Armored Vehicles Market – Size, Analysis, Forecast & Competition Benchmarking
Overview
Report Segment – Aerospace – defense & Maritime | Report ID – AGRI7369
Armored Vehicles Market Overview:
The market for Armored Vehicles was valued at XX Bn USD in the year 2023 and expected to reach XX Bn by the year 2030. The CAGR for the market is XX% during the period 2024 -2030.
Armored vehicles are specialized military vehicles designed with protective armor to shield against ballistic, explosive, and other combat threats. They are built for a variety of combat and support roles, including transporting troops, engaging in direct combat, and supporting logistical operations on the battlefield. Key examples include tanks, infantry fighting vehicles (IFVs), and armored personnel carriers (APCs).
These vehicles are essential for modern warfare as they combine firepower, mobility, and protection, enabling forces to operate effectively in high-threat environments. The armored vehicles market is driven by advancements in technology to enhance survivability, lethality, and operational efficiency. With increasing global defense budgets and a focus on modernizing military fleets, major defense contractors like Rheinmetall are continuously developing innovative solutions to meet the evolving demands of military forces worldwide.
Market Dynamics
Armored Vehicles Market Growth Indicators:
- Rising Global Security Concerns and Geopolitical Tensions
- Growing Demand for Law Enforcement and Civil Protection Vehicles
- Technological Advancements in Armored Vehicle Design and Protection Systems
- Increasing Military Modernization Programs in Developing Nations
- Rising Global Security Concerns and Geopolitical Tensions
The increasing frequency of global conflicts, terrorism, and geopolitical instability has significantly boosted the demand for armored vehicles. Nations are focusing on strengthening their defense capabilities to ensure the safety of military personnel and civilians in volatile regions. Whether it’s through escalating border disputes, terrorist activities, or civil wars, armored vehicles are essential for providing protection against various threats, including gunfire, explosives, and ambushes. This heightened need for safety and defense, particularly in conflict zones, has led governments to invest heavily in advanced armored vehicle technologies, ensuring personnel are equipped to handle dangerous environments and respond effectively to emerging security challenges.
Market Segments
Armored Vehicles Market Report Segments Overview:
Platform Segment Overview
The Platform segment is divided into Combat Vehicles, Combat Support Vehicles and Unmanned Armored Vehicles. The Combat Vehicles segment is the leading segment in the armored vehicle market due to their critical role in modern warfare and defense strategies. These vehicles, including tanks and infantry fighting vehicles, are essential for frontline combat operations, offering superior protection, firepower, and mobility on the battlefield. With the rising intensity of global conflicts, border disputes, and security threats, defense forces prioritize investing in combat vehicles to ensure tactical advantage and personnel safety. The continuous advancements in combat vehicle technology, such as enhanced armor, weapon systems, and electronic warfare capabilities, further drive the demand for these platforms, making them the largest and most significant segment in the armored vehicle market.
Mobility Segment Overview
The Mobility segment is divided into Wheeled and Tracked. The Wheeled Mobility segment is the leading segment in the armored vehicle market due to its superior versatility, speed, and cost-efficiency compared to tracked vehicles. Wheeled armored vehicles offer enhanced maneuverability on a variety of terrains, especially in urban and semi-urban environments, making them ideal for both military and law enforcement applications. They are also more fuel-efficient and easier to maintain, which reduces overall operating costs. Additionally, their faster deployment and greater mobility allow for quick response times in dynamic operational scenarios, such as peacekeeping missions, counter-terrorism, and disaster response, further driving their demand across global markets. As a result, wheeled armored vehicles have become the preferred choice for many armed forces and security agencies.
Type Segment Overview
The Type segment is divided into Electric and Conventional. The Conventional segment is currently the leading segment in the armored vehicle market due to its established reliability, performance, and widespread use by military forces worldwide. Conventional armored vehicles, powered by internal combustion engines, have long been favored for their proven durability, high power output, and ability to operate in diverse and challenging environments. These vehicles are already integrated into most military fleets, with advanced armor and weaponry systems designed for combat readiness. While electric armored vehicles are gaining attention for their environmental benefits and lower operational costs, conventional vehicles remain dominant because of their well-established infrastructure, extensive support networks, and immediate availability in high-stakes defense scenarios.
Systems Segment Overview
The Systems segment is divided into Engines, Drive Systems, Ballistic Armor, Turret Drives, Fire Control Systems, Armaments, Ammunition Handling Systems, Countermeasure Systems, Command & Control Systems, Power Systems, Navigation Systems, Observation & Display Systems and Hulls/Frames. The Ballistic Armor segment is the leading segment in the systems category of the armored vehicle market due to its critical role in ensuring the protection and survivability of both vehicles and personnel in combat situations. As threats from advanced weaponry, including anti-tank guided missiles, improvised explosive devices (IEDs), and small arms fire, continue to evolve, the demand for stronger and more effective armor systems has surged. Ballistic armor, often made from composite materials such as Kevlar, ceramic, or steel, is essential for shielding vehicles from a wide range of threats. Its technological advancements, such as reactive and modular armor, have become key components in modern armored vehicle designs, driving the significant focus and investment in this segment for both military and law enforcement applications.
