Global Armored Vehicles Market Drivers 2024, Forecast To 2033
8 Jan, 2024
The armored vehicles market has exhibited strong growth, rising from $12.78 billion in 2023 to $13.73 billion in 2024, with a 7.5% CAGR. Military conflicts, peacekeeping missions, terrorism, border security, and law enforcement fueled historic period growth. Projections indicate continued expansion, reaching $16.86 billion in 2028, with a 5.3% CAGR. Drivers include urban warfare, asymmetric threats, cybersecurity, and unmanned features. Trends encompass modular armor, crew safety, lightweight materials, and riot control.
Global Armored Vehicles Market Key Driver
Increased military spending is anticipated to propel the armored vehicle market. Global conflicts and rivalries spur countries to invest in military operations, maintenance, arms acquisition, and research. In 2021, the Stockholm International Peace Research Institute noted a 0.7% increase in global military spending to $2113 billion. The United States and China were the largest spenders, with military R&D funding reaching $801 billion and an estimated $292 billion, respectively. This sustained rise in military spending drives the armored vehicle market.
Get A Free Sample Of The Global Armored Vehicles Market ReportGlobal Armored Vehicles Market Segments
The armored vehicles market covered in this report is segmented –
1) By Vehicle Type: Armored Personnel Carrier, Infantry Fighting Vehicle, Main Battle Tanks, Tactical Truck, Bus, Others
2) By Platform: Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles
3) By System: Engine, Drive System, Ballistic Armor, Fire Control System (FCS), Armaments, Ammunition Handling System, Countermeasure System, Command And Control System, Others
4) By Mobility: Tracked, Wheeled, 4X4, 6X6, 8X8, Others
By Geography: The regions covered in the armored vehicles market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions
Asia-Pacific was the largest region in the armored vehicles market in 2023. Western Europe is expected to be the fastest-growing region in the armored vehicles market during the forecast period. The regions covered in the armored vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Armored Vehicles Industry Players
BAE Systems, Oshkosh Corporation, International Armored Group, General Dynamics Land Systems, Textron Inc., Rheinmetall AG, Lockheed Martin Corporation, Krauss-Maffei Wegmann GmbH & Co. KG, INKAS Armored Vehicle Manufacturing, Elbit Systems Ltd., IVECO S.p.A., Lenco Armored Vehicles Inc., Navistar - Navistar International Corporation, Thales Group, STREIT Group, UralVagonZavod Corporation, Ukroboronprom, NORINCO - China North Industries Group Corporation Limited (NORINCO), Bayerische Motoren Werke AG, Ford Motor Company, Raytheon Technologies Corporation, Mitsubishi Heavy Industries Ltd., Hyundai Motor Company, Nexter Group, Panhard General Defense SAS, Plasan Sasa Ltd., SABIEX International, Hanwha Defense Co.Ltd.
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Armored Vehicles Market Overview
The armored vehicle is a self-propelled, weaponized military vehicle used for combat operations. The armored vehicles combine operational mobility with offensive and defensive capabilities.
Armored Vehicles Global Market Report 2023 provides data on the global armored vehicles market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The armored vehicles market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.