The global Armored Vehicles Market study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments including By Platform (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Vehicles), By System (Engines, Drive Systems, Turret Drives, Ammunition Handling Systems, Fire Control Systems (FCS), Armaments, Ballistic Armor, Countermeasure Systems, Command & Control (C2) Systems, Power Systems, Navigation Systems, Observation & Display Systems, Hulls/Frames), By Type (Electric, Conventional), By Mode of Operation (Manned, Retrofit).
The armored vehicles market in 2024 is witnessing steady growth driven by increasing security concerns, geopolitical tensions, and the need for enhanced protection for military, law enforcement, and VIPs. Armored vehicles offer advanced ballistic protection, mine resistance, and maneuverability, ensuring the safety and security of occupants in high-risk environments. With technological advancements, armored vehicles are becoming more versatile, integrating features such as advanced communication systems, remote weapon stations, and active protection systems. Moreover, the growing demand for modular and customizable armored solutions enables customers to tailor vehicles according to specific mission requirements. As defense budgets increase and security threats evolve, the armored vehicles market is expected to expand further, with innovations focusing on improving survivability, mobility, and situational awareness.
The global Armored Vehicles market is highly competitive with a large number of companies focusing on niche market segments. Amidst intense competitive conditions, Armored Vehicles Companies are investing in new product launches and strengthening distribution channels. Key companies operating in the Armored Vehicles Market Industry include- BAE Systems plc, General Dynamics Corp, INKAS Armored Vehicle Manufacturing, International Armored Group Llc , Krauss-Maffei Wegmann GmbH & Co. KG, Lenco Industries Inc, Lockheed Martin Corp, Oshkosh Corp, Rheinmetall AG, STREIT Group.
A prominent trend in the Armored Vehicles Market is the increasing demand for enhanced security and defense solutions. With rising geopolitical tensions, growing threats from terrorism, and increasing instances of armed conflict worldwide, there is a heightened need for armored vehicles that provide superior protection for military personnel, law enforcement agencies, and private security firms. Armored vehicles offer critical protection against ballistic threats, explosives, and hostile environments, making them essential assets for security and defense operations. This trend is driven by the prioritization of national security, border protection, and counter-terrorism efforts, as well as the growing investments in defense modernization programs by governments around the world. As a result, there is a growing demand for armored vehicles with advanced protection levels, mobility capabilities, and mission-specific features, contributing to market growth in the Armored Vehicles Market.
A key driver propelling the Armored Vehicles Market is the defense budgets and military modernization programs of various countries. Governments and defense agencies allocate significant funds towards the procurement of armored vehicles as part of their military modernization initiatives and strategic defense planning. The need to replace aging fleet, upgrade existing vehicles, and enhance operational capabilities drives investments in armored vehicles across different defense segments, including infantry fighting vehicles, main battle tanks, armored personnel carriers, and tactical wheeled vehicles. Additionally, geopolitical factors, regional conflicts, and evolving threat landscapes influence defense spending decisions, leading to increased demand for armored vehicles with advanced capabilities and technologies. The robust defense budgets and military modernization programs worldwide serve as a major driver for market growth in the Armored Vehicles Market, creating opportunities for manufacturers and suppliers to secure contracts and expand their market presence.
An opportunity within the Armored Vehicles Market lies in the expansion into civilian and commercial applications. While the defense sector remains a primary market for armored vehicles, there is a growing demand for civilian and commercial applications such as VIP transportation, cash-in-transit services, law enforcement operations, and private security. Armored vehicles provide protection against various threats, including robbery, kidnapping, and violent attacks, making them valuable assets for high-profile individuals, corporate executives, government officials, and law enforcement agencies. Additionally, the increasing prevalence of urban crime, civil unrest, and terrorism risks further drives demand for armored vehicles in civilian and commercial sectors. Manufacturers can capitalize on this opportunity by diversifying their product portfolios to include armored vehicles tailored for civilian and commercial use, offering customizable solutions that meet the specific security requirements and preferences of customers. By expanding into civilian and commercial applications, manufacturers can tap into new market segments, broaden their customer base, and mitigate dependence on defense contracts, thus driving growth and profitability in the Armored Vehicles Market.
