The global armored vehicles market was worth around $19.5 billion in 2022. This market is expected to continue growing in the coming years. Specifically, the armored vehicle market is projected to increase from $22.2 billion in 2023 to $33.9 billion by the year 2030. That represents an annual growth rate, or CAGR (compound annual growth rate), of 6.2% during the 2023 to 2030 forecast period. In other words, the global armored vehicle market is forecasted to see solid, steady growth of around 6% per year over the next several years. This growth will see the overall market size expand from $22.2 billion currently to nearly $34 billion by the end of the decade. The key drivers behind this expected growth include increasing demand for armored vehicles for military, law enforcement, and security applications around the world. Technological advancements in armor, firepower, and other capabilities are also fueling this projected expansion of the global armored vehicle market in the coming years.
Informational Source:
https://www.fortunebusinessinsights.com/industry-reports/armored-vehicle-market-101817
Key Companies Covered in Armored Vehicle Market are:
- 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)
- NORINCOGROUP.com Inc. (China)
- Oshkosh Defense, LLC An Oshkosh Corporation Company (U.S.)
- Otokar, a KOC Group Company (Turkey)
- Textron Systems (U.S.)