USD 27.91 billion
Armored Vehicles Market Size, Share, Growth Analysis, By Platform(Combat Vehicles [Main Battle Tanks, Infantry Fighting Vehicles, Armored Personnel Carriers, Armored Amphibious Vehicles), By Mobility(Wheeled [4X4, 6X6, 8X8, 10X10), By Type(Electric, Conventional), By Systems(Engines [Diesel Engines, Turbine Engines], Drive Systems [Power Transmission Drives, Suspension & Braking Systems), By Mode of Operation(Manned and Unmanned), By Point of Sale(OEM and Retrofit), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20A2235 |
Region:
Global |
Published Date: September, 2024
Pages:
202
|Tables:
59
|Figures:
77
Armored Vehicles Market Insights
Global Armored Vehicles Market size was valued at USD 29.45 Billion in 2022 and is poised to grow from USD 31.06 Billion in 2023 to USD 47.67 Billion by 2031, at a CAGR of 5.5% during the forecast period (2024-2031).
It is projected that the market for armored vehicles would expand due to factors like the growing need for bulletproof vehicles and the militarization of law enforcement. However, the market expansion is hampered in many nations by declining national defence budgets. The manufacture of modular armored vehicles and the use of unmanned combat vehicles also present outstanding growth prospects for the companies involved in the global industry. A military vehicle, commercial vehicle, or passenger car that has full or partial Armour coating to protect it from bullets, shell fragments, or other projectiles is called an armored vehicle.
The armed forces are capable of deploying their tanks either by using wheels or a continuous track. They are over and above the ranges; engaged in the logistics of warfare, fighting and scouting. There are many important applications of armored vehicles in both military and non-military spheres. In defence applications, these vehicles are essential to maintaining the security and safety of military manpower and equipment. While main battle tanks offer unparalleled firepower and strong defence capabilities on the battlefield, armored personnel vehicles offer optimal protection during tactical operations and troop transports. Due to their powerful mobility and offensive potential, infantry combat vehicles are essential tools for ground armies.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Manned
Fastest Growth
Manned
Growth Rate
5.5% CAGR
Global Armored Vehicles Market 2024-2031 ($ Bn)
Country Share for Asia Pacific Region- 2024 (%)
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Armored Vehicles Market Segmental Analysis
Global Armored Vehicles Market is segmented based on platform, mobility, type, systems, mode of operation, AUV-propulsion, point of sale and region. Based on platform, the market is segmented into combat vehicles, combat support vehicles, unmanned armored vehicles. Based on Mobility, the market is segmented into Wheeled [4X4, 6X6, 8X8, 10X10, 12X12], Tracked. Based on Type, the market is segmented into Electrical and Conventional. Based on systems, the market is segmented into Engines [Diesel Engines, Turbine Engines], Drive Systems [Power Transmission Drives, Suspension & Braking Systems, Tracks & Wheels], Ballistic Armor [Composite Armors, Explosive Reactive Armors, Electric Armors, Homogenous Armors, Depleted Uranium Armors, Add-on Armors], Turrect Drives, Fire Control Systems, Armaments, Ammunition Handling Systems, Countermeasure Systems, Command & Control Systems, Power Systems, Navigation Systems, Observation & Display Systems, Hulls/Frames. Based on Mode of Operation, the segmented into Manned and Unmanned. Based on point of sale, the market is segmented into OEM and Retrofit. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Application
As per categorization by application, the market is classified as defense and commercial. Among these, defense earned the largest share and continues to dominate the global armored vehicles market share. The rapid growth of the global armored vehicles market can be attributed to innovations in many defense-related applications, for instance, advanced armor materials, unmanned systems, and communication technologies. These innovations make vehicles more survivable, mobile, and effective on the battlefield. The market is primarily driven by defense applications owing to the increasing requirement of modern armed forces in safeguarding men and materials in dangerous regions. Moreover, escalating geopolitical hostilities, restructuring of the armed forces, and growing budgets allocated to the military also cause an increasing requirement for advanced armored vehicles equipped with better protection systems.
