Armored Vehicle Market Report 2025 (Global Edition)

Global Armored Vehicle Market Report 2025 Market Size Split by Product (Armored Vehicles, Armored Support Vehicles), by Type (Electric Armored Vehicles, Conventional Armored Vehicles), by Mode Of Oper...

Armored Vehicle Market Report Description

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Armored Vehicle Market Insights Video

Competitive Landscape of the Armored Vehicles Market

The competitive landscape of the Armored Vehicles market is characterized by key players such as BAE Systems, General Dynamics Corporation, Rheinmetall AG, Lockheed Martin Corporation, and Oshkosh Defense. These companies lead in the development and production of various Armored Vehicles, ranging from tanks and armored personnel carriers to infantry fighting vehicles. Technological advancements, product innovation, and contracts for military modernization programs globally drive intense competition. Partnerships, mergers, and acquisitions are common strategies as companies seek to strengthen their market presence and offer comprehensive solutions in the highly competitive Armored Vehicles market.

Armored Vehicles Industry News

In March 2023, Australian and German authorities have formalized an agreement to collaborate on the acquisition of new combat reconnaissance vehicles. These vehicles are derived from the Boxer family of armored fighting vehicles and are outfitted with a 30-millimeter gun. The commencement of deliveries is scheduled for 2025.

Source-economictimes.indiatimes.com/news/defence/germany-plans-to-buy-australian-made-combat-vehicles/articleshow/98944005.cms?from=mdr

In December 2022, Japan chose armored modular vehicles (AMV) constructed by Patria to replace the Japan Ground Self-Defense Force's existing Type-96 8X8 wheeled armored personnel carriers.

Source-www.army-technology.com/news/japan-patrias-amvxp-wapc-vehicle/#:~:text=Japan%20selects%20Patria's%20AMV%20XP%20platform%20as%20new%20WAPC%208,8x8%20armoured%20personnel%20carrier%20platform.&text=Patria's%20AMV%20XP%20is%20used,survivability%2C%20and%20fire%20power%20capabilities.

Top Companies Market Share in Armored Vehicle Industry: (In no particular order of Rank)

• BAE Systems
• General Dynamics Corporation
• Rheinmetall AG
• Lockheed Martin Corporation
• Oshkosh Defense
• Northrop Grumman Corporation
• Leonardo S.p.A.
• Hanwha Defense
• S.T. Engineering
• Textron Inc.
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Armored Vehicle Market Regional Analysis

Region and country analysis section of Armored Vehicle Industry Analysis has been segmented into 5 major region such as North America, Europe, Asia Pacific, Middle East & Africa ,and Latin America (along with respective major contributing countries) and provides the revenue share, current trends.

The base years considered for all the estimations by analyzing trends and growth rate will help you gain an in-depth understanding of the conclusions provided in this report. This report also includes figures, graphs, pie charts, tables and bar graphs that explain the data analysis based on current trends at the country level as well as key regions. This research report also focuses on assessing factors such as profit, product price, capacity, production, supply demand market growth rate along with others to create a clear picture on the future prospects of Armored Vehicle market.

The current report Scope analyzes Armored Vehicle Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Switzerland, Luxembourg, Rest of Europe)
• Asia Pacific (China, Japan, South Korea, India, Australia, Singapore, Taiwan, South East Asia, Rest of APAC)
• Latin America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East (Saudi Arabia, Turkey, UAE, Egypt, Qatar, Rest of Middle East)
• Africa (Nigeria, South Africa, Rest of Africa)

The above graph is for illustrative purposes only.