By Platform
Combat Vehicles
-Main Battle Tanks (MBTs)
-Infantry Fighting Vehicles (IFVs)
-Armored Personnel Carriers (APCs)
-Armored Amphibious Vehicles (AAVs)
-Mine-resistant Ambush Protected (MRAP)
-Light Protected Vehicles (LPVs)
-Self-propelled Howitzers (SPHs)
-Air Defense Vehicles
Combat Support Vehicles
-Armored Supply Trucks
-Armored Command & Control Vehicles
-Repair and Recovery Vehicles
-Bridge-laying Tanks
-Mine Clearance Vehicles
Unmanned Armored Vehicles
By System
Engines
Drive Systems
Turret Drives
Ammunition Handling Systems
Fire Control Systems (FCS)
Armaments
Ballistic Armor
Countermeasure Systems
Command & Control (C2) Systems
Power Systems
Navigation Systems
Observation & Display Systems
Hulls/Frames
By Type
Electric
Conventional
By Mode of Operation
Manned
RetrofitGeographical Analysis
North America (United States, Canada, Mexico)
Europe (Germany, France, United Kingdom, Spain, Italy, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa
BAE Systems plc
General Dynamics Corp
INKAS Armored Vehicle Manufacturing
International Armored Group Llc
Krauss-Maffei Wegmann GmbH & Co. KG
Lenco Industries Inc
Lockheed Martin Corp
Oshkosh Corp
Rheinmetall AG
STREIT Group
*- List not Exhaustive
TABLE OF CONTENTS
1 Introduction to 2024 Armored Vehicles Market
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Analyzed
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain
2 Research Methodology
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations
3 Executive Summary
3.1 Global Armored Vehicles Market Size Outlook, $ Million, 2021 to 2030
3.2 Armored Vehicles Market Outlook by Type, $ Million, 2021 to 2030
3.3 Armored Vehicles Market Outlook by Product, $ Million, 2021 to 2030
3.4 Armored Vehicles Market Outlook by Application, $ Million, 2021 to 2030
3.5 Armored Vehicles Market Outlook by Key Countries, $ Million, 2021 to 2030
4 Market Dynamics
4.1 Key Driving Forces of Armored Vehicles Industry
4.2 Key Market Trends in Armored Vehicles Industry
4.3 Potential Opportunities in Armored Vehicles Industry
4.4 Key Challenges in Armored Vehicles Industry
5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Competitive Landscape
5.2.1 Global Armored Vehicles Market Share by Company (%), 2023
5.2.2 Product Offerings by Company
5.3 Porter’s Five Forces Analysis
5.4 Pricing Analysis and Outlook
6 Growth Outlook Across Scenarios
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts
7 Global Armored Vehicles Market Outlook by Segments
7.1 Armored Vehicles Market Outlook by Segments, $ Million, 2021- 2030
By Platform
Combat Vehicles
-Main Battle Tanks (MBTs)
-Infantry Fighting Vehicles (IFVs)
-Armored Personnel Carriers (APCs)
-Armored Amphibious Vehicles (AAVs)
-Mine-resistant Ambush Protected (MRAP)
-Light Protected Vehicles (LPVs)
-Self-propelled Howitzers (SPHs)
-Air Defense Vehicles
Combat Support Vehicles
-Armored Supply Trucks
-Armored Command & Control Vehicles
-Repair and Recovery Vehicles
-Bridge-laying Tanks
-Mine Clearance Vehicles
Unmanned Armored Vehicles
By System
Engines
Drive Systems
Turret Drives
Ammunition Handling Systems
Fire Control Systems (FCS)
Armaments
Ballistic Armor
Countermeasure Systems
Command & Control (C2) Systems
Power Systems
Navigation Systems
Observation & Display Systems
Hulls/Frames
By Type
Electric
Conventional
By Mode of Operation
Manned
Retrofit
8 North America Armored Vehicles Market Analysis and Outlook To 2030
8.1 Introduction to North America Armored Vehicles Markets in 2024
8.2 North America Armored Vehicles Market Size Outlook by Country, 2021-2030
