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Armored Vehicle Market to Cross USD 65.73 Billion by 2031 Flueld by Rising geopolitical tensions, international conflicts


The Armored Vehicle Market is projected to witness significant growth in the coming years, fueled by a confluence of factors. Increasing geopolitical tensions, growing concerns over terrorism and asymmetric warfare, and rising defense budgets are expected to drive demand for advanced armored vehicles across the globe.

The Armored Vehicle Market, valued at USD 49.92 billion in 2023, is anticipated to reach a valuation of USD 65.73 billion by 2031. This translates to a compound annual growth rate (CAGR) of 3.5% throughout the forecast period from 2024 to 2031.

Armored Vehicle Market
Armored Vehicle Market

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Key Companies of Armored Vehicle Market

  • 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.

Market Segmentation:

By Platform

  • Combat Vehicles
  • Combat Support Vehicles
  • Unmanned Armored Ground Vehicles

By Propulsion Type

  • Conventional
  • Electric

By Mobility Type

  • Wheeled
  • Tracked

By Solution

  • Line Fit
  • Retrofit

By System

  • Drive Systems
  • Structures & Mechanisms
  • Navigation
  • Others

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The armored vehicle market is flourishing due to the constant need to safeguard people and property. Internal threats like insurgencies and riots, alongside external dangers like terrorism, are driving demand for armored personnel carriers (APCs). Governments are modernizing defenses and increasing budgets, especially in Asia Pacific. Companies like Oshkosh Defense are creating hybrid JLTVs for better efficiency. Collaborations between organizations like NATO further bolster the market.

Advancements like HENSOLDT‘s upgraded sensor technology enhance vehicle capabilities. Asymmetric warfare, where weaker forces exploit vulnerabilities, also fuels demand. Governments are deploying combat vehicles to counter such threats, like India’s use of armored trucks against Naxalites. This rising need for protection, coupled with technological advancements and increasing defense budgets, is propelling the armored vehicle market forward.

Demand for Next-Generation Armored Vehicles Increases

A surge in international conflicts, terrorist activities, and global unrest is pushing nations to significantly upgrade their military capabilities. This translates to a focus on deploying modern armored vehicles, including Main Battle Tanks (MBTs), Light-Protected Vehicles (LPVs), and Infantry Fighting Vehicles (IFVs), to bolster national defense. As a consequence, demand for next-generation military vehicles equipped with advanced weaponry systems is anticipated to be a key driver of market expansion.

Emerging nations, particularly aware of diverse threats, are placing a renewed emphasis on acquiring advanced weaponry systems for their own protection. This necessitates the incorporation of cutting-edge armored vehicles, further propelling market growth. A recent example is the Royal Netherlands Army’s selection of BAE Systems for a mid-life upgrade program for their CV9035NL armored vehicles, including a new turret configuration. This contract, valued at approximately USD 500 million, highlights the trend of nations investing in modernizing their existing armored vehicle fleets.

Combat Vehicles Holds Supreme Position

The combat vehicles segment continues to be the undisputed champion of the armored vehicle market, capturing a staggering 65% of the revenue share in 2023. As the international security landscape undergoes constant change, combat vehicles become ever more crucial for military operations. Their ability to withstand heavy firepower and engage in offensive maneuvers makes them an indispensable asset for national defense strategies.

Russia-Ukraine War Sparks Surge in Armored Vehicle Demand

The ongoing conflict between Russia and Ukraine has ignited a significant shift in the European defense industry. This war, acting as a stark reminder of the need for robust defenses, has fueled a recent surge in demand for armored vehicles.

NATO and its member states have stepped up, offering extensive support to Ukraine, including the delivery of various military equipment like modernized tanks. This includes the Ukraine Security Assistance Initiative (USAI) providing 45 upgraded T-72B tanks, boasting enhanced optics, communication systems, and improved armor.

Furthermore, the warring nations themselves have heavily relied on armored vehicles for combat and border defense. Ukraine, in particular, has expressed a need for around 300 Main Battle Tanks (MBTs) to reclaim lost territories. This highlights the crucial role armored vehicles play in safeguarding national security, propelling market growth in the foreseeable future.

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Asia-Pacific Leads the Armored Vehicle Market

The Asia-Pacific region is poised to become the global leader in armored vehicle growth. This surge is fueled by a significant rise in military spending across the continent.

Many nations, including China, India, Australia, South Korea, Singapore, and Japan, are heavily investing in modernizing their aging armored vehicle fleets – some operational for over 30 years.

This modernization drive is evident in several instances:

Japan’s Acquisition, Technology & Logistics Agency (ATLA): Plans to replace its outdated light armored vehicles due to space and emission limitations.

Indian Army: Received approval for the procurement of next-generation Futuristic Infantry Combat Vehicles. Additionally, discussions are underway for a potential Transfer of Technology agreement with the US for the Stryker armored personnel carrier.

Mahindra Defence Systems (MDS): Awarded a contract by the Indian Ministry of Defense to supply 1,300 light specialist vehicles.

Furthermore, recognizing the importance of self-sufficiency, countries within the region are actively developing their own armored vehicle manufacturing capabilities. China’s NORINCO, for example, is ramping up production and sales of domestically produced armored vehicles. These combined factors position the Asia-Pacific region as the undisputed leader in future armored vehicle market growth.

The Armored Vehicle Market Continues To Witness Advancements With A Focus On Improved Functionality And User Experience

  • In August 2023, General Dynamics Land Systems unveiled the Next-Generation Combat Vehicle (NGCV) prototype at the Modern Day Marine expo.
  • In June 2023, Rheinmetall MAN Military Vehicles(RMMV) introduced the modernized Fuchs/Fox armored personnel carrier at Eurosatory, a leading defense and security exhibition.

Key Takeaways for Armored Vehicle Market Report Purchase:

  • Gain valuable insights into the projected growth rate of the armored vehicle market, estimated at 3.5% CAGR from 2024 to 2031, reaching a valuation of USD 65.73 billion.
  • Understand the market landscape with a focus on the combat vehicles segment, which currently holds the largest revenue share and is expected to maintain its dominance throughout the forecast period.
  • Stay informed about the latest trends in armored vehicle technology, including improved fuel efficiency, integration of high-tech sensors, and next-generation weaponry systems.
  • Make informed decisions by understanding how geopolitical tensions, terrorism threats, and asymmetric warfare are driving the demand for armored vehicles in various regions.
  • The report dives deep into the Asia-Pacific region, which is anticipated to witness the highest growth rate due to robust military spending and self-reliance initiatives in armored vehicle manufacturing.
  • Gain insights into how recent events like the Russia-Ukraine War have significantly altered the dynamics of the armored vehicle market, particularly in Europe.

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