North America Armored Vehicle Market Analysis

According to Cognitive Market Research, the global Armored Vehicle market size was estimated at USD 25142.2 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 10056.88 million in 2023 and will grow at a compound annual growth rate (CAGR) of 1.7% from 2023 to 2030. North America is growing in the Armored Vehicles market due to substantial defense budgets, ongoing modernization programs, and geopolitical factors. The U.S., in particular, invests significantly in advanced Armored capabilities, driving demand for Armored Vehicles. Wheeled Mobility is growing in the Armored Vehicles market as it offers enhanced versatility and adaptability. Wheeled vehicles, such as armored personnel carriers and reconnaissance vehicles, provide agility and speed across diverse terrains. The demand for maneuverability, especially in urban environments, supports the preference for wheeled Mobility. Technological advancements in wheeled vehicles, offering a balance between off-road capabilities and on-road speed, contribute to their increasing adoption in military operations, leading to growth in this segment of the Armored Vehicles market.

• According to Cognitive Market Research, the U.S. had a major share in the Armored Vehicles market with a market size of USD 7934.88 million in 2023 and is projected to grow at a CAGR of 1.7% during the forecast period. The U.S. Armored Vehicles market is growing due to substantial defense budgets, ongoing modernization programs, and geopolitical considerations. The U.S. military's focus on maintaining advanced Armored capabilities and upgrading its armored fleets drives the demand for Armored Vehicles, contributing to the market's growth in the country.
• The Canada Armored Vehicles market had a market share of USD 1206.83 million in 2023 and is projected to grow at a CAGR of 2.5% during the forecast period. The growth of the Armored Vehicles market in Canada is influenced by the country's commitment to national defense, ongoing military modernization efforts, and the need for advanced Armored capabilities. Investments in armored fleets and technological upgrades contribute to the growth of the Armored Vehicles market in Canada.
• The Mexico Armored Vehicles market is projected to witness growth at a CAGR of 2.2% during the forecast period, with a market size of USD 915.18 million in 2023.

Europe Armored Vehicle Market Analysis

According to Cognitive Market Research, with a market value of USD 25142.2 million in 2023 and projected to expand at a compound annual growth rate (CAGR) of 2.0% from 2023 to 2030, Europe accounted for a share of over 30% of the global market size of USD 7542.66 million. Europe is growing in the Armored Vehicles market due to increased defense spending, modernization initiatives, and evolving security threats. The region's focus on maintaining a technologically advanced and capable military contributes to the demand for Armored Vehicles. Electric Armored Vehicles are growing in the Armored Vehicles market as part of Europe's broader commitment to sustainability and environmental considerations. The shift towards electric propulsion aligns with global efforts to reduce carbon footprints. Additionally, electric vehicles offer advantages such as reduced operational costs, quieter operation, and improved energy efficiency, making them increasingly attractive for military applications in the evolving landscape of European defense priorities.

• According to Cognitive Market Research, the Germany Armored Vehicles market size was valued at USD 1493.45 million in 2023 and is projected to grow at a CAGR of 2.2% during the forecast period. Germany's Armored Vehicles market is growing due to the country's commitment to military modernization, defense capabilities, and participation in international security efforts. Investments in advanced Armored systems, including armored vehicles, align with Germany's strategic focus on maintaining a robust and technologically sophisticated military, driving growth in the Armored Vehicles market.
• The United Kingdom Armored Vehicles market had a market share of USD 1267.17 million in 2023 and is projected to grow at a CAGR of 2.8% during the forecast period. The United Kingdom's Armored Vehicles market is growing due to its emphasis on military modernization, strategic defense capabilities, and participation in international security operations. Investments in advanced Armored systems, including armored vehicles, align with the U.K.'s commitment to maintaining a strong and adaptable military force, driving growth in the Armored Vehicles market.
• The France Armored Vehicles market is projected to witness growth at a CAGR of 1.2% during the forecast period with a market size of USD 693.92 million in 2023.
• The Italy Armored Vehicles market is projected to witness growth at a CAGR of 1.4% during the forecast period, with a market size of USD 648.67 million in 2023.
• The Russia Armored Vehicles market is projected to witness growth at a CAGR of 1.0% during the forecast period with a market size of USD 1169.11 million in 2023.
• The Spain Armored Vehicles market is projected to witness growth at a CAGR of 1.1% during the forecast period, with a market size of USD 618.50 million in 2023.
• The Portugal Armored Vehicles market is projected to witness growth at a CAGR of 1.8% during the forecast period with a market size of USD 158.40 million in 2023.
• The Luxembourg Armored Vehicles market is projected to witness growth at a CAGR of 2.1% during the forecast period, with a market size of USD 233.82 million in 2023.
• The Greece Armored Vehicles market is projected to witness growth at a CAGR of 2.3% during the forecast period, with a market size of USD 90.51 million in 2023.
• The Rest of Europe Armored Vehicles market is projected to witness growth at a CAGR of 0.7% during the forecast period with a market size of USD 1169.11 million in 2023.