Commercial applications are poised to be the fastest-growing segment in the global armored vehicles market due to increasing concerns over safety, asset protection, and security in high-risk environments. In recent years, rising global security concerns, internal conflicts, and terroristic activities have been the main contributing factors to the increase in demand for armored vehicles in cash-in-transit and private security, and transporting high-value goods, etc. Additionally, the growing need for fortified vehicles in high-net-worth individuals' personal security and in sectors like oil, gas, and mining is expanding the market. As safety becomes a top priority in commercial sectors, armored vehicles' adoption for non-military use is accelerating, driving the global armored vehicles market growth.
Analysis by Drive Type
In the global armored vehicles market, wheel drive types, particularly 4x4 and 6x6 configurations, are witnessing significant innovation due to their balance of mobility, speed, and off-road capability. Thesis statement- Hydraulics systems are very efficient when it comes to performance optimization, especially in off-roading vehicles. These factors have made wheel drive types prevalent in the market as they provide enhanced mobility, affordability, and flexibility in comparison to tracked vehicles making them suitable for military and commercial operations alike. The versatility of such vehicles in different climates together with inexpensive repair and maintenance as well as quick troop relocations guarantees that such vehicles will solidifies drive type standings in the global armored vehicles market outlook.
Track drive types are expected to be the fastest-growing segment in the global armored vehicles market due to their superior off-road mobility and enhanced stability in challenging terrains. The implementation of such vehicles enhances weight distribution and traction, which is why they are suitable in operations conducted in rough places, uneven places, and in extreme environments like deserts, mountain regions, and forests. With the military’s emphasis on very high performance military vehicles for different operational styles, vehicles equipped with tracked armor are more reliable and versatile. Due to the terrain's nature and the need for safety of the crew, track drive types occupy an important place in decision making, thus there is rapid growth in their use for defense purposes around the world.
Global Armored Vehicles Market Size By Mode of Operation 2021(%)
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Armored Vehicles Market Regional Insights
North America dominates the global armored vehicles market due to substantial defense spending, advanced military technology, and a strong emphasis on modernizing armed forces. The relentless, unending funding efforts in the development of advanced wheeled and tracked armored vehicles has a positive effect on the region's market growth. Also, the rising need for armored vehicles, especially in military-related domestic security and commercial purposes on account of the increasing insecurity, enhances the market. North America has also amassed advanced defense systems as well as top manufacturers, which are necessary for the growth of the armored vehicles industry.
Asia Pacific is the fastest-growing region in the global armored vehicles market due to increasing defense budgets, military modernization programs, and rising geopolitical tensions. Nations such as China, India, and Japan are putting substantial resources towards advanced armored vehicles aimed at boosting their defense capacities and guarding essential facilities. They are also erecting barriers to safeguard high-value assets. There is also an increase in demand for military solutions due to border issues, terrorist threats, and other factors. Furthermore, commercial use in delicate sectors such as cash in transit and cash in transit security is also driving the market. The quick development of the defense industry in the Asia Pacific region makes it a center for advancement in armored vehicle technology.
Global Armored Vehicles Market Size By Geography, 2021-2030
- Largest
- Fastest
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Armored Vehicles Market Dynamics
Drivers
Increasing Geopolitical Tensions
- The global armored vehicles market analysis shows that increasing geopolitical tension and regional conflicts influence the market demand. Countries are pouring resources into high-tech military equipment in order to enhance the operational capabilities of their troops and most importantly safeguard their forces and achieve the mission’s goals in hostile regions. Thus, their strategies are compelling the authorities to upgrade and increase the number of active armored vehicle units.
Rising Security Concerns in Commercial Sectors
- The enhanced security threats being experienced in some industries such as cash in transit, private security, and essential infrastructures are driving the need for armored vehicle in commercial purposes. Terrorism and other types of incumbent violence, civil disorders, and organized crime are increasing the armored vehicles business to protect people, valuables, and confidential documents.
Restraints
Limited Technological Advancements in Certain Markets
- Today’s complex armored vehicles come with many high-technology elements; however, certain areas lag behind in their endeavors to adopt such technologies as they do not have the necessary skills and structures. This disparity in technology can act as a deterrent to the age of modern armored cars in developing economies as they have high growth trends and adoption rates.
Political Instability and Budget Constraints
- Political instability and budget constraints in some countries may delay or limit investments in armored vehicle procurement. Internal strife, economic downturns, or changes in the political landscape may cause ruling authorities to dedicate lesser funds to the growth of the armed forces which in turn hinders the expansion of the market and its necessity for the armored fleet.