Mode of Operation Segment Overview
The Mode of Operation segment is divided into Manned and Unmanned.The Manned segment is currently the leading segment in the mode of operation category of the armored vehicle market due to its established effectiveness, versatility, and operational readiness in a wide range of military and law enforcement scenarios. Manned armored vehicles, such as tanks and infantry fighting vehicles, are designed to provide both protection and strategic advantage by allowing operators to engage directly with combat situations, control vehicle systems, and make real-time tactical decisions. Despite the growing interest in unmanned vehicles for their potential in reducing human casualties and enhancing operational efficiency, manned vehicles continue to dominate because they offer experienced human judgment, adaptability, and direct control over complex military operations in high-risk environments. Additionally, many armored vehicle fleets are still heavily reliant on manned platforms due to their proven track record and comprehensive support infrastructure.
Point of Sale Segment Overview
The Point of Sale segment is divided into OEM and Retrofit.The OEM (Original Equipment Manufacturer) segment is the leading segment in the point of sale category for armored vehicles due to the growing demand for advanced, purpose-built vehicles that meet specific operational and defense requirements. OEM armored vehicles are designed and manufactured from scratch to include the latest technologies, including enhanced armor, advanced weaponry, and modern electronics, ensuring optimal performance and durability right from the factory. As defense forces and security agencies continue to modernize their fleets with the latest innovations in protection, mobility, and firepower, OEM vehicles offer a more tailored, state-of-the-art solution. This makes the OEM segment the dominant choice, as it provides new, fully integrated systems that meet the highest standards of safety and operational efficiency.
Regional Outlook
Armored Vehicles Market Regional Outlook:
Fastest Growing Region: Asia Pacific
The Asia-Pacific (APAC) region is currently the fastest-growing market for armored vehicles, driven by increasing defense budgets, geopolitical tensions, and military modernization efforts in countries like China, India, and Japan. The region’s strategic importance, particularly in areas like the South China Sea and along the India-Pakistan border, has escalated security concerns, prompting governments to invest heavily in advanced defense technologies, including armored vehicles. Additionally, rising terrorism and internal security challenges in nations such as India and Indonesia further fuel the demand for law enforcement and civilian armored protection. As these countries focus on strengthening their military and law enforcement capabilities, the APAC region sees a significant surge in armored vehicle procurement, making it a key area of growth in the global market.
Key Players
Armored Vehicles Market Players Mapping:
- BAE Systems
- BMW AG
- Daimler AG (Mercedes Benz)
- Elbit Systems
- Ford Motor Company
- General Dynamics Corporation
- INKAS Armored Vehicle Manufacturing
- International Armored Group
- IVECO
- Krauss-Maffei Wegmann GmbH & Co. (KMW)
- Lenco Industries, Inc.
- Lockheed Martin Corporation
- Navistar, Inc.
- Oshkosh Defense, LLC
- Rheinmetall AG
- STAT, Inc.
- Textron, Inc.
- Thales Group.
Recent Activity by companies in Armored Vehicles Market
In August, 2024 Rheinmetall announced the acquisition of Loc Performance Products, LLC, a respected vehicle specialist headquartered in Plymouth, Michigan. This acquisition marks a significant expansion of Rheinmetall’s operational footprint within the United States, enhancing its capacity to serve the U.S. military and providing improved access to the North American defense market. By integrating Loc Performance into its operations, Rheinmetall aims to leverage an expanded industrial base to drive efficiency and further align with high-priority U.S. defense initiatives. This acquisition is particularly timely as Rheinmetall advances in several major U.S. Army vehicle programs with a projected value exceeding USD 60 billion. As one of the two remaining contenders in the XM30 program’s prototype phase, Rheinmetall is positioned to play a key role in the development of next-generation infantry fighting vehicles (IFVs).
Report Coverage
Armored Vehicles Market Coverage:
By Platform
- Combat Vehicles
- Combat Support Vehicles
- Unmanned Armored Vehicles
By Mobility
- Wheeled
- Tracked
By Type
- Electric
- Conventional
By Systems
- Engines
- Drive Systems
- Ballistic Armor
- Turret Drives
- Fire Control Systems
- Armaments
- Ammunition Handling Systems
- Countermeasure Systems
- Command & Control Systems
- Power Systems
- Navigation Systems
- Observation & Display Systems
- Hulls/Frames
By Mode of Operation
- Manned
- Unmanned
By Point of Sale
- OEM
- Retrofit
By Region:
- North America
- US
- Canada
- Mexico
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of APAC
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- MEA
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of MEA
Armored Vehicles Market Report Outlook
| Armored Vehicles Market Coverage | 2019- 2030 |
| Fastest Growing Region | Asia Pacific |
| Armored Vehicles Market Forecast | 2024 – 2030 |
| Historical Data | 2019 – 2022 |
| Base Year | 2023 |
| Competition Benchmarking | 10 + Key Players Mapping |
| Report Format | PDF + Excel |
BAE Systems
BMW AG
Daimler AG (Mercedes Benz)
Elbit Systems
Ford Motor Company
General Dynamics Corporation
INKAS Armored Vehicle Manufacturing
International Armored Group
IVECO
Krauss-Maffei Wegmann GmbH & Co. (KMW)
Lenco Industries, Inc.