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Armored Vehicles Market size Outlook by Segments, 2021-2030
By Platform
Combat Vehicles
-Main Battle Tanks (MBTs)
-Infantry Fighting Vehicles (IFVs)
-Armored Personnel Carriers (APCs)
-Armored Amphibious Vehicles (AAVs)
-Mine-resistant Ambush Protected (MRAP)
-Light Protected Vehicles (LPVs)
-Self-propelled Howitzers (SPHs)
-Air Defense Vehicles
Combat Support Vehicles
-Armored Supply Trucks
-Armored Command & Control Vehicles
-Repair and Recovery Vehicles
-Bridge-laying Tanks
-Mine Clearance Vehicles
Unmanned Armored Vehicles
By System
Engines
Drive Systems
Turret Drives
Ammunition Handling Systems
Fire Control Systems (FCS)
Armaments
Ballistic Armor
Countermeasure Systems
Command & Control (C2) Systems
Power Systems
Navigation Systems
Observation & Display Systems
Hulls/Frames
By Type
Electric
Conventional
By Mode of Operation
Manned
Retrofit
9 Europe Armored Vehicles Market Analysis and Outlook To 2030
9.1 Introduction to Europe Armored Vehicles Markets in 2024
9.2 Europe Armored Vehicles Market Size Outlook by Country, 2021-2030
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Armored Vehicles Market Size Outlook by Segments, 2021-2030
By Platform
Combat Vehicles
-Main Battle Tanks (MBTs)
-Infantry Fighting Vehicles (IFVs)
-Armored Personnel Carriers (APCs)
-Armored Amphibious Vehicles (AAVs)
-Mine-resistant Ambush Protected (MRAP)
-Light Protected Vehicles (LPVs)
-Self-propelled Howitzers (SPHs)
-Air Defense Vehicles
Combat Support Vehicles
-Armored Supply Trucks
-Armored Command & Control Vehicles
-Repair and Recovery Vehicles
-Bridge-laying Tanks
-Mine Clearance Vehicles
Unmanned Armored Vehicles
By System
Engines
Drive Systems
Turret Drives
Ammunition Handling Systems
Fire Control Systems (FCS)
Armaments
Ballistic Armor
Countermeasure Systems
Command & Control (C2) Systems
Power Systems
Navigation Systems
Observation & Display Systems
Hulls/Frames
By Type
Electric
Conventional
By Mode of Operation
Manned
Retrofit
10 Asia Pacific Armored Vehicles Market Analysis and Outlook To 2030
10.1 Introduction to Asia Pacific Armored Vehicles Markets in 2024
10.2 Asia Pacific Armored Vehicles Market Size Outlook by Country, 2021-2030
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Armored Vehicles Market size Outlook by Segments, 2021-2030
By Platform
Combat Vehicles
-Main Battle Tanks (MBTs)
-Infantry Fighting Vehicles (IFVs)
-Armored Personnel Carriers (APCs)
-Armored Amphibious Vehicles (AAVs)
-Mine-resistant Ambush Protected (MRAP)
-Light Protected Vehicles (LPVs)
-Self-propelled Howitzers (SPHs)
-Air Defense Vehicles
Combat Support Vehicles
-Armored Supply Trucks
-Armored Command & Control Vehicles
-Repair and Recovery Vehicles
-Bridge-laying Tanks
-Mine Clearance Vehicles
Unmanned Armored Vehicles
By System
Engines
Drive Systems
Turret Drives
Ammunition Handling Systems
Fire Control Systems (FCS)
Armaments
Ballistic Armor
Countermeasure Systems
Command & Control (C2) Systems
Power Systems
Navigation Systems
Observation & Display Systems
Hulls/Frames
By Type
Electric
Conventional
By Mode of Operation
Manned
Retrofit
11 South America Armored Vehicles Market Analysis and Outlook To 2030
11.1 Introduction to South America Armored Vehicles Markets in 2024
11.2 South America Armored Vehicles Market Size Outlook by Country, 2021-2030
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Armored Vehicles Market size Outlook by Segments, 2021-2030
By Platform
Combat Vehicles
-Main Battle Tanks (MBTs)
-Infantry Fighting Vehicles (IFVs)
-Armored Personnel Carriers (APCs)
