The global armored vehicle market size in 2022 was approximately $19.5 billion. It is expected to grow to $22.2 billion in 2023 and continue to expand to $33.9 billion by 2030. An average annual growth rate of 6.2% is expected from 2023 to 2030. Therefore, the armored vehicles market is expected to witness robust and steady growth in the coming years.
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Here are the key points:
The current market size is approximately $19.5 billion.
It is expected to grow to $22.2 billion by 2023.
It is expected to reach $33.9 billion by 2030.
The average annual growth rate from 2023 to 2030 is 6.2%.
The major players included in the armored vehicles market are:
BAE Systems (UK)
General Dynamics Corporation (USA)
Rheinmetall AG (Germany)
Krauss-Maffei Wegmann GmbH (Germany)
Denel SOC Ltd (South Africa)
IVECO defense vehicles (Italy)
NORINCOGROUP.com Inc. (China)
Oshkosh Defense, LLC Oshkosh Corporation company (USA)
KOC Group Company Otokar (Türkiye)
Textron Systems (USA)
Armored vehicles have long been a critical component of modern military and law enforcement operations, providing increased protection, firepower, and mobility on the battlefield and in high-risk environments. Demand for advanced armored platforms has intensified in recent years as geopolitical tensions persist and the threat of asymmetric warfare continues to evolve.
The report explores the latest developments, new trends, and future forecasts in the global Armored Vehicles market. The report examines the key driving forces shaping the industry, technological innovations redefining vehicle capabilities, and the competitive landscape where key players vie for market share.
Armored Vehicle Market Dynamics and Growth Factors
The global armored vehicles market has been experiencing steady growth over the past decade due to a combination of factors including:
Growing security concerns: The rise of transnational terrorist organizations, regional conflicts, and civil unrest in many parts of the world have increased the need for powerful armored platforms to protect military personnel, law enforcement, and civilians.
Modernization of Armed Forces: Governments around the world are investing heavily in the modernization of their militaries, replacing aging armored fleets with more capable and technologically advanced vehicles.
Asymmetric warfare: The shift to asymmetric warfare, characterized by unconventional tactics and the proliferation of improvised explosive devices (IEDs), has necessitated the development of armored vehicles with enhanced protection against new threats.
Peacekeeping Operations: The growing involvement of national militaries and multinational agencies in peacekeeping and stabilization missions has led to increased demand for armored personnel carriers and infantry fighting vehicles.
Homeland Security Requirements: Law enforcement and homeland security agencies are increasingly relying on armored tactical vehicles to address a wide range of domestic security challenges, from riot suppression to disaster response.
Geographical Expansion: The global armored vehicles market has witnessed significant growth in emerging economies, especially in the Asia Pacific and Middle East regions. This is as these countries strengthen their defense capabilities and plan for regional influence.
Technological Advances: Rapid advances in materials science, electronics, and power systems have enabled the development of next-generation armored vehicles with increased protection, firepower, and mobility.
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Armored Vehicles Market Key Trends and Innovations
As the armored vehicle market evolves, several cutting-edge trends and technological innovations are shaping the industry.
Lightweight and modular armor systems: Manufacturers are focusing on developing lighter and more flexible armor solutions that can be easily integrated into vehicle designs. The use of advanced composite materials, including ultra-high molecular weight polyethylene (UHMWPE) and ceramic-based composites, allows the creation of armor systems that provide increased protection without significantly increasing vehicle weight.
Active Protection Systems (APS): Armored vehicles are equipped with increasingly sophisticated active protection systems, capable of detecting, tracking and neutralizing incoming threats such as anti-tank missiles and rocket-propelled grenades. Utilizing radar, electro-optical sensors, and advanced countermeasures, these systems provide an additional layer of defense to protect the vehicle and its occupants.
Autonomous and unmanned capabilities: Integration of autonomous and unmanned technologies is a rapidly emerging trend in the armored vehicle market. Remotely operated and selectively manned armored platforms are being developed to enhance situational awareness, reduce crew exposure to threats, and enable more efficient logistics and support operations.
Hybrid and electric powertrains: Driven by the need for improved fuel efficiency, reduced acoustic and thermal properties, and reduced environmental impact, armored vehicle manufacturers are increasingly exploring hybrid and all-electric propulsion systems. These advanced powertrain solutions offer improved mobility, stealth and sustainability compared to traditional internal combustion engines.
