Armored Vehicles Market Projected to Offer Substantial Growth Opportunities, Reaching $12.54 Billion by 2029
The armored vehicles market size has grown strongly in recent years. It will grow from $9.11 billion in 2024 to $9.67 billion in 2025 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to military conflicts, peacekeeping missions, terrorism and insurgency, border security, law enforcement.
The armored vehicles market size is expected to see strong growth in the next few years. It will grow to $12.54 billion in 2029 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to urban warfare, asymmetric threats, cybersecurity and data protection, hybrid and electric propulsion, unmanned and autonomous features. Major trends in the forecast period include modular armor and upgrades, crew safety and comfort, lighter weight materials, riot control and crowd management, multi-role armored vehicles.
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What Are the Primary Factors Driving the Armored Vehicles Market?
Increased military spending is expected to fuel the growth of the armored vehicle market over the forecast period. Countries around the world are investing in the military because of their conflicts and rivalries with other nations. Military expenditure covers operations, maintenance, arms acquisition, armored vehicles, and military research and development. For instance, in April 2024, Stockholm International Peace Research Institute (SIPRI), a Sweden-based non-government organization, in 2023, global military spending reached $2,443 billion, up 6.8% in real terms from 2022. Thus, increased military spending is driving the growth of the armored vehicle market.
What Are the Major Segments Defining the Structure of the Armored Vehicles Market?
The armored vehicles market covered in this report is segmented –
1) By Vehicle Type: Armored Personnel Carrier, Infantry Fighting Vehicle, Main Battle Tanks, Tactical Truck, Bus, Others
2) By Platform: Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles
3) By System: Engine, Drive System, Ballistic Armor, Fire Control System (FCS), Armaments, Ammunition Handling System, Countermeasure System, Command And Control System, Others
4) By Mobility: Tracked, Wheeled, 4X4, 6X6, 8X8, Others
Subsegments:
1) By Armored Personnel Carrier: Wheeled Armored Personnel Carriers, Tracked Armored Personnel Carriers
2) By Infantry Fighting Vehicle: Wheeled Infantry Fighting Vehicles, Tracked Infantry Fighting Vehicles
3) By Main Battle Tanks: Light Battle Tanks, Heavy Battle Tanks
4) By Tactical Truck: Armored Cargo Trucks, Armored Utility Trucks, Armored Tactical Vehicles
5) By Bus: Armored Passenger Buses, Armored Military Transport Buses
6) By Others: Armored Reconnaissance Vehicles, Armored Bridge Layers, Armored Engineering Vehicles
Which Disruptive Trends Are Reshaping the Competitive Landscape of the Armored Vehicles Market?
Major companies operating in the armored vehicle market are focusing on innovating products, such as armored light specialist vehicle, to provide reliable services to customers. A light specialist vehicle typically refers to a type of vehicle designed and equipped for specific specialized tasks or roles, often within military or emergency services contexts. For instance, in June 2023, Mahindra Defence Systems Limited, an India-based provider of innovative, armored solutions for the military and paramilitary forces, launched the Armoured Light Specialist Vehicle (ALSV). The Armoured Light Specialist Vehicle (ALSV) is a light-weight, four-wheel-drive, air-transportable tactical armored specialist vehicle. It is used for a variety of roles, including reconnaissance, patrol, and convoy escort. The vehicle is powered by a Steyr 3.2-liter, 6-cylinder turbo diesel engine which provides 215 hp at 3600 rpm with a peak torque of 500Nm. The ALSV's variants include the 6 to 8-seater Armored Protection Vehicle for Security, Light Armored Ambulance, Command and Control Vehicle, Light Mortar 81/82mm Vehicle, and Ammunition Carrier for Light Weapons.
Which Firms Represent the Competitive Benchmark Within the Armored Vehicles Market?
Major companies operating in the armored vehicles market include BAE Systems, Oshkosh Corporation, International Armored Group, General Dynamics Land Systems, Textron Inc., Rheinmetall AG, Lockheed Martin Corporation, Krauss-Maffei Wegmann GmbH & Co. KG, INKAS Armored Vehicle Manufacturing, Elbit Systems Ltd., IVECO S.p.A., Lenco Armored Vehicles Inc., Navistar - Navistar International Corporation, Thales Group, STREIT Group, UralVagonZavod Corporation, Ukroboronprom, NORINCO - China North Industries Group Corporation Limited (NORINCO), Bayerische Motoren Werke AG, Ford Motor Company, Raytheon Technologies Corporation, Mitsubishi Heavy Industries Ltd., Hyundai Motor Company, Nexter Group, Panhard General Defense SAS, Plasan Sasa Ltd., SABIEX International, Hanwha Defense Co.Ltd.
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Which Region Is Expected to Dominate the Aircraft Maintenance, Repair and Overhauling Services Market During the Forecast Period?
Asia-Pacific was the largest region in the armored vehicles market in 2024. Western Europe is expected to be the fastest-growing region in the armored vehicles market during the forecast period. The regions covered in the armored vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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