest share in Global Armored Vehicles Market?
Ans: Asia pacific region holds the highest share in 2023.

2. What is the growth rate of Global Armored Vehicles Market?
Ans: The Global Armored Vehicles Market is growing at a CAGR of 5.9 % during forecasting period 2024-2030.

3. What segments are covered in Global Armored Vehicles market?
Ans: Global Armored Vehicles Market is segmented platform, mobility, system and region.

4. Who are the key players in Global Armored Vehicles market?
Ans: The important key players in the Global Market are – General Dynamics Co, Lockheed Martin, Textron Inc., The Raytheon Company, Krauss-Maffei Wegmann , Oshkosh Corporation, Rheinmetall Defence, International Armoured, BAE Systems, INKAS Armoured , STREIT Group, Elbit Systems Ltd., UralVagonZavod, Ukroboronprom.

5. What is the study period of this market?
Ans: The Global Armored Vehicles Market is studied from 2023 to 2030.