Armoured Vehicles Market size was valued at USD 28.2 Billion in 2024 and is forecasted to grow at a CAGR of 4.8% from 2026 to 2033, reaching USD 41.1 Billion by 2033.
The global armoured vehicles market size was valued at USD 17.5 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 4.8% from 2023 to 2030. This growth is driven by increased defense spending, growing geopolitical tensions, and rising demand for advanced security and tactical vehicles across both military and law enforcement applications. Key vehicle types contributing to this growth include main battle tanks, armored personnel carriers, and mine resistant ambush protected (MRAP) vehicles. Technological advancements in modular armor, active protection systems, and hybrid propulsion systems are also stimulating demand, offering enhanced survivability and operational efficiency. The demand for lightweight and highly mobile platforms is increasing in urban warfare and counterinsurgency operations, particularly in emerging economies.
Regionally, North America held the largest share of the armoured vehicles market in 2022, accounting for over 35% of global revenue, owing to significant military modernization programs and consistent budget allocations. Europe followed closely, with a robust defense ecosystem driven by NATO member states responding to rising security threats. Asia Pacific is anticipated to witness the highest CAGR of over 5.5% during the forecast period, fueled by border conflicts, modernization drives in countries like India and China, and increasing indigenous manufacturing capabilities. The Middle East and Africa region also presents growing opportunities due to ongoing security challenges and internal conflicts necessitating armored solutions. Latin America is showing gradual growth, especially in internal security and peacekeeping missions. The market is also seeing increased demand for unmanned armoured platforms and integration of advanced communication and surveillance systems, creating new opportunities for innovation and defense contractors globally.
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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. 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 Armoured Vehicles Market
Combat Vehicles
Infantry Fighting Vehicles (IFVs)
Armoured Personnel Carriers (APCs)
Main Battle Tanks (MBTs)
Self-Propelled Artillery
Armoured Utility Vehicles
Military
Law Enforcement
Private Security
Emergency Services
Government and Civil Protection
Tracked Armoured Vehicles
Wheeled Armoured Vehicles
Hybrid Mobility Armoured Vehicles
Lightly Armoured Vehicles
Medium Armoured Vehicles
Heavily Armoured Vehicles
Modular Armoured Vehicles
Defense Sector
Commercial Sector
Government Agencies
Non-Governmental Organizations (NGOs)
Private Security Firms
US (United States, US 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 Armoured 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 Armoured Vehicles Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Armoured Vehicles Market, By Type
6. Global Armoured Vehicles Market, By Application
7. Global Armoured Vehicles Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Armoured Vehicles Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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