Asia Pacific Armored Vehicle Market Analysis

According to Cognitive Market Research, the global Armored Vehicle market size was estimated at USD 25142.2 Million out of which Asia Pacific held the market of more than 23% of the global revenue with a market size of USD 5782.71 million in 2023 and will grow at a compound annual growth rate (CAGR) of 5.5% from 2023 to 2030. The Asia Pacific region is growing in the Armored Vehicles market due to escalating geopolitical tensions, territorial disputes, and increased defense spending by countries like China and India. The focus on enhancing military capabilities, including advanced Armored Vehicles, drives the market's growth. Armored Vehicles, as a product, are growing due to their pivotal role in modern warfare. The evolving security landscape, coupled with the need for rapid deployment, protection, and firepower, propels the demand for versatile Armored Vehicles. Ongoing military modernization programs and the continuous threat of asymmetrical warfare contribute to the sustained growth of Armored Vehicles in the global market.

• According to Cognitive Market Research, the China Armored Vehicles market size was valued at USD 2602.22 million in 2023 and is projected to grow at a CAGR of 5.0% during the forecast period. China's Armored Vehicles market is growing due to the country's significant defense investments, military modernization initiatives, and geopolitical considerations. The focus on enhancing Armored capabilities, upgrading armored fleets, and addressing regional security challenges contributes to the increasing demand for Armored Vehicles in China.
• The India Armored Vehicles market had a market share of USD 693.92 million in 2023 and is projected to grow at a CAGR of 7.3% during the forecast period. India's Armored Vehicles market is growing due to the country's commitment to military modernization, border security concerns, and the need for advanced Armored capabilities. Ongoing defense investments, border tensions, and a focus on maintaining a strong defense posture contribute to the demand for Armored Vehicles in India.
• The Japan Armored Vehicles market is projected to witness growth at a CAGR of 4.0% during the forecast period, with a market size of USD 798.01 million in 2023.
• The South Korea Armored Vehicles market is projected to witness growth at a CAGR of 4.6% during the forecast period with a market size of USD 578.27 million in 2023.
• The Australia Armored Vehicles market is projected to witness growth at a CAGR of 5.2% during the forecast period with a market size of USD 300.70 million in 2023.
• The South East Asia Armored Vehicles market is projected to witness growth at a CAGR of 6.5% during the forecast period with a market size of USD 399.01 million in 2023.
• The Rest of Asia Pacific Armored Vehicles market is projected to witness growth at a CAGR of 5.3% during the forecast period with a market size of USD 410.57 million in 2023.

South America Armored Vehicle Market Analysis

According to Cognitive Market Research, the global Armored Vehicles market size was estimated at USD 25142.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 1257.11 million in 2023 and will grow at a compound annual growth rate (CAGR) of 2.9% from 2023 to 2030. Latin America is growing in the Armored Vehicles market due to increasing security concerns, internal conflicts, and a focus on strengthening defense capabilities. Nations in the region invest in modernizing their military forces, contributing to the demand for Armored Vehicles. Engines Systems are growing in the Armored Vehicles market as they are pivotal for vehicle propulsion, influencing overall performance. The demand for powerful, fuel-efficient, and reliable engines drives their prominence. Ongoing technological advancements in engine systems, aiming to enhance speed, Mobility, and operational efficiency of Armored Vehicles, contribute to the growth of this essential component in the market.