Enhanced Situational Awareness: The armored vehicle integrates a suite of advanced sensors, including high-resolution cameras, thermal imaging cameras, and laser range finders, providing the crew with enhanced situational awareness and enhanced decision-making capabilities. Additionally, the integration of augmented reality (AR) and virtual reality (VR) technologies has enabled a more intuitive and immersive interface for vehicle drivers and crew.
Additive Manufacturing and Predictive Maintenance: The introduction of additive manufacturing (3D printing) is revolutionizing the armored vehicle industry, enabling rapid production of customized parts and on-demand replacement of critical components. Additionally, the integration of predictive maintenance algorithms with IoT-enabled sensors helps optimize vehicle uptime and reduce maintenance costs.
Signature Management and Stealth: Armored vehicle designers are increasingly focusing on reducing the vehicle's acoustic, thermal and visual signature to enhance stealth and survivability on the battlefield. This includes the development of advanced camouflage systems, noise reduction technologies and thermal management solutions.
Armored Vehicle Market Segmentation and Key Players
The global armored vehicles market can be segmented on the basis of vehicle type, drive type, application, and region.
Vehicle type:
Main battle tank (MBT)
Infantry Fighting Vehicle (IFV)
Armored Car (APC)
armored reconnaissance vehicle
armored amphibious vehicle
Others (e.g. armored engineer vehicles, armored ambulances)
Drive Type:
wheeled
tracked
Application:
army
law enforcement
homeland security
peacekeeping activities
Geographic Segmentation:
North America (USA, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia)
Asia Pacific (China, Japan, India, Korea, Australia)
Middle East and Africa (Saudi Arabia, United Arab Emirates, Israel, Türkiye, South Africa)
Latin America (Brazil, Mexico, Argentina)
Armored Vehicles Market Regional Insights and Competitive Landscape
North America: The United States and Canada dominate the North American armored vehicles market due to ongoing modernization of their armed forces and increasing demand for homeland security solutions. Major companies in the area include General Dynamics and Oshkosh Defense.
Europe: The European armored vehicles market is characterized by the presence of well-established defense manufacturers such as BAE Systems, Rheinmetall, and Nexter Group. Countries such as Germany, UK and France are leading the market in this region and are investing in the development of advanced armored platforms for domestic and export purposes.
Asia Pacific: The Asia Pacific region is experiencing strong growth in the armored vehicles market due to increasing defense budgets in countries such as China, India, South Korea, and Australia. Major companies in the region include Hanwha Defense and Norinco (China).
Middle East and Africa: The Middle East and Africa region has seen increased investment in armored vehicle procurement, primarily driven by ongoing regional conflicts, the need for peacekeeping operations, and governments' desire to strengthen their defense capabilities. Key players in this market include Paramount Group (South Africa) and Oshkosh Defense.
Latin America: Although the Latin American armored vehicles market is relatively small compared to other regions, countries such as Brazil, Mexico, and Argentina are modernizing their armed forces and investing in new armored platforms to address internal security challenges and participate in international peacekeeping missions.
The competitive landscape of the global armored vehicles market is characterized by intense competition among major manufacturers, who are competing for lucrative defense contracts and trying to gain a larger share of the growing international market. Factors such as technological innovation, product performance, cost effectiveness, and after-sales support are important in determining the success of these companies.
Armored Vehicle Market Future Outlook and Conclusion
The global armored vehicle market is expected to continue to grow in the future. This is driven by continued demand for advanced military and law enforcement capabilities, increasing asymmetric threats, and continued investment in defense modernization programs globally.
The key trends expected to shape the future of the armored vehicles market are:
Continued Emphasis on Lightweight, Modular Armor: The development of innovative armor materials and designs remains a priority, resulting in more agile, fuel-efficient, and easier-to-deploy armored platforms.
Autonomous and unmanned capabilities: The integration of autonomous and remotely controlled technologies will become more common, increasing situational awareness, mobility, and survivability of armored vehicles.
Hybrid and Electric Propulsion Systems: As government and military agencies seek to reduce the environmental impacts and logistical challenges associated with traditional internal propulsion systems, the adoption of hybrid and electric powertrain solutions will increase.
