Updated On May 15, 2024

By SaraNextGen

Armored Vehicles Market Research Report

Armored Vehicles Market size, market analysis, Market Revenue, trends, Regional Outlook, competition and growth opportunities till 2027.

• Armored Vehicle Market:

• The GMI Research expects the armored vehicle market to expand at a significant rate. From a regional perspective, the Asia-Pacific is expected to increase at a faster rate due to the rising spending on defense operations by emerging countries and the increasing terrorism activates. The growing defense budgets in Asian economies like India and China will drive the market's demand.

• Armored Vehicle Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis) Key Drivers

• The significant factors contributing to the growth of the armored vehicle market size include the rising demand for armored vehicles obtained from the growing number of cross-border conflicts and increasing cases of asymmetric warfare across the globe. As per the armored vehicle market report, the increasing focus on protecting solider from external and internal threats, along with the rising awareness related to commercial security, is promoting the military and defense sector to opt for armored vehicles. The government is actively increasing the use of advanced machinery to handle emergencies created by militant attacks and insurgencies. This factor will fuel the growth of the market during the forecast period.

• The growing terrorism and cross-border conflicts across the world is bringing lucrative opportunities for the market. The governments are investing in their defense sectors and are introducing various military modernization plans, which will further support the growth of the global armored vehicles market. On the other hand, the limited leading OEMs in the Middle East and the Asia-pacific region and the rising cases of electrical or other failures in the vehicles will hinder the growth of the market in the upcoming years.

• Platform Segment Drivers

• On the basis of Platform, the Combat Vehicle segment is projected to increase at a faster CAGR in the upcoming years due to the high adoption of combat vehicles for Light Armored Vehicles (LAVs) Armored Personnel Carriers (APCs) around the world.

• System Segment Drivers

• On the basis of the System, the Armaments segment is anticipated to increase at a higher CAGR over the forecast period owing to the strong demand for remote weapon station, anti-tank guided missile (ATGM) launchers, and other systems at a global level.

• Armored Vehicle Market’s leading Manufacturers:

• BAE Systems PLC

• Oshkosh Corporation

• Otokar Otomotive Ve Savunma Sanayi

• Textron Inc.

• Krauss-Maffei Wegmann

• Denel SOC Ltd.

• FNSS Savunma Sistemleri AS

• Hanwha Corporation

• General Dynamics Corporation

• Rheinmetall AG

• Arquus

• Armored Vehicle Market Segmentation: Segmentation by Platform:

• Combat Vehicles

  • Main Battle Tanks (MBTs)

  • Infantry Fighting Vehicles (IFVs)

  • Armored Personnel Carriers (APCs)

  • Armored Amphibious Vehicles (AAVs)

  • Mine-Resistant Ambush Protected (MRAP)

  • Light Armored Vehicles (LAVs)

  • Self-Propelled Howitzers (SPHS)

  • Air Defense Vehicles

  • Armored Mortar Carriers

• Combat Support Vehicles

  • Armored Supply Trucks

    • Armored Fuel Trucks

    • Armored Ammunition Replenishment Vehicles

    • Armored Ambulances

  • Armored Command and Control Vehicles

  • Repair and Recovery Vehicles

  • Others

• Unmanned Armored Ground Vehicles

• Segmentation by Mobility:

• Wheeled

  • 4x4

  • 6x6

  • 8x8

  • Others

• Tracked

• Segmentation by System:

• Engines

  • Diesel Engines

  • Turbine Engines

• Drive Systems

  • Power Transmission Drives

  • Suspension & Braking Systems

  • Tracks and Wheels

• Ballistic Armor

  • Composite Armor

  • Explosive Reactive Armor (ERA)

  • Electric Armor

  • Homogenous Armor

  • Depleted Uranium Armor

  • Add-On Armor

  • Others

• Turret Drives

• Ammunition Handling Systems

• Fire Control Systems (FCS)

• Armaments

• Countermeasure Systems

• Command & Control (C2) Systems

• Power Systems

• Navigation Systems

• Observation & Display Systems

• Hulls/Frames

• Segmentation by Region:

• North America

  • United States of America

  • Canada

• Asia Pacific

  • China

  • Japan

  • India

  • Rest of APAC

• Europe

  • United Kingdom

  • Germany

  • France

  • Spain

  • Rest of Europe

• RoW

  • Brazil

  • South Africa

  • Saudi Arabia

  • UAE

  • Rest of the world (remaining countries of the LAMEA region)