• According to Cognitive Market Research, the Brazil Armored Vehicles market size was valued at USD 538.04 million in 2023 and is projected to grow at a CAGR of 3.5% during the forecast period. Brazil's Armored Vehicles market is growing due to the country's commitment to military modernization, border security, and defense capabilities. Investments in advanced Armored systems, including armored vehicles, align with Brazil's strategic focus on maintaining a strong and technologically sophisticated military, driving growth in the Armored Vehicles market.
• The Argentina Armored Vehicles market had a market share of USD 211.19 million in 2023 and is projected to grow at a CAGR of 3.8% during the forecast period. Argentina's Armored Vehicles market is growing due to the country's efforts in military modernization, defense capabilities, and addressing security challenges. Investments in advanced Armored systems, including armored vehicles, align with Argentina's strategic focus on maintaining a robust and technologically advanced military, contributing to the growth in the Armored Vehicles market.
• The Colombia Armored Vehicles market is projected to witness growth at a CAGR of 2.7% during the forecast period with a market size of USD 111.88 million in 2023.
• The Peru Armored Vehicles market is projected to witness growth at a CAGR of 3.1% during the forecast period, with a market size of USD 103.08 million in 2023.
• The Chile Armored Vehicles market is projected to witness growth at a CAGR of 3.2% during the forecast period, with a market size of USD 90.51 million in 2023.
• The Rest of Latin America Armored Vehicles market is projected to witness growth at a CAGR of 2.0% during the forecast period with a market size of USD 202.39 million in 2023.

Middle East Armored Vehicle Market Analysis

According to Cognitive Market Research, the global Armored Vehicle market size was estimated at USD 25142.2 Million out of which Middle East and Africa held the major market of more than 2% of the global revenue with a market size of USD 502.84 million in 2023 and will grow at a compound annual growth rate (CAGR) of 3.2% from 2023 to 2030. The Middle East and Africa region is growing in the Armored Vehicles market due to increasing geopolitical tensions, regional conflicts, and the need for military preparedness. Nations in the region invest in advanced Armored Vehicles to address security threats and enhance defense capabilities. OEM (Original Equipment Manufacturer) Point of Sale is growing in the Armored Vehicles market as it involves direct sales from manufacturers. This channel allows OEMs to establish direct relationships with customers, ensuring better control over product quality, customization options, and after-sales services. Direct sales enable manufacturers to showcase their expertise, technical capabilities, and product innovations, contributing to the notable growth of OEM Point of Sale in the Armored Vehicles market.

• According to Cognitive Market Research, the GCC Countries Armored Vehicles market size was valued at USD 215.22 million in 2023 and is projected to grow at a CAGR of 4.0% during the forecast period. The Armored Vehicles market in GCC (Gulf Cooperation Council) countries is growing due to the region's increasing focus on military preparedness, defense modernization, and the need to address regional security challenges. Substantial defense budgets and geopolitical considerations contribute to the demand for advanced Armored Vehicles in GCC nations.
• The South Africa Armored Vehicles market had a market share of USD 79.45 million in 2023 and is projected to grow at a CAGR of 4.2% during the forecast period. South Africa's Armored Vehicles market is growing due to the country's focus on military modernization, defense capabilities, and participation in regional peacekeeping efforts. Investments in advanced Armored systems, including armored vehicles, align with South Africa's strategic commitment to maintaining a strong and technologically advanced defense force, driving market growth.
• The Egypt Armored Vehicles market is projected to witness growth at a CAGR of 3.5% during the forecast period, with a market size of USD 52.80 million in 2023.
• The Turkey Armored Vehicles market is projected to witness growth at a CAGR of 2.7% during the forecast period with a market size of USD 43.24 million in 2023.
• The Nigeria Armored Vehicles market is projected to witness growth at a CAGR of 2.3% during the forecast period with a market size of USD 52.80 million in 2023.
• The Rest of MEA Armored Vehicles market is projected to witness growth at a CAGR of 2.2% during the forecast period with a market size of USD 59.34 million in 2023.

