Armored Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Armored Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global armored vehicles market size reached US$ 16.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 24.0 Billion by 2028, exhibiting a growth rate (CAGR) of 5.78% during 2023-2028.

Armored vehicles are automobiles specially designed with partial or complete armor plating to withstand explosions and attacks. Armored personal carriers, infantry fighting vehicles, main battle tanks, tactical trucks, buses, limousines, and sedans are common product variants. These vehicles provide high protection against basaltic threats, including missiles, bullets, and improvised explosives devices (IEDs). They are also used to transport military personnel and valuable items, such as money and jewelry. Armored vehicles are often fitted with weapons and a protective shell manufactured from multiple plates of corrosion-resistant steel, steel alloys, or special composite materials. Besides this, they offer better performance and higher reliability and durability to withstand attacks.

Armored Vehicles Market Trends:

The increasing product demand from defense forces across the globe is creating a positive outlook for the market. Armored vehicles are used for frontline combat, armed escorting, surveillance, and goods transportation on battlefields. The rising popularity of armored vehicles can also be attributed to the rapid militarization of law enforcement agencies to combat internal security challenges, which, in turn, is acting as another growth-inducing factor. Furthermore, the widespread adoption of armored passenger vehicles for self and family protection, safeguarding public figures, and securing valuable materials due to increasing insurgent activities and rising threat levels is favoring the market growth. Additionally, the integration of an active protection system (APS) that uses launchers, sensors, tracking radar, and countermeasure munitions to automatically detect and counteract incoming threat projectiles is providing an impetus to the market growth. Moreover, the increasing adoption of unmanned variants by defense forces to carry out intelligence, surveillance, and reconnaissance (ISR) and combat operations is propelling the market growth. Other factors, including rising incidences of asymmetric warfare across the globe, increasing military modernization, growing production of modular armored vehicles, and the implementation of various government initiatives toward strengthening the armed forces, are anticipated to drive the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global armored vehicles market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product, system and drive type.

Breakup by Product:

Defense
Armored Personnel Carrier (APC)
Infantry Fighting Vehicles (IFVs)
Light Protected Vehicles (LPVs)
Main Battle Tanks (MBTs)
Mine-resistant Ambush Protected (MRAP)
Tactical Vehicle
Others
Commercial
Bus/Van
Limousine
Sedan
SUV
Others

Breakup by System:

Engine
Drive System
Ballistic Armor
Turret Drives
Ammunition Handling System
Fire Control Systems (FCS)
Armaments
Countermeasure System
Command and Control (C2) System
Power System
Navigation System
Observation and Display System
Hulls/Frames

Breakup by Drive Type:

Wheeled
Tracked

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being BAE Systems plc, Elbit Systems Ltd., General Dynamics Corporation, INKAS Armored Vehicle Manufacturing, International Armored Group, IVECO, Krauss-Maffei Wegmann GmbH & Co. KG (KMW+Nexter Defense Systems N.V.), Lenco Armored Vehicles Inc, Lockheed Martin Corporation, Oshkosh Defense, LLC (Oshkosh Corporation), Rheinmetall AG and Textron Inc.

Key Questions Answered in This Report:

How has the global armored vehicles market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global armored vehicles market?
What are the key regional markets?
What is the breakup of the market based on the product?
What is the breakup of the market based on the system?
What is the breakup of the market based on the drive type?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global armored vehicles market and who are the key players?
What is the degree of competition in the industry?


1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Armored Vehicles Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Product
6.1 Defense
6.1.1 Market Trends
6.1.2 Key Segments
6.1.2.1 Armored Personnel Carrier (APC)
6.1.2.2 Infantry Fighting Vehicles (IFVs)
6.1.2.3 Light Protected Vehicles (LPVs)
6.1.2.4 Main Battle Tanks (MBTs)
6.1.2.5 Mine-resistant Ambush Protected (MRAP)
6.1.2.6 Tactical Vehicle
6.1.2.7 Others
6.1.3 Market Forecast
6.2 Commercial
6.2.1 Market Trends
6.2.2 Key Segments
6.2.2.1 Bus/Van
6.2.2.2 Limousine
6.2.2.3 Sedan
6.2.2.4 SUV
6.2.2.5 Others
6.2.3 Market Forecast
7 Market Breakup by System
7.1 Engine
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Drive System
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Ballistic Armor
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Turret Drives
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Ammunition Handling System
7.5.1 Market Trends
7.5.2 Market Forecast
7.6 Fire Control Systems (FCS)
7.6.1 Market Trends
7.6.2 Market Forecast
7.7 Armaments
7.7.1 Market Trends
7.7.2 Market Forecast
7.8 Countermeasure System
7.8.1 Market Trends
7.8.2 Market Forecast
7.9 Command and Control (C2) System
7.9.1 Market Trends
7.9.2 Market Forecast
7.10 Power System
7.10.1 Market Trends
7.10.2 Market Forecast
7.11 Navigation System
7.11.1 Market Trends
7.11.2 Market Forecast
7.12 Observation and Display System
7.12.1 Market Trends
7.12.2 Market Forecast
7.13 Hulls/Frames
7.13.1 Market Trends
7.13.2 Market Forecast
8 Market Breakup by Drive Type
8.1 Wheeled
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Tracked
8.2.1 Market Trends
8.2.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia-Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10 SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 BAE Systems plc
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.1.3 Financials
14.3.1.4 SWOT Analysis
14.3.2 Elbit Systems Ltd.
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.2.3 Financials
14.3.3 General Dynamics Corporation
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.3.3 Financials
14.3.3.4 SWOT Analysis
14.3.4 INKAS Armored Vehicle Manufacturing
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.5 International Armored Group
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.6 IVECO
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.6.3 Financials
14.3.7 Krauss-Maffei Wegmann GmbH & Co. KG (KMW+Nexter Defense Systems N.V.)
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.8 Lenco Armored Vehicles Inc
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.9 Lockheed Martin Corporation
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.9.3 Financials
14.3.9.4 SWOT Analysis
14.3.10 Oshkosh Defense, LLC (Oshkosh Corporation)
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.11 Rheinmetall AG
14.3.11.1 Company Overview
14.3.11.2 Product Portfolio
14.3.11.3 Financials
14.3.12 Textron Inc.
14.3.12.1 Company Overview
14.3.12.2 Product Portfolio
14.3.12.3 Financials
14.3.12.4 SWOT Analysis

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