-Armored Amphibious Vehicles (AAVs)
-Mine-resistant Ambush Protected (MRAP)
-Light Protected Vehicles (LPVs)
-Self-propelled Howitzers (SPHs)
-Air Defense Vehicles
Combat Support Vehicles
-Armored Supply Trucks
-Armored Command & Control Vehicles
-Repair and Recovery Vehicles
-Bridge-laying Tanks
-Mine Clearance Vehicles
Unmanned Armored Vehicles
By System
Engines
Drive Systems
Turret Drives
Ammunition Handling Systems
Fire Control Systems (FCS)
Armaments
Ballistic Armor
Countermeasure Systems
Command & Control (C2) Systems
Power Systems
Navigation Systems
Observation & Display Systems
Hulls/Frames
By Type
Electric
Conventional
By Mode of Operation
Manned
Retrofit
12 Middle East and Africa Armored Vehicles Market Analysis and Outlook To 2030
12.1 Introduction to Middle East and Africa Armored Vehicles Markets in 2024
12.2 Middle East and Africa Armored Vehicles Market Size Outlook by Country, 2021-2030
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Armored Vehicles Market size Outlook by Segments, 2021-2030
By Platform
Combat Vehicles
-Main Battle Tanks (MBTs)
-Infantry Fighting Vehicles (IFVs)
-Armored Personnel Carriers (APCs)
-Armored Amphibious Vehicles (AAVs)
-Mine-resistant Ambush Protected (MRAP)
-Light Protected Vehicles (LPVs)
-Self-propelled Howitzers (SPHs)
-Air Defense Vehicles
Combat Support Vehicles
-Armored Supply Trucks
-Armored Command & Control Vehicles
-Repair and Recovery Vehicles
-Bridge-laying Tanks
-Mine Clearance Vehicles
Unmanned Armored Vehicles
By System
Engines
Drive Systems
Turret Drives
Ammunition Handling Systems
Fire Control Systems (FCS)
Armaments
Ballistic Armor
Countermeasure Systems
Command & Control (C2) Systems
Power Systems
Navigation Systems
Observation & Display Systems
Hulls/Frames
By Type
Electric
Conventional
By Mode of Operation
Manned
Retrofit
13 Company Profiles
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
List of Companies
BAE Systems plc
General Dynamics Corp
INKAS Armored Vehicle Manufacturing
International Armored Group Llc
Krauss-Maffei Wegmann GmbH & Co. KG
Lenco Industries Inc
Lockheed Martin Corp
Oshkosh Corp
Rheinmetall AG
STREIT Group
14 Appendix
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise
By Platform
Combat Vehicles
-Main Battle Tanks (MBTs)
-Infantry Fighting Vehicles (IFVs)
-Armored Personnel Carriers (APCs)
-Armored Amphibious Vehicles (AAVs)
-Mine-resistant Ambush Protected (MRAP)
-Light Protected Vehicles (LPVs)
-Self-propelled Howitzers (SPHs)
-Air Defense Vehicles
Combat Support Vehicles
-Armored Supply Trucks
-Armored Command & Control Vehicles
-Repair and Recovery Vehicles
-Bridge-laying Tanks
-Mine Clearance Vehicles
Unmanned Armored Vehicles
By System
Engines
Drive Systems
Turret Drives
Ammunition Handling Systems
Fire Control Systems (FCS)
Armaments
Ballistic Armor
Countermeasure Systems
Command & Control (C2) Systems
Power Systems
Navigation Systems
Observation & Display Systems
Hulls/Frames
By Type
Electric
Conventional
By Mode of Operation
Manned
Retrofit
The global Armored Vehicles Market is one of the lucrative growth markets, poised to register a 3.8% growth (CAGR) between 2024 and 2030.
Emerging Markets across Asia Pacific, Europe, and Americas present robust growth prospects.
BAE Systems plc, General Dynamics Corp, INKAS Armored Vehicle Manufacturing, International Armored Group Llc , Krauss-Maffei Wegmann GmbH & Co. KG, Lenco Industries Inc, Lockheed Martin Corp, Oshkosh Corp, Rheinmetall AG, STREIT Group
Base Year- 2023; Estimated Year- 2024; Historic Period- 2018-2023; Forecast period- 2024 to 2030; Currency: USD; Volume