Armored Vehicle Market Analysis

Armored Vehicle Market Product Segment Analysis

Armored Vehicles have captured the largest market share in the Armored Vehicle market due to their strategic importance in modern warfare. These vehicles are designed for offensive and defensive operations, offering a combination of firepower, Mobility, and protection. The increasing focus on maneuverability in diverse operational environments, coupled with advancements in Armored vehicle technologies, contributes to their prominence. Nations prioritize the procurement of Armored Vehicles to strengthen their military capabilities, making them a dominant segment in the Armored Vehicle market as they play a central role in addressing contemporary security challenges.

Armored Support Vehicles are experiencing the highest Compound Annual Growth Rate (CAGR) in the Armored Vehicles market due to their critical role in providing logistical and operational support to Armored forces. These vehicles include engineering, recovery, and medical support vehicles, which are essential for sustaining and aiding Armored operations. As modern warfare evolves, there is an increased emphasis on enhancing the capabilities of support vehicles to ensure the effectiveness and Mobility of Armored forces. The growing recognition of the importance of robust support infrastructure contributes to the notable growth of Armored Support Vehicles in the overall Armored Vehicles market.

• Armored Vehicles
• Armored Support Vehicles

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Armored Vehicle Industry. Request a Free Sample PDF!

Armored Vehicle Market Type Segment Analysis

Electric Armored Vehicles have captured the largest market share due to the global shift towards sustainable and eco-friendly solutions. The increasing focus on reducing carbon footprints and enhancing energy efficiency aligns with electric propulsion systems. These vehicles offer advantages such as quieter operation, lower maintenance costs, and reduced reliance on traditional fuel sources. As environmental concerns become more prominent, Electric Armored Vehicles gain prominence, dominating the market share as nations and organizations seek technologically advanced, sustainable solutions without compromising the operational capabilities of armored vehicles.

Conventional Armored Vehicles are growing at the highest Compound Annual Growth Rate (CAGR) in the Armored Vehicles market due to their established and versatile design. These vehicles, equipped with traditional propulsion systems, remain in demand for their reliability, proven performance, and ease of maintenance. While technological advancements are prevalent, the familiarity, cost-effectiveness, and robustness of Conventional Armored Vehicles contribute to their sustained growth. The defense industry's continued reliance on proven and field-tested solutions drives the upward trajectory of Conventional Armored Vehicles in the market.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Armored Vehicle Mode Of Operation Segment Analysis

Manned Armored Vehicles' mode of operation has captured the largest market share in the armored vehicle market due to the long-established and proven effectiveness of human-operated platforms. Human-crewed vehicles provide operators with situational awareness, decision-making capabilities, and direct control, making them suitable for a wide range of missions. The extensive legacy of human-crewed armored vehicles, coupled with ongoing technological enhancements and adaptability to diverse operational scenarios, reinforces their dominance. While unmanned systems are emerging, their reliability, versatility, and operator familiarity contribute to the sustained market share of human-crewed armored vehicles.

Unmanned Armored Vehicles' Mode of Operation is growing at the highest Compound Annual Growth Rate (CAGR) in the Armored Vehicles market due to advancements in autonomous technologies. These unmanned vehicles offer benefits such as reduced risk to human operators in high-threat environments, increased endurance, and enhanced surveillance capabilities. As technology continues to mature and trust in autonomous systems grows, the demand for Unmanned Armored Vehicles rises. Their adaptability to evolving military strategies and the potential for reduced operational costs contribute to the notable growth of this mode of operation in the Armored Vehicles market.

