Global Armored Vehicles Market Statistics: USD 28.8 Billion Value by 2032
Summary:
- The global armored vehicles market size reached USD 17.8 Billion in 2023.
- The market is expected to reach USD 28.8 Billion by 2032, exhibiting a growth rate (CAGR) of 5.33% during 2024-2032.
- North America leads the market, accounting for the largest armored vehicles market share.
- Defense {armored personnel carrier (APC), infantry fighting vehicle (IFV), mine-resistant ambush protected (MRAP), main battle tank (MBT), and others} holds the majority of the market share in the product segment.
- Based on the system, the market has been classified into engine, drive system, ballistic armor, turret drives, ammunition handling system, fire control systems (FCS), armaments, countermeasure system, command and control (C2) system, power system, navigation system, observation and display system, and hulls/frames.
- Wheeled dominates the armored vehicles industry.
- The growing demand for urban warfare capabilities is a primary driver of the armored vehicles market.
- Technological advancements and the rise of unmanned ground vehicles (UGVs) are reshaping the armored vehicles market.
Industry Trends and Drivers:
- Advancements in armored vehicle technology:
The development of lighter, more resilient materials, such as advanced composites and hybrid armor, is notably improving the performance of armored vehicles by enhancing mobility while maintaining high levels of security. These materials provide superior protection against ballistic threats without adding excessive weight, making vehicles more fuel-efficient and easier to maneuver in complex terrains. Additionally, the integration of cutting-edge surveillance, communication, and active protection systems is increasing vehicle versatility, making them highly effective in combat and peacekeeping missions. Modern armored vehicles often come equipped with state-of-the-art sensors, situational awareness systems, and defensive countermeasures that enhance operational effectiveness. These innovations address the sophisticated requirements of contemporary military and private security sectors, driving the demand for technologically advanced armored solutions.
- Growing demand for urban warfare capabilities:
Urban warfare is becoming more prevalent, which is driving the demand for armored vehicles designed specifically for operation in densely populated areas. These vehicles are tailored to navigate narrow streets, provide considerable protection against small-arms fire, and offer enhanced surveillance capabilities to monitor potential threats in confined urban settings. The urban warfare environment requires vehicles that can perform in close combat scenarios, support infantry operations, and withstand ambushes in restricted spaces. This need is leading to the development and acquisition of smaller, more maneuverable armored vehicles that are still heavily fortified, addressing the unique challenges of urban conflict zones.
- Rise of unmanned ground vehicles (UGVs):
The increasing adoption of UGVs stems due to their ability to perform hazardous tasks while minimizing risks to human soldiers, is bolstering the market growth. These vehicles are equipped with advanced sensors, artificial intelligence (AI), and remote-control capabilities, allowing them to undertake a variety of missions, ranging from reconnaissance and surveillance to direct combat roles. The integration of UGVs into military operations is a response to the growing need for versatile and risk-mitigating solutions in modern warfare. These vehicles are becoming more autonomous and capable as technology advances, thus playing a crucial role in shaping future combat strategies and the overall demand in the armored vehicles sector.
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Armored Vehicles Market Report Segmentation:
Breakup By Product:
- Defense
- Armored Personnel Carrier (APC)
- Infantry Fighting Vehicles (IFVs)
- Light Protected Vehicles (LPVs)
- Main Battle Tanks (MBTs)
- Mine-resistant Ambush Protected (MRAP)
- Tactical Vehicle
- Others
- Commercial
- Bus/Van
- Limousine
- Sedan
- SUV
- Others
Defense {armored personnel carrier (APC), infantry fighting vehicle (IFV), mine-resistant ambush protected (MRAP), main battle tank (MBT), and others} exhibits a clear dominance in the market due to increasing military investments and the critical role of armored vehicles in national defense strategies.
Breakup By System:
- Engine
- Drive System
- Ballistic Armor
- Turret Drives
- Ammunition Handling System
- Fire Control Systems (FCS)
- Armaments
- Countermeasure System
- Command and Control (C2) System
- Power System
- Navigation System
- Observation and Display System
- Hulls/Frames
Based on the system, the market has been classified into engine, drive system, ballistic armor, turret drives, ammunition handling system, fire control systems (FCS), armaments, countermeasure system, command and control (C2) system, power system, navigation system, observation and display system, and hulls/frames.
Breakup By Drive Type:
- Wheeled
- Tracked
Wheeled represents the largest segment, as it offers greater mobility and adaptability across varied terrains for defense applications.
Breakup By Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America dominates the market, driven by notable defense budgets, advancements in military technology, and ongoing modernization efforts within the armed forces.
Top Armored Vehicles Market Leaders:
The armored vehicles market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:
- BAE Systems plc
- Elbit Systems Ltd.
- General Dynamics Corporation
- INKAS Armored Vehicle Manufacturing
- International Armored Group
- IVECO
- Krauss-Maffei Wegmann GmbH & Co. KG (KMW+Nexter Defense Systems N.V.)
- Lenco Armored Vehicles Inc
- Lockheed Martin Corporation
- Oshkosh Defense, LLC (Oshkosh Corporation)
- Rheinmetall AG
- Textron Inc.
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