Armored Vehicles Market Growth, Size, Share, Trends, and Forecast 2032

Global Armored Vehicles Market: Insights

According to the report published by Zion Market Research, the global Armored Vehicles Market size was valued at USD 23.67 Billion in 2023 and is predicted to reach USD 36.40 Billion by the end of 2032. The market is expected to grow with a CAGR of 4.90% during the forecast period. The report analyzes the global Armored Vehicles Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Armored Vehicles Market industry.

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Global Armored Vehicles Market: Overview

An armored fighting vehicle is combat and has a strong armor that protects it. It is generally armed with arms and has capabilities such as operational mobility, is defensive and tactical offensive. The vehicles can be tracked or wheeled. An armored civilian car in the UK is used for security purposes in which the standard vehicle window glass is replaced with bulletproof glasses and layers of armor plates are inserted into the body panels.

Global Armored Vehicles Market: Growth Factors

The key factor that is driving the armored vehicle market is the increasing occurrences of armed violence and terrorist attacks have compelled the civilians to procure armored vehicles for the commercial purposes. The increasing demand from the civilian commercial applications has increased the demand for the armored vehicles. In the defense sector, vehicles should have less weight and size thus the demand for highly efficient, robust and compact vehicles are increasing, thus triggering the market growth. Huge investments and R&D activities are going on for the implementation of updated technology in the armored vehicles market, which is positively affecting the market growth.

Key Insights

• As per the analysis shared by our research analyst, the global Armored Vehicles Market is estimated to grow annually at a CAGR of around 4.90% over the forecast period (2024-2032).
• In terms of revenue, the global Armored Vehicles Market size was valued at around USD 23.67 Billion in 2023 and is projected to reach USD 36.40 Billion by 2032.
• Based on the application, The defense sector is the most dominant application segment in the armored vehicles market. This dominance is driven by increasing geopolitical tensions, modernization of military fleets, and the need for advanced armored vehicles to ensure national security. 
• Based on the product, Combat vehicles, including main battle tanks and infantry fighting vehicles, hold the largest market share. Their widespread use in military operations for both offensive and defensive purposes contributes to their dominance.
• Based on the type, Conventional armored vehicles, powered by internal combustion engines, are the most prevalent type. They accounted for over 96% of the global revenue in 2022, owing to their established use and reliability in various military applications.
• Based on the technology, Passive technology, which includes armor plating and bullet-resistant glass, is the dominant segment. These technologies provide essential protection without the need for active systems, making them widely adopted in armored vehicles.
• Based on the region, The Asia Pacific region leads the armored vehicles market, driven by increased defense spending, modernization initiatives, and rising security concerns in countries like China, India, and Japan. 

Armored Vehicles Market: Report Scope

Global Armored Vehicles Market: Segmentation

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The global armored vehicles market is globally segmented into its application, product, type, technology and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

Based on the application, the market is segregated into defense and commercial sector.

• The defense sector is further sub-segmented into military and homeland security.
• The commercial sector is sub-segmented into government, banks, embassy, VIPs and others.

Depending on the sectors, the product segment is classified into the main battle tank, amphibious armored vehicles, infantry fighting vehicles, light protected vehicles, mine-resistant ambush protected, armored personnel carriers and others in the defense segment.The products in the commercial segment include Sedan, Bus/Van, SUV, Limousine, and others.

Based on the type, the market is bifurcated into tracked, wheeled and others.

Based on technology, the market is segregated into passive and active.

Region-wise, the market is diversified into Asia Pacific, North America, Europe and Rest of the World.

Global Armored Vehicles Market: Regional Analysis

The Asia Pacific region holds a major share in the armored vehicles market. The concerns regarding the security from the terrorist attacks and the insurgent groups across the region have led to the need to make advancements in the military organizations. The government bodies are taking interest and are making huge investments in order to develop the defense sector. Countries such as China, India, and South Korea are making investments for the procurement of advanced armored vehicles thus driving the demand. Other countries such as Israel, Iran, UAE, Saudi Arabia and Turkey are also taking initiatives and are increasing their military budgets to procure advanced armored vehicles in their military troops.

Global Armored Vehicles Market: Competitive Players

The key market players of the armored vehicles market include:

• General Dynamics Corporation
• Lockheed Martin
• Textron Inc.
• The Raytheon Company
• Krauss-Maffei Wegmann GmbH & Co. KG
• Oshkosh Corporation
• Rheinmetall Defence
• International Armored Group
• BAE Systems, Plc.
• INKAS Armored Vehicle Manufacturing
• STREIT Group
• Elbit Systems Ltd.

The Global Armored Vehicles Market is segmented as follows:

By Application 

• Defense 
• Commercial Sector 

By Product 

• The Main Battle Tank 
• Amphibious Armored Vehicles
• Infantry Fighting Vehicles 
• Light Protected Vehicles
• Mine-resistant Ambush Protected 
• Armored Personnel Carriers 
• In The Defense Segment 

By Type 

• Tracked 
• Wheeled  
• Others 

By Technology 

• Passive
• Active

Global Armored Vehicles Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.