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Armored Vehicles Market Competitive Landscape
The armored vehicles market is characterized by intense competition between major global players, where focus on technology development, collaboration with other firms, and growth of product lines is paramount. Major global players are BAE Systems, General Dynamics, Rheinmetall, Lockheed Martin, and Textron. Such corporations partake in the development of advanced armor systems, mobility systems, and autonomy augmentation in response to the increasing demand for defense and commercial purposes. The rivalry becomes fiercer as markets features the replacement of the aging military hardware with new up to date equipment and growing concerns about security increase the need for armored vehicles for military and commercial envelopment.
Top Player’s Company Profiles
- BAE Systems plc (United Kingdom)
- General Dynamics Corporation (United States)
- Rheinmetall AG (Germany)
- Oshkosh Corporation (United States)
- Thales Group (France)
- ST Engineering (Singapore)
- IVECO S.p.A. (Italy)
- Krauss-Maffei Wegmann GmbH & Co. KG (Germany)
- Lockheed Martin Corporation (United States)
- Textron Inc. (United States)
- Elbit Systems Ltd. (Israel)
- Denel Land Systems (South Africa)
- NORINCO International Cooperation Ltd. (China)
- FNSS Savunma Sistemleri A.Ş. (Turkey)
- Rostec State Corporation (Russia)
- Tata Motors Limited (India)
- Rosoboronexport (Russia)
- UkrOboronProm (Ukraine)
- Patria Group (Finland)
- Paramount Group (South Africa)
- GAZ Group (Russia)
- Mahindra Defence Systems (India)
- Otokar Otomotiv ve Savunma Sanayi A.Ş. (Turkey)
- International Armored Group (UAE)
Recent Developments
- In October 2024, BAE Systems officially introduced its latest design and prototype of the next-generation armored personnel carrier (APC) related to Armored Multi-Purpose Vehicle (AMPV) development including better protection, mobility and situational awareness. The AMPV has modular armor and communication interfacing capability in order to satisfy contemporary combat requirements. Such advancements represent progress that has been made towards achieving military transformation.
- In September 2024, General Dynamics achieved thorough testing of the upgraded Stryker combat vehicle with an integrated advanced autonomous driving technology and a modernized fire control system. The prototype integrates technology that will allow quicker movement of forces in cities and will increase the protection of the troops. Such advancement is indicative of the company’s appetite for advanced military solutions.
- In August 2024, Rheinmetall showcased its latest state-of-the-art armored vehicle ‘Fuchs 2’ at the Eurosatory defense exhibition in Paris. The vehicle incorporates enhanced ballistic protection, an updated C4I system, and the ability to drive autonomously. With an increasing requirement for advanced vehicles that are highly survivable in peace and combat operations, the company intends to address the market.
Armored Vehicles Key Market Trends
- Rising Demand for Hybrid and Electric Armored Vehicles: The global armored vehicles industry is witnessing a shift toward hybrid and electric-powered vehicles. Consideration of the environment becoming the centrepiece, and at the same time the need for optimization in operational processes are now leading manufacturers to use more sustainable energy sources in the design of vehicles. This trend results in decreased fuel costs and less expensive repairs to enhance the overall possibility of the vehicle for a longer time.
- Technological Integration for Enhanced Performance: The armored vehicles industry is currently undergoing a change due to the adoption of disruptive technologies such as AI and self-driving vehicles, and advanced sensors. These improvements enhance mobility, situational awareness, and operational efficiency. The market is benefitting from manufacturers’ efforts to equip armored vehicles with sophisticated features to guarantee high efficiency in complex warfare and hostile situations.
Armored Vehicles Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global armored vehicles market is poised for growth driven by rising geopolitical tensions, increasing security concerns, and technological advancements. The military remains the primary usage area for security systems. However, the commercial usage is the one showing the most potential for quick growth especially in risky security zones. The increasing use of advanced technologies like driverless vehicles and hybrid engines is making armored combat vehicles more operationally efficient and adaptable to varying operational challenges. With military and commercial demand for armored protection expected to rise globally, the market is projected to grow even with challenges such as limited budgets and political unrest.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 29.45 Billion |
| Market size value in 2031 | USD 47.67 Billion |
| Growth Rate | 5.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Armored Vehicles Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Armored Vehicles Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Armored Vehicles Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Armored Vehicles Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Armored Vehicles Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Armored Vehicles Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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