• Manned Armored Vehicles
• Unmanned Armored Vehicles

Armored Vehicle Point Of Sale Segment Analysis

OEM (Original Equipment Manufacturer) Point of Sale has captured the largest market share in the Armored Vehicle market due to direct sales from manufacturers. This distribution channel allows OEMs to establish direct relationships with customers, ensuring better control over product quality, customization options, and after-sales services. Direct sales enable manufacturers to showcase their expertise, technical capabilities, and product innovations, establishing trust and reliability. As a result, customers often prefer purchasing Armored Vehicles directly from OEMs, contributing to the dominant market share of OEM Point of Sale in the Armored Vehicle market.

Retrofit Point of Sale is growing at the highest Compound Annual Growth Rate (CAGR) in the Armored Vehicles market due to increased demand for upgrading and modernizing existing armored fleets. Retrofitting offers a cost-effective solution to enhance vehicle capabilities, integrate new technologies, and extend service life. Military forces opt for retrofitting to align their armored vehicles with evolving threats and operational requirements, contributing to the notable growth of Retrofit Point of Sale. This approach allows organizations to leverage existing assets while incorporating advanced features and improvements to meet contemporary Armored challenges.

• OEM
• Retrofit

Armored Vehicle Mobility Segment Analysis

Wheeled Mobility has captured the largest market share in the Armored Vehicle market due to its versatility and adaptability across a variety of terrains. Wheeled Armored Vehicles offer enhanced speed and Mobility, making them suitable for a range of missions, including surveillance, troop transport, and urban operations. The wheeled configuration provides a balance between on-road speed and off-road maneuverability, meeting the diverse operational requirements of modern armed forces. The proven effectiveness, cost-efficiency, and agility of Wheeled Armored Vehicles contribute to their dominance and preference in the market.

Tracked Mobility is experiencing the highest Compound Annual Growth Rate (CAGR) in the Armored Vehicles market due to its superior off-road capabilities and stability. Tracked vehicles provide enhanced traction, allowing them to navigate challenging terrains such as mud, snow, and rough landscapes with greater ease compared to their wheeled counterparts. Their durability and versatility make them well-suited for a variety of Armored scenarios, contributing to their increased adoption. As military operations evolve and demand heightened Mobility in diverse environments, the advantages offered by Tracked Mobility drive its growth in the Armored Vehicles market.

• Wheeled
• Tracked

Armored Vehicle System Segment Analysis

Engines Systems have captured the largest market share in the Armored Vehicle market due to their pivotal role in vehicle propulsion and overall performance. The demand for powerful, fuel-efficient, and reliable engines drives their prominence. Manufacturers focus on developing advanced engine technologies to enhance speed, Mobility, and operational efficiency of armored vehicles. As the engine is a critical component influencing the overall capability of armored vehicles, customers prioritize vehicles with cutting-edge engine systems, contributing to the dominant market share of engine systems in the Armored Vehicle market.

Drive Systems are experiencing the highest Compound Annual Growth Rate (CAGR) in the Armored Vehicles market due to advancements in Mobility and maneuverability technologies. Enhanced drive systems contribute to improved agility, off-road capabilities, and responsiveness in Armored scenarios. Military forces seek vehicles with superior Mobility to navigate diverse terrains effectively. As modern warfare emphasizes rapid deployment and maneuvering, the demand for innovative Drive Systems grows. Manufacturers focusing on developing state-of-the-art drive technologies to meet these evolving requirements contribute to the notable growth of Drive Systems in the Armored Vehicles market.

• Engines
• Drive Systems
• Ballistic Armor
• Fire Control Systems 
• Navigation Systems

The base years considered for all the estimations by analyzing trends and growth rate will help you gain an in-depth understanding of the conclusions provided in this report. This report also includes figures, graphs, pie charts, tables and bar graphs that explain the data analysis based on current trends at the country level as well as key regions. This research report also focuses on assessing factors such as profit, product price, capacity, production, supply demand market growth rate along with others to create a clear picture on the future prospects of this market.

Author's Detail

Sneha Mali

Research Analyst at Cognitive Market Research

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I am a research analyst working in the Transport & Logistics domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.

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