Global Market for Armored Vehicle is Anticipated to grow at a Significant Pace i.e., USD 40.2 Billion during the Forecast Period 2025 - 2030

Published Date: Dec, 2022

The armored vehicle market growth is anticipated to be 3.6% during the forecast period. An armed combat vehicle known as an armored vehicle is most frequently utilized in military and defense applications. The army makes extensive use of it for both transporting and defense purposes. Ministers and law enforcement also utilize armored vehicles, but now, VIPs, the business community, and celebrities have increased demand for these vehicles.

The increased emphasis to protect soldiers from internal and external threats, mounting awareness regarding commercial security, increasing defense budgets, developments such as improved fuel efficiency and the use of high-tech sensors in armored vehicles, and increasing cross-border criminal activities and terrorism will propel market growth. The advancement of military vehicle technologies along with innovations in automotive, electronics, weaponry, and material science will propel market growth. Furthermore, the continual rise of security vulnerabilities, technological advancements and innovations, and the incorporation of COTS components are all expected to positively impact market growth in the future years. Nevertheless, the increased adoption of unmanned combat vehicles and the manufacturing of modular armored vehicles will create lucrative growth opportunities for the industry players operating in the global armored vehicle market.

In September 2022, Elbit Systems stated that it has been awarded a $80 million contract to supply unmanned turrets Armoured Fighting Vehicles ("AFVs") of an Asian-Pacific country. The contract will be completed over the course of three years. Elbit Systems will provide the 30mm-gun unmanned light turrets with sensors and display systems for enhanced situational awareness, target acquisition capabilities, fire control systems, and weapon systems of various types under the contract, enabling significant mission performance upgrades for the AFVs.

Bowse 63 market data Tables and 40 Figures spread through 225 Pages and in-depth TOC on " Armored Vehicle Market by Platform (Combat Vehicles, Combat Support Vehicles, and Unmanned Armored Ground Vehicles), by System (Engines, Drive Systems, Turret Drives, Ammunition Handling System, Fire Control System (FCS), Armaments, Ballistic Armor, Command & Control (C2) Systems, Countermeasure Systems, Navigation Systems, Power Systems, Hulls/Frames, and Observation & Display Systems), by Mode of Operation (Manned and Unmanned), by Mobility (Wheeled and Tracked), and Region - Global Forecast to 2030

By Platform, the Unmanned Armored Ground Vehicle Segment is anticipated to have a fastest growth during the forecast period.

Based on Platform, the global Armored Vehicle Market is segmented into Combat Vehicles, Combat Support Vehicles, and Unmanned Armored Ground Vehicles. Unmanned armored ground vehicles is anticipated to grow fastest during the forecast period owing to a surge in market demand to assist logistics operations and assist terrestrial combat. This is due to the fact that they can operate in a range of high-risk situations.

Global Armored Vehicle Market Segmentation Analysis

Segment

Categorization

Leading Category

Platform

Combat Vehicles, Combat Support Vehicles, and Unmanned Armored Ground Vehicles

Combat Vehicles (Largest)

Unmanned Armored Ground Vehicles (Fastest)

 

System

Engines, Drive Systems, Turret Drives, Ammunition Handling System, Fire Control System (FCS), Armaments, Ballistic Armor, Command & Control (C2) Systems, Countermeasure Systems, Navigation Systems, Power Systems, Hulls/Frames, and Observation & Display Systems

Armaments

(High CAGR)

 

Mode of Operation

Manned and Unmanned

Unmanned

(Significant Growth)

Mobility

Wheeled and Tracked

Wheeled (Highest)

Region

North America, Europe, Asia-Pacific, and Rest of the World

North America

(Largest)

Asia-Pacific

(Fastest)

 MoDownload A Free Sample Copy of the Global Armored Vehicle Market

“Asia-Pacific is anticipated to grow at a faster pace in the Armored Vehicle Market during the forecast period.”

The Asia Pacific market would expand at the quickest rate because of growing defence spending by countries like India, China, South Korea, Japan, and others. The increased conflict in Asian nations as a result of rising terrorism, border disputes, and political unrest, which has fueled armored vehicles industry growth.

Some of the major players in the global Armored Vehicle industry include BAE Systems, Oshkosh Defense, LLC, L3Harris Technologies, Inc., General Dynamics Corporation, Lockheed Martin Corporation, Rheinmetall AG, Northrop Grumman Corporation, Elbit Systems Ltd., Hanwha Group, and Textron Inc.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2018–2030

Historical Period

2018–2021

Base Year

2022

Forecast Period

2022–2030

Segments Covered in the Study

Platform, System, Mode of Operation, Mobility, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

BAE Systems, Oshkosh Defense, LLC, L3Harris Technologies, Inc., General Dynamics Corporation, Lockheed Martin Corporation, Rheinmetall AG, Northrop Grumman Corporation, Elbit Systems Ltd., Hanwha Group, and Textron Inc.

Global Armored Vehicle Market Coverage

Platform Insight and Forecast 2018-2030

  • Combat Vehicles
    • Main Battle Tanks (MBTs)
    • Infantry Fighting Vehicles (IFVs)
    • Armored Personnel Carriers (APCs)
    • Armored Amphibious Vehicles (AAVs)
    • Light-Protected Vehicles (LPVs)
    • Mine-Resistant Ambush Protected (MRAP)
    • Air Defense Vehicles
    • Self-Protected Howitzers (SPHs)
  • Combat Support Vehicles
    • Armored Supply Tanks
    • Repair and Recovery Machines
    • Bridge-Laying Tanks
    • Mine Clearance Vehicles
    • Armored Command & Control Vehicles
  • Unmanned Armored Ground Vehicles

System Insight and Forecast 2018-2030

  • Engines
  • Drive Systems
  • Turret Drives
  • Ammunition Handling System
  • Fire Control System (FCS)
  • Armaments
  • Ballistic Armor
  • Command & Control (C2) Systems
  • Countermeasure Systems
  • Navigation Systems
  • Power Systems
  • Hulls/Frames
  • Observation & Display Systems

Mode of Operation Insight and Forecast 2018-2030

  • Manned
  • Unmanned

Mobility Insight and Forecast 2018-2030

  • Wheeled
    • 4*4
    • 6*6
    • 8*8
    • 10*10
    • 12*12
  • Tracked

Geographical Segmentation

Armored Vehicle Market by Region

North America

  • By Platform
  • By System
  • By Mode of Operation
  • By Mobility
  • By Country – U.S., Canada, and Mexico

Europe

  • By Platform
  • By System
  • By Mode of Operation
  • By Mobility
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Platform
  • By System
  • By Mode of Operation
  • By Mobility
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Platform
  • By System
  • By Mode of Operation
  • By Mobility
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries