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PUBLISHER: IMARC | PRODUCT CODE: 1702295
PUBLISHER: IMARC | PRODUCT CODE: 1702295
Armored Vehicles Market Size, Share, Trends and Forecast by Product, System, Drive Type, and Region 2025-2033
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The global armored vehicles market size was valued at USD 18.80 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 29.44 Billion by 2033, exhibiting a CAGR of 5.06% during 2025-2033. North America currently dominates the market. The rising military modernization programs to replace aging fleets with more advanced and efficient models, increasing emphasis on enhancing the survivability and mobility, and the expansion in emerging markets are various factors impelling the market growth.
Armored vehicles are automobiles specially designed with partial or complete armor plating to withstand explosions and attacks. Armored personal carriers, infantry fighting vehicles, main battle tanks, tactical trucks, buses, limousines, and sedans are common product variants. These vehicles provide high protection against basaltic threats, including missiles, bullets, and improvised explosives devices (IEDs). They are also used to transport military personnel and valuable items, such as money and jewelry. Armored vehicles are often fitted with weapons and a protective shell manufactured from multiple plates of corrosion-resistant steel, steel alloys, or special composite materials. Besides this, they offer better performance and higher reliability and durability to withstand attacks.
Armored Vehicles Market Trends:
The increasing product demand from defense forces across the globe is creating a positive outlook for the market. Armored vehicles are used for frontline combat, armed escorting, surveillance, and goods transportation on battlefields. The rising popularity of armored vehicles can also be attributed to the rapid militarization of law enforcement agencies to combat internal security challenges, which, in turn, is acting as another growth-inducing factor. Furthermore, the widespread adoption of armored passenger vehicles for self and family protection, safeguarding public figures, and securing valuable materials due to increasing insurgent activities and rising threat levels is favoring the market growth. Additionally, the integration of an active protection system (APS) that uses launchers, sensors, tracking radar, and countermeasure munitions to automatically detect and counteract incoming threat projectiles is providing an impetus to the market growth. Moreover, the increasing adoption of unmanned variants by defense forces to carry out intelligence, surveillance, and reconnaissance (ISR) and combat operations is propelling the market growth. Other factors, including rising incidences of asymmetric warfare across the globe, increasing military modernization, growing production of modular armored vehicles, and the implementation of various government initiatives toward strengthening the armed forces, are anticipated to drive the market growth.
Key Market Segmentation:
Breakup by Product:
- Defense
- Armored Personnel Carrier (APC)
- Infantry Fighting Vehicles (IFVs)
- Light Protected Vehicles (LPVs)
- Main Battle Tanks (MBTs)
- Mine-resistant Ambush Protected (MRAP)
- Tactical Vehicle
- Others
- Commercial
- Bus/Van
- Limousine
- Sedan
- SUV
- Others
Breakup by System:
- Engine
- Drive System
- Ballistic Armor
- Turret Drives
- Ammunition Handling System
- Fire Control Systems (FCS)
- Armaments
- Countermeasure System
- Command and Control (C2) System
- Power System
- Navigation System
- Observation and Display System
- Hulls/Frames
Breakup by Drive Type:
- Wheeled
- Tracked
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being BAE Systems plc, Elbit Systems Ltd., General Dynