Armored Vehicles Market was valued at USD 22.5 Billion in 2022 and is projected to reach USD 36.8 Billion by 2030, growing at a CAGR of 7.8% from 2024 to 2030.
The global armored vehicles market has witnessed significant transformations from 2018 to 2022, driven by growing security concerns, technological advancements, and geopolitical tensions. The demand for armored vehicles surged during this period due to increased military and defense budgets, especially in regions facing high political instability. Emerging markets such as the Middle East, Asia Pacific, and Latin America also contributed to the growth by investing in defense capabilities. Additionally, urban warfare and terrorist activities led to a rising demand for armored vehicles for peacekeeping missions, law enforcement, and security operations.
The market outlook from 2023 to 2033 reveals a shift in the demand dynamics, with technological innovations taking center stage. As defense forces focus on modernizing their fleets, we expect an increased reliance on advanced armored vehicles featuring cutting-edge materials, improved mobility, and integrated communication systems. Autonomous and unmanned armored vehicles are anticipated to become more prominent, reducing the need for human operators while increasing operational efficiency. The growing emphasis on environmental sustainability will also lead to the adoption of hybrid and electric armored vehicles to minimize carbon emissions and fuel consumption.
The demand for armored vehicles is expected to be influenced by the rise in asymmetric warfare, where non-state actors utilize unconventional tactics, posing new challenges for military forces. In response, there will likely be a greater emphasis on lightweight, highly mobile armored vehicles equipped with enhanced protective features to combat threats like improvised explosive devices (IEDs) and anti-tank guided missiles (ATGMs). Moreover, the rapid development of artificial intelligence (AI) and machine learning (ML) technologies will allow for the integration of smart systems that can predict and counteract emerging threats on the battlefield.
As governments continue to modernize their defense infrastructure, armored vehicle manufacturers are likely to increase their focus on multi-purpose vehicles. These versatile machines can serve in combat, peacekeeping, and rescue operations, making them essential for a wide range of security needs. With the growing importance of border security and anti-terrorism measures, the demand for armored vehicles in the law enforcement and civilian sectors is also on the rise. Additionally, the private sector's interest in armored vehicles for corporate security, VIP transportation, and cash-in-transit applications will further fuel market expansion.
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General Dynamics Corporation
BAE Systems Plc
Textron Inc
Oshkosh Corporation
Elbit Systems Ltd
Thales Group
Lockheed Martin
Rheinmetall AG
Denel Land Systems
Sabiex International
Diehl Defense
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Armored Vehicles Market
Military
Commercial
Based on Types the Market is categorized into Below types that held the largest Armored Vehicles market share In 2023.
Armored Personnel Carrier (APC)
Infantry Fighting Vehicle (IFV)
Mine-resistant Ambush Protected (MRAP)
Main Battle Tank (MBT)
Other Types
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Armored Vehicles Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Armored Vehicles Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Armored Vehicles Market, By Type
6. Global Armored Vehicles Market, By Application
7. Global Armored Vehicles Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Armored Vehicles Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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