Dublin, May 08, 2024 (GLOBE NEWSWIRE) -- The "Global Armored Vehicles Market by Platform (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Vehicles), Mobility (Wheeled, Tracked), Type, Systems, Mode of Operation (Manned, Unmanned), Point of sale and Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The Global Armored Vehicles Market is valued at USD 51.6 billion in 2024 and is projected to reach USD 60.7 billion by 2029, at a CAGR of 3.3% from 2024 to 2029. Nations facing territorial disputes or border tensions, such as those in regions like South Asia, Eastern Europe, and the Middle East, are compelled to bolster their defense capabilities, including the acquisition of armored vehicles. These conflicts heighten the demand for advanced military equipment to ensure territorial integrity and protect national borders. As a result, governments allocate substantial budgets towards the procurement of armored vehicles equipped with cutting-edge technology, enhancing their combat capabilities and readiness to respond to potential threats. Additionally, the need to maintain peace and security amid border disputes fosters continuous investment in armored vehicles, sustaining market growth over the forecast period. 
Based on type, the conventional armored vehicles segment is estimated to have the largest market share in 2024
Conventional armored vehicles are poised to maintain a dominant market share over electric counterparts for several reasons. Firstly, conventional armored vehicles have a longer history of development and deployment, instilling trust and familiarity among military forces worldwide. Additionally, the robust infrastructure supporting conventional vehicles, including maintenance facilities, spare parts availability, and operational expertise, gives them a competitive edge over emerging electric options. Furthermore, the current limitations of electric technology, such as battery range, charging infrastructure, and cost, hinder widespread adoption in the armored vehicle sector. While electric armored vehicles offer promising environmental benefits and technological advancements, the conventional segment's established presence and performance continue to overshadow their market share in the foreseeable future.
Based on platform, the combat vehicle segment is estimated to have the largest market share in 2024
Combat vehicles are expected to maintain the highest market share in the armored vehicle sector due to their pivotal role in modern warfare scenarios. These vehicles are designed and equipped to engage in direct combat, offering superior firepower, protection, and mobility on the battlefield. As military conflicts evolve, the demand for combat vehicles remains robust, driven by the need to counter emerging threats, conduct offensive operations, and ensure battlefield dominance. Additionally, ongoing military modernization programs worldwide prioritize the procurement of advanced combat vehicles equipped with cutting-edge technologies and capabilities. With their critical role in national defense and security strategies, combat vehicles are anticipated to continue leading the armored vehicle market in terms of market share.
Based on regions, Asia-Pacific is estimated to have the largest market share in 2024
The Asia Pacific region is witnessing robust growth in the Armored Vehicles market, driven by the technological advancement. The Asia-Pacific region is poised to maintain the highest market share in the armored vehicle industry, driven by a combination of factors. Geopolitical tensions, territorial disputes, and rising military expenditures across several countries contribute to the heightened demand for armored vehicles in the region.
Additionally, rapid economic growth and urbanization fuel the need for enhanced defense capabilities, further boosting the procurement of armored vehicles. Key players in the region, including China, India, and South Korea, invest significantly in military modernization programs, driving the market's growth. Moreover, ongoing conflicts and security challenges in various parts of Asia-Pacific underscore the importance of armored vehicles in maintaining regional stability and security. Collectively, these factors position the Asia-Pacific region as the dominant market for armored vehicles globally.
Research Coverage
This market study covers the Armored Vehicles market across various segments and subsegments. It aims to estimate this market's size and growth potential across different parts based on and region. This study also includes an in-depth competitive analysis of the key players in the market, their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies they adopted.
Major companies profiled in the report include as Rheinmetall AG (Germany), General Dynamics Corporation (US), Oshkosh Corporation (US), BAE Systems (UK), and Hanwha Defense (South Korea) among others.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 314 |
| Forecast Period | 2024-2029 |
| Estimated Market Value (USD) in 2024 | $51.6 Billion |
| Forecasted Market Value (USD) by 2029 | $60.7 Billion |
| Compound Annual Growth Rate | 3.3% |
| Regions Covered | Global |
Premium Insights
- Need for Border Security and Maritime Patrolling to Drive Growth
- Asia-Pacific to Dominate Market During Forecast Period
- Combat Vehicles to Secure Leading Market Position During Forecast Period
- Wheeled Segment to Lead Market During Forecast Period
- Manned Segment to Acquire Maximum Market Share in 2029
- Conventional Armored Vehicles to Surpass Electric Armored Vehicles During Forecast Period
Market Dynamics
- Drivers
- Need for Improved Intelligence, Surveillance, and Reconnaissance (ISR) and Target Acquisition Capabilities by Defense Forces
- Growing Demand for Armored Vehicles to Tackle Cross-Border Conflicts
- Rising Incidences of Asymmetric Warfare
- Increased Global Defense Spending
- Restraints
- Susceptibility to Mechanical and Electrical Failures
- Survivability Risks for Personnel Onboard Armored Vehicles
- Opportunities
- Rising Technology Integration and Upgrades in Military Vehicles
- Adoption of Lifecycle Optimization Strategies for Sustainment
- Global Military Modernization Plans
- Increasing Procurement of Unmanned Systems by Defense Forces
- Development of Modular and Scalable Armored Vehicles
- Challenges
- Hardware and Software Malfunctions
- High Costs of Main Battle Tanks
Use Case Analysis
- Vehicle Integration for C4ISR/EW Interoperability (Victory) Initiative
- Electric Force Field for Armored Vehicles
- See-Through Armor
- Oshkosh Propulsion Hybrid Diesel-Electric System
- Adaptive Camouflage System
Technology Analysis
- Key Technology
- Design and Implementation of Solar-Powered Armored Vehicles
- Development of Multi-Payload Unmanned Armored Vehicles
- Complementary Technology
- Electro-Optical and Radar Sensor Payloads for Unmanned Armored Vehicles
Industry Trends
- Technology Trends
- Active Protection System
- Soft-Kill Technology
- Electro-Optical Jammer
- Hard-Kill Technology
- Reactive Armor Technology
- Programmable Ammunition
- Linkless Feed System
- Ammunition Feed Chute
- Sensor Fusion Technology
- Impact of Megatrends
- Improved Ammunition Carrying Capability
- Innovations in Micro-Electromechanical System and Nanotechnology
- Interoperable Communication System
- Advanced Autoloader
Companies Featured
- Rheinmetall AG
- General Dynamics Corporation
- Oshkosh Corporation
- Bae Systems
- Hanwha Group
- Northrop Grumman
- Lockheed Martin Corporation
- Thales
- L3Harris Technologies, Inc.
- St Engineering
- Elbit Systems Ltd.
- Mitsubishi Heavy Industries, Ltd.
- Hyundai Rotem Company
- Textron Inc.
- Otokar Otomotiv Ve Savunma Sanayi
- Denel Soc Ltd.
- Knds
- Fnss
- China North Industries Corporation (Norinco)
- Rtx
- Iveco Defence Vehicles
- Paramount Group
- Arquus
- Tatra Trucks A.S.
- Kalyani Strategic Systems Ltd.
- Am General
- Mahindra Emirates Vehicle Armouring Fz LLC
- Tata Advanced Systems Limited
- Inkas Armored Vehicle Manufacturing
- Streit Group
For more information about this report visit https://www.researchandmarkets.com/r/bzx6ft
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