Lockheed Martin Corporation
Navistar, Inc.
Oshkosh Defense, LLC
Rheinmetall AG
STAT, Inc.
Textron, Inc.
Data Collection and Research:
As a market research and consulting firm with extenstive experience, we have published numerous reports and provided strategic guidance to clients worldwide. Our research process begins with a thorough evaluation of existing data and insights from previously published reports. We gather historical and current market information from sources such as investor presentations, annual reports, SEC filings, and company performance data, leveraging paid databases. Additionally, we consult a variety of publicly available publications for further context.
To obtain both technical and market-specific insights, we engage with industry associations, trade organizations, technical forums, and research institutes. Their publications, including research papers, blogs, and press releases, offer valuable market cues. Moreover, we meticulously analyze white papers, journals, magazines, and news articles published in the last four years to identify and interpret the latest market trends.
Research Compilation and Data Sourcing
The primary interview analysis is based on data gathered from interviews with industry participants and responses to survey questions collected by our in-house research team.
For primary research, we engage with industry professionals such as CEOs, Marketing and Sales Managers, VPs, and Subject Matter Experts from both the demand and supply sides to gain a comprehensive understanding of the market. Our primary research team conducts multiple interviews, tailored to the complexity of each market, to capture key trends and dynamics, ensuring the research is both reliable and accurate.
Research interview are leverage for following key parameters:
- Offers direct insights into market size, trends, growth patterns, competitive landscape, and future outlook.
- Confirms and enhances the findings from in-house secondary research.
- Deepens the analysis team’s expertise and understanding of the market.
- Identifies emerging opportunities and potential challenges within the market.
- Captures real-time feedback and perspectives from key industry stakeholders.
- Enhances the accuracy of market forecasts and projections.
Primary research is conducted through email communications and telephone interviews, targeting each market, category, segment, and sub-segment across various regions. The participants in this process typically include, but are not limited to:
Industry professionals: VPs, business development managers, market intelligence managers, and national sales managers.
External experts: Valuation specialists, research analysts, and key opinion leaders with expertise in the sepcific market sectors.
Primary respondents breakup:
Upon receiving confirmation from primary research sources or respondents, we finalize the base year market estimates and proceed to forecast data. This is done by incorporating the macroeconomic and microeconomic factors evaluated during the data collection phase.
Data Analysis:
After validating the data through secondary and primary sources, we refine the market estimations by developing hypotheses and performing factor analysis at both regional and national levels.
3.1 Macro-Economic Factor Analysis:
We assess macroeconomic indicators such as Gross Domestic Product (GDP), changes in demand across industries, technological advancements, regional economic growth, government policies, the impact of COVID-19, and PEST analysis. This evaluation helps establish benchmarks for different nations and regions and approximates market segments. Additionally, the general trends in these factors assist in identifying potential market growth opportunities.
3.2 Country Level Data:
To determine the market size for specific regions and countries, we consider various country-specific factors. These include the presence of vendors (headquarters and offices), the country’s GDP, demand patterns, and industry growth. We examine growth drivers, inhibitors, application areas, and current market trends to understand the dynamics within each nation. This analysis is crucial for assessing the growth potential of the market in each country.
3.3 Company Profile:
The “Table of Contents” includes a detailed analysis of over 25 to 30 companies operating within the market ecosystem across different geographies. Typically, our syndicate reports profile 10 companies, representing leading, emerging, and regional players. However, our analysis extends beyond these 10 companies to ensure a comprehensive understanding of market trends. The “Company Profiles” section features key facts, business descriptions, products and services, financial information, SWOT analysis, and key developments. Financial data is sourced from annual reports and official documents of publicly listed companies, and is verified through primary sources before compilation. This company-level information is essential for determining the base number and forecasting market size.
3.4 Developing Base Number:
We aggregate sales data, macroeconomic factors, and insights from secondary and primary research to establish the base number and market shares for the base year. This phase involves identifying data gaps and analyzing relevant market data from paid interviews or databases. After finalizing the base year market size, we develop forecasts based on macroeconomic factors, industry growth, and company-level analysis.
Data Triangulation and Final Review:
We validate market findings and base year calculations through both supply and demand-side evaluations. Demand-side validations are based on macroeconomic analysis and regional benchmarks, while supply-side validations involve estimating revenues of major companies using industry benchmarks, employee numbers, product portfolios, and primary interviews. We assess revenue from target product/service segments to ensure accurate market statistics. Significant deviations between supply and demand values prompt a re-evaluation to achieve consistency.
Our iterative approach involves sharing research findings with Subject Matter Experts and Key Opinion Leaders until a consensus view is achieved. This process helps mitigate drastic deviations in expert opinions. We use data triangulation—validating information from secondary sources with primary interviews and re-verifying with internal databases and experts—to ensure high-quality, reliable data is delivered efficiently.
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