Armored Vehicle Market Size Growing at 3% CAGR Set to Reach USD 39.2 Billion By 2032

TOKYO, March 28, 2023 (GLOBE NEWSWIRE) -- The Global Armored Vehicle Market Size accounted for USD 29.4 Billion in 2022 and is projected to achieve a market size of USD 39.2 Billion by 2032 growing at a CAGR of 3% from 2023 to 2032.

Armored Vehicle Market Research Report Highlights and Statistics:

• The Global Armored Vehicle Market Size in 2022 stood at USD 29.4 Billion and is set to reach USD 39.2 Billion by 2032, growing at a CAGR of 3%
• The growth in the market can be attributed to factors such as increasing demand for armored vehicles from military and defense organizations, rising concerns regarding national security and border threats, and the need for advanced and modernized armored vehicles.
• Rising military and geopolitical tensions around the world including countries in Europe, China, India, Russia and USA. These countries have increased their defense budgets and invested heavily in armored vehicles as well.
  

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Armored Vehicle Market Report Coverage:

Armored Vehicle Market Overview:

The armored vehicle market refers to the production and sales of vehicles designed to provide high levels of protection for military, defense, law enforcement, and security applications. These vehicles are equipped with advanced technology and armaments to ensure the safety of the occupants and to counter various threats such as ballistic, explosive, and chemical attacks. Armored vehicles come in a variety of shapes and sizes, including tanks, armored personnel carriers, infantry fighting vehicles, and mine-resistant ambush-protected vehicles. The use of advanced materials and technologies, such as composites and active protection systems, has also helped to increase the level of protection provided by armored vehicles. The armored vehicle market has seen steady growth in recent years due to rising concerns over national security and border threats, as well as increased demand from military and defense organizations for modern and advanced vehicles.

Trends in the Armored Vehicle Market:

• Adoption of unmanned ground vehicles (UGVs) and autonomous armored vehicles for military and defense applications.
• Use of advanced materials, including lightweight composites and nanomaterials, for increased protection and mobility.
• Focus on modular design and customization of armored vehicles to meet specific mission requirements.
• Development of hybrid and electric armored vehicles for improved fuel efficiency and reduced environmental impact.
• Growing use of augmented and virtual reality technologies for training and simulation purposes.
• Integration of unmanned aerial vehicles (UAVs) and drones for reconnaissance and surveillance operations.
• Adoption of network-centric warfare principles for improved communication and coordination between armored vehicles and other military assets.
• Use of active protection systems, such as soft-kill and hard-kill systems, for improved defense against missile and rocket attacks.
• Increased use of armored vehicles for law enforcement and security applications, such as riot control and VIP protection.
  

Armored Vehicle Market Dynamics:

• Rising global military spending and defense budgets are driving demand for armored vehicles.
• Growing threats of terrorism, insurgency, and border conflicts are increasing demand for armored vehicles.
• Modernization programs and upgrades of existing military and defense vehicles are driving market growth.
• Increasing geopolitical tensions and regional conflicts are driving demand for armored vehicles.
• Development of next-generation armored vehicles, such as exoskeletons and mechs, for advanced military operations.
• Growing emphasis on vehicle survivability and crew safety through enhanced blast-resistant designs and other safety features.
• Growing demand for armored vehicles for peacekeeping and humanitarian missions is driving market growth.
• Advancements in materials science and engineering are driving innovation and new product development in the market.

Growth Hampering Factors in the Armored Vehicle Market:

• High costs for the research and development, manufacturing, and maintenance of armored vehicles may limit market growth.
• Increasing use of unmanned aerial and ground vehicles for reconnaissance and combat may reduce demand for traditional armored vehicles.
• Growing adoption of precision-guided munitions and other advanced weapons may reduce the effectiveness of armored vehicles and limit their demand.
• Political instability and conflicts in key markets may become a negative factor for growth of armored vehicles.
• The increasing use of improvised explosive devices (IEDs) and other unconventional weapons may reduce the effectiveness of traditional armored vehicles.
• Economic downturns and budget cuts may reduce government spending on defense and limit the growth of the market.

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Market Segmentation:

By Platform

• Combat Support Vehicles
  1. Armored Command and Control Vehicles
  2. Armored Supply Trucks
  3. Repair and Recovery Vehicles
  4. Other
• Combat Vehicles
  1. Main Battle Tanks
  2. Infantry Fighting Vehicles
  3. Armored Amphibious Vehicles
  4. Armored Mortar Carriers
  5. Light Armored Vehicles
  6. Armored Personnel Carriers
  7. Mine-Resistant Ambush Protected Vehicles
  8. Self-Propelled Howitzers
  9. Air Defense Vehicles
• UAG Vehicles

By Mobility

• Wheeled
• Tracked

By System

• Engine
• Ballistic Armor
• Ammunition Handling System
• Armaments
• Command & Control (C2) System
• Navigation System
• Drive System
• Turret Drives
• Fire Control Systems (FCS)
• Countermeasure System
• Power System
• Observation & Display System
• Hulls/Frames
  

End User

• E-commerce
• Travel & Tourism
• BFSI
• Retail
• Media and Entertainment
• Healthcare
• Others
  

Armored vehicle Market Overview by Region:

North America’s Armored vehicle market share is the highest globally, due to the presence of major defense companies and ongoing modernization programs by the U.S. government. The U.S. Army is the largest user of armored vehicles in the world, and the demand for modern and advanced armored vehicles is expected to increase in the region. The U.S. Army is also investing in autonomous vehicle technology and other advanced technologies for the development of next-generation armored vehicles.

The Asia-Pacific region’s Armored vehicle Market share is also huge and is growing at the fastest rate, due to increasing defense spending by countries such as China, India, and South Korea. These countries are investing heavily in modernizing their defense capabilities, which includes the development of new and advanced armored vehicles. For instance, the Indian Army has recently initiated a program to replace its aging fleet of armored vehicles with new and advanced vehicles.

Europe is another key Armored vehicles market, due to the presence of major defense contractors in the region. Countries such as the United Kingdom, Germany, and France have significant defense budgets and ongoing modernization programs, which are expected to drive the growth of the market in the region. The UK government has recently announced a modernization program for its armored vehicle fleet, which is expected to increase demand for modern and advanced armored vehicles.

The South American and MEA regions have a growing Armored vehicle market share. Countries such as Saudi Arabia, Israel, and Iran are investing heavily in developing advanced armored vehicles to enhance their defense capabilities. The Brazilian Army is also modernizing its armored vehicle fleet, which is expected to drive the growth of the market in the region.

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Armored Vehicle Market Key Players:

Players in the Global Armored Vehicle Market include BAE Systems plc, General Dynamics Corporation, Lockheed Martin Corporation, Oshkosh Corporation, Textron Inc., Rheinmetall AG, Krauss-Maffei Wegmann GmbH & Co. KG, Thales Group, Elbit Systems Ltd., Denel Land Systems, Nexter Group, IVECO S.p.A., AM General LLC, ST Engineering Ltd., FNSS Savunma Sistemleri A.Ş., Ukroboronprom State Concern, Hanwha Defense, Norinco Group, Mitsubishi Heavy Industries, Ltd., and Tata Motors Limited. These companies are investing heavily in research and development to develop advanced and modernized armored vehicles to meet the evolving security threats.

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