Armored Vehicles Market Analysis: Trends, Growth, and Competition

Armored Vehicles Market Projected to Expand at 4.1% CAGR Through 2028

The Global Armored Vehicles Market is projected to grow at a CAGR of around 4.1% during the forecast period, i.e., 2023-28. The market growth is majorly carried by the rising defense expenditure of several countries as a response to the rising geopolitical tension and cross-border disputes in numerous regions, leading to increased necessity for military vehicles with bulletproof and other features. In addition, technological advancement in combat vehicles, with added features providing more safety, the scope of modification, and advanced functionality, is adding to the market’s expansion.

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Strategic Takeaways from the Report:

Market Sizing and Forecasting
Regulatory and Policy Influence
Competitive Trends and M&A Activity
Innovation Drivers and Disruptive Technologies
Investment Hotspots and Emerging Niches
Geographical Dynamics and Trade Flows

Armored Vehicles Market Segment Overview & Classification

This market is categorized to offer targeted insights across various operational and consumer-related verticals.

Segment List:

By Platform

Combat Vehicles
- Main Battle Tanks
- Infantry Fighting Vehicles
- Armored Personal Carriers
- Armored Amphibious Vehicles
- Mine-Resistant Ambush Protected Vehicles
- Light Armored Vehicles
- Others (Self Propelled Howitzers, Air Defence Vehicles, etc.)
Combat Support Vehicles
- Armored Supply Trucks
- Armored Command and Control Vehicles
- Repair and Recovery Vehicles
- Others (Bridge laying Tanks, Mine Clearance Vehicles, etc.)
Unmanned Armored Ground Vehicles

Here, Combat Vehicles are expected to garner the highest market share in the forthcoming years following their high revenue contribution in the historical period. It is attributed to the rising demand for numerous combat vehicles, such as Armored Personnel Carriers and Light Armored Vehicles (LAVs). Additionally, the concerns and insurance to secure military personnel’s safety are increasing the requirement for Mine-Resistant Ambush Protected Vehicles as they ensure the safe deployment of infantry in battlefields and high-threat areas, extending the industrial expansion.

By System

Engines
Turret Drives
Ammunition Handling Systems
Fire Control Systems
Armaments
Ballistic Armor
Countermeasure System
Command and Control System
Power System
Others (Navigation System, Observation and Display Systems, etc.)

Among others, Armaments acquired a significant market share in the historical period and are anticipated to follow the same flow in the forecast period, owing to the rising requirement for remote weapon stations, anti-tank guided missile (AGTM) launchers, and other armaments worldwide. Additionally, Engines are also expected to register a significant hike in the market share as a result of the high requirement for durable and robust diesel engines. Moreover, due to the modernization programs of main battle tanks, there is increasing demand for turbine engines, extending the market acceleration further.

By Type

Electric
Conventional

By Mode of Operation

Manned
Unmanned

By Mobility

Wheeled
- 4X4
- 6X6
- 8X8
- Others (10X10, 12X12, etc.)
Tracked

By Sales Channel

OEM
Retrofit

By Region

North America
South America
Europe
The Middle East & Africa
Asia-Pacific.

Globally, North America dominated the market with the largest market share in the historical period owing to the highest military budget of the US government with ongoing modernization research programs, combined with the presence of significant defense and military equipment manufacturer companies. With US Army being the largest consumer of combat or military vehicles, it is expected to raise the demand for advanced vehicles. Additionally, with US Army continuing to invest in autonomous vehicle technology and other advancements to develop next-generation armed vehicles is likely to bode well for the industry.

These divisions help clarify demand patterns and expected shifts.

Market Driver

Rising Defense Budget and Cross-Border Disputes in Numerous Countries - Increasing defense expenditure and budget in several countries with rising cross-border disputes has primarily driven the market. The prevalence of conflicts, terrorist activities, and wars worldwide requires numerous countries to strengthen their military equipment and vehicles, fueling market expansion. Likewise, growing emphasis on the sustainability of military vehicles and personnel safety through added advanced safety features with increasing humanitarian missions also adds to the market acceleration. For instance,

In April 2021, Israel’s Ministry of Defense (MOD) signed a contract with Israel Aerospace Industries (IAI) to manufacture and supply nine Z-MAG all-terrain vehicles to the Israel Defense Forces (IDF), with an option to order 21 additional units.

Armored Vehicles Market Competitive Snapshot from 2023-2028

The report highlights established and emerging players in the global Armored Vehicles Market, evaluating their strengths, challenges, and potential for innovation.

Key Competitors Include:

L3Harris Technologies, Inc.
Hanwha Group
General Dynamics Corporation
Lockheed Martin Corporation
Northrop Grumman
Oshkosh Defense, LLC
BAE Systems
Thales Group
ST Engineering
Mitsubishi Heavy Industries
Textron Systems
Denel Soc Ltd
FNSS
Arquus
Iveco Defence Vehicles
Others.

Their activities include partnerships, product launches, and geographic expansions.

Armored Vehicles Industry Trends

Integration of Programmable Ammunition and Adoption of Active Protective System (APS) - The twin-ammo-feed or multiple-ammo-feed designs enabling change in the ammunition type made possible through Programmable Ammunition have reduced the complexity of various ammo types. Programmable Ammunition's advantages and easy operation has raised its adoption, pushing the market forward, with its flexibility to weapon platforms for firing and interchanging different types of ammunition.

Additionally, the trending adoption of Active Protection Systems (APS) for their detection and counteracting features has further accelerated the industrial arc. Added features of launchers, tracking radar, sensors, and countermeasure munitions, protecting combating vehicles from grenades and anti-tank guided missiles, also add to the industrial acceleration.

Frequently Asked Questions (FAQs):

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