Armored Vehicle Market Size, Share, Trends and Forecast 2024–2032

The armored vehicle market size was valued at USD 22.28 billion in 2023 and is projected to reach a valuation of USD 23.73 billion in 2024. The market is expected to reach USD 37.85 billion by 2032 with a CAGR of 6.0 % during the forecast period. Introduction of reactive armor technology, programmable ammunition, sophisticated autoloaders, and other features in the military technology is set to drive market growth. Growing demand for next generation military vehicles which have advanced weaponry systems is set to propel market development. Fortune Business Insights™ shares this information in its report titled “Armored Vehicle Market Size, Share, Trends and Forecast 2023-2030.”

List of Key Players Profiled in the Report: -

• BAE Systems (U.K.)

• General Dynamics Corporation (U.S.)

• Rheinmetall AG (Germany)

• Krauss-Maffei Wegmann GmbH (Germany)

• Denel SOC ltd (South Africa)

• IVECO DEFENCE VEHICLES (Italy)

• com Inc. (China)

• Oshkosh Defense, LLC An Oshkosh Corporation Company (U.S.)

• Otokar, a KOC Group Company (Turkey)

• Textron Systems (U.S.)

List of Key Players Profiled in the Report: -

https://www.fortunebusinessinsights.com/industry-reports/armored-vehicle-market-101817

Segments

Combat Vehicles to Lead Due to Demand for Infantry Mechanization

On the basis of platform, the market is divided into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. Combat vehicles segment is set to lead due to demand for infantry mechanization and infantry modernization programs in developing and developed economies globally.

Conventional Propulsion Led in 2022 Due to Various Military Programs

On the basis of propulsion, the market is divided into conventional and electric. Conventional segment dominated the market in 2022 due to rising military modernization programs, Russia-Ukraine war, and attaining priorities amid burgeoning skirmishes, war, and civil unrest globally.

Wheeled Segment to Lead with High Adoption Rate

On the basis of mobility, the market is classified into wheeled and tracked. Wheeled segment to lead as it held largest share in 2022 and will have the fastest CAGR due to high adoption rate owing to its utility in special operations, troop deployment, border patrol operations, combat support operations, such as command and control, and medical support for armed forces.

Drive Systems SegmentLed in 2022 Owing to High Usage of Advanced Driving Systems

On the basis of system, the market is classified into drive systems, structures & mechanisms, weapons & ammunition control systems, countermeasure systems, command & control systems, navigation systems, observation & display systems, and others. The drive systems segment dominated in 2022 and is expected to be the fastest growing from 2023 to 2030 due to rising demand for advanced driving systems by various countries' military forces.

Retrofit to Lead Due to License Production

On the basis of solution, the market is classified into line fit and retrofit. Retrofit is the fastest growing segment due to increasing demand for license production by various nations.

Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America.

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Drivers and Restraints

Increasing Instances of Asymmetric Warfare to Propel the Demand for the Product

Increasing instances of asymmetric warfare is anticipated to drive the armored vehicle market growth. Asymmetric warfare refers to the conflict where opposing parties have unequal military resources. In addition, weaker opponents deploy unorthodox weaponry and tactics to exploit their adversaries' vulnerabilities. With growing cases of asymmetric warfare, it is set to have higher number of purchase of vehicles globally.

However, mechanical failure and occurrence of electrical system in armored vehicles are expected to hamper the market growth.

Regional Insights

North America to Lead Market Share Due to High Spending by the U.S. Government on Military

North America is expected to have a high part in the armored vehicle market share due to high spending by the U.S. government on military vehicle purchases and upgrades. Presence of key market players such as General Dynamics Corporation, Textron Systems, Oshkosh Defense, and others is also set to drive the market share.

After North America, Europe to be the second-highest region of the market as demand for battle tank is increasing with the ongoing Russia-Ukraine war.

Competitive Landscape

OEMs have been Focusing on the Development of Technologically Advanced Products

The global market has numerous companies such as General Dynamics Corporation, BAE Systems, Oshkosh Corporation, and Rheinmetall AG. The market has various manufacturers, which are participating in military vehicle development and design. OEMs have been focusing on the development of technologically products and fostering strong relationships with governments in developed and developing countries.

Key Industry Development

• In February 2023, the U.S. Army Contracting Command at Detroit Arsenal awarded a contract to A.M. General to produce 20,000 Joint Tactical Vehicles and approximately 10,000 trailers for the U.S. Armed Forces. The total value of the contract was not disclosed.