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

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).

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. '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)'

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 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. 

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.