Armored Vehicle Market, By Type, By Mode of Operation, By System, By Geography

Global Armored Vehicle Market is estimated to be valued at USD 30.16 Bn in 2025 and is expected to reach USD 45.38 Bn by 2032, growing at a compound annual growth rate (CAGR) of 6.0% from 2025 to 2032.

Figure. Armored Vehicle Market Share (%), By Region 2025

The global armored vehicle market has been witnessing significant growth in the recent years. Factors such as increasing defense budgets of major economies and escalating geopolitical tensions across the world have been driving the demand for armored vehicles. Moreover, rising asymmetric warfare and terrorism activities have compelled military forces to focus more on protecting soldiers. As a result, there has been a rise in procurement of armored fighting vehicles and armored personnel carriers by armed forces. Additionally, growing necessity of armored vehicles for peacekeeping missions and law enforcement operations is further augmenting the sales prospects in this market. However, high research and development costs associated with technologically advanced armor materials pose a challenge. Nevertheless, growing investments by key manufacturers in advanced armor technologies are likely to unfold new opportunities for market players over the coming years.

Market Dynamics:

The global armored vehicle market growth is majorly driven by the increasing defense budgets of developed as well as developing economies. Escalating geopolitical tensions and cross-border conflicts have encouraged nations to strengthen their military capabilities. This has significantly driven the demand for advanced armored vehicles among armed forces. Additionally, growing asymmetric warfare and rising terrorism activities worldwide have compelled military modernization with protective vehicles. However, high costs associated with research, development and production of technologically advanced armor materials negatively impact the market growth. Moreover, extended timelines for new procurement also restrain the sales of armored vehicles to some extent. Whereas, ongoing advances in composite armors, active protection systems, and electric drivetrains present lucrative opportunities for market expansion.

Key features of the study:

• This report provides in-depth analysis of the global armored vehicle market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2025-2032), considering 2024 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global armored vehicle market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include BAE Systems, BMW AG, Daimler AG (Mercedes Benz), Ford Motor Company, General Dynamics Corporation, INKAS Armored Vehicle Manufacturing, International Armored Group, Lenco Industries, Inc., Lockheed Martin Corporation, Navistar, Inc., Oshkosh Defense, LLC, Rheinmetall AG, STAT, Inc., Textron, Inc., and Thales Group
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global armored vehicle market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global armored vehicle market

Detailed Segmentation:

• By Type
  • Electric Armored Vehicles
  • Conventional Armored Vehicles
• By Mode Of Operation
  • Manned Armored Vehicles
  • Unmanned Armored Vehicles
• By System
  • Drive Systems
  • Structures & Mechanisms
  • Weapons & Ammunition Control Systems
  • Countermeasure Systems
  • Command & Control Systems
  • Navigation Systems
  • Observation & Display Systems
  • Others
• By Regional
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Key Players Insights
  • BAE Systems
  • BMW AG
  • Daimler AG (Mercedes Benz)
  • Ford Motor Company
  • General Dynamics Corporation
  • INKAS Armored Vehicle Manufacturing
  • International Armored Group
  • Lenco Industries, Inc.
  • Lockheed Martin Corporation
  • Navistar, Inc.
  • Oshkosh Defense, LLC
  • Rheinmetall AG
  • STAT, Inc.
  • Textron, Inc.
  • Thales Group.