Armored Vehicle Market by Type (Armored Cars & Trucks, Armored Personnel Carriers, Infantry Fighting Vehicles), Propulsion Type (Tracked, Wheeled), End-Use - Global Forecast 2024-2030

Armored Vehicle Market by Type (Armored Cars & Trucks, Armored Personnel Carriers, Infantry Fighting Vehicles), Propulsion Type (Tracked, Wheeled), End-Use - Global Forecast 2024-2030

The Armored Vehicle Market size was estimated at USD 45.03 billion in 2023 and expected to reach USD 47.15 billion in 2024, at a CAGR 4.91% to reach USD 63.00 billion by 2030.

Armored vehicles are specialized vehicles reinforced with various armor to protect the passengers against hostile fire, explosions, and other types of attacks. Armored vehicles are available in different shapes and sizes, having levels of armor protection, including simple bullet-resistant plates and advanced systems that have the ability to withstand rockets, missiles, and other advanced weapons. The growing incidences of asymmetric warfare globally are enhancing the need for the adoption of unmanned combat ground vehicles by defense forces, contributing to market growth. The market is rising due to increasing focus on the safety of soldiers from external and internal threats during combat operations. However, colossal procurement & maintenance costs associated with armored vehicles are limiting the market growth. Additionally, hardware & software malfunctions and survivability issues pose challenges for the adoption of armored vehicles by defense forces. Moreover, the development of modular and scalable armored vehicles equipped with reactive armored technology is creating lucrative opportunities for market growth.

Regional Insights

The Americas has a highly developed infrastructure for the adoption of armored vehicles, owing to the presence of significant global market players. In the United States, there is a high demand for armored vehicles due to its extensive military budget and growing concerns over national security. European Union countries have witnessed an increase in investment toward the modernization of their defense equipment, including the procurement of new armored vehicles. The Middle East region has observed substantial growth in demand for armored vehicles due to geopolitical tensions and regional conflicts. Major market players are collaborating with regional market players in the Middle East region to enhance their global footprint. In the APAC region, China, India, and Japan are major countries focusing on the development and adoption of armored vehicles due to the growing focus on upgrading military infrastructure. The public and private sectors are investing heavily in research and development of domestic military equipment in the APAC region, contributing to the market growth in the region.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Armored Vehicle Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Increased adoption of unmanned combat ground vehicles by defense forces
• Growing incidences of asymmetric warfare globally
• Rising emphasis on safeguarding soldiers from external and internal threats

Market Restraints

• High cost associated with armored vehicle

Market Opportunities

• Development of modular and scalable armored vehicles
• Introduction of next-generation vehicles with reactive armored technology

Market Challenges

• Issues with hardware & software malfunctions

Market Segmentation Analysis

• Propulsion Type: Significance of advanced tracked propulsion systems for improved vehicle operation
• End-Use: Rising adoption of armored vehicles across defense sector

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Armored Vehicle Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Armored Vehicle Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Advanced Capabilities in BAE Systems' New AMPV Prototype Showcased at 2024 AUSA Symposium

BAE Systems unveiled its third prototype of the Armored Multi-Purpose Vehicle (AMPV) at the 2024 AUSA Global Force Symposium, featuring the innovative External Mission Equipment Package (ExMEP). This universal top plate equips the AMPV with a common integration point suitable for over 30 different turret systems, enhancing its versatility and technological adaptability. The latest prototype integrates Elbit America’s UT30, a 30mm unmanned turret, and follows the successful demonstration of a Counter-Unmanned Aerial System (C-UAS) and a 120mm unmanned Turreted Mortar, emphasizing rapid capability expansions through the ExMEP framework.

Rheinmetall AG Plans to Initiate Armored Vehicle Production in Ukraine

Rheinmetall AG is set to start manufacturing armored vehicles in Ukraine by next year. The company anticipates finalizing a contract with Ukraine for the production of Fuchs armored transport vehicles and Lynx infantry fighting vehicles. These negotiations are expected to conclude by early next year, marking a significant expansion of Rheinmetall's operational footprint.

Strategic Alliance in Defense: Paramount Group Joins Forces with Bharat Forge and Kalyani Strategic Systems

Paramount Group, in collaboration with Bharat Forge Ltd. and Kalyani Strategic Systems, formed a partnership to co-develop and manufacture advanced armored vehicles. This alliance builds on a foundation of prior collaborative successes, combining significant resources, expertise, and innovative capabilities. The partnership aims to set new industry standards and enhance the capabilities of armored vehicle technology, positioning the consortium as a frontrunner in the global defense market.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Armored Vehicle Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Armored Vehicle Market, highlighting leading vendors and their innovative profiles. These include ARTAN Armored Vehicles LLC, BAE Systems PLC, BMC Otomotiv Sanayi ve Ticarest AS, Denel SOC Ltd., Elbit Systems Ltd., FNSS Savunma Sistemleri A.Ş., General Dynamics Corporation, Hanwha Corporation, Hyundai Rotem Company, INKAS Armored Vehicle Manufacturing, International Armored Group, Lockheed Martin Corporation, Military Industries Corporation, Mitsubishi Heavy Industries Ltd., Nexter Group, NIMR Automotive, NORINCO Group, Paramount Group, Patria Group, RTX Corporation, Shield Armoring Pvt. Ltd., STREIT Group, The Armored Group, LLC, and WELP Group.

Market Segmentation & Coverage

This research report categorizes the Armored Vehicle Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Type
• Armored Cars & Trucks
• Armored Personnel Carriers
• Infantry Fighting Vehicles
• Main Battle Tanks
• Unmanned Armored Ground Vehicles
• Propulsion Type
• Tracked
• Wheeled
• End-Use
• Civil
• Commercial
• Military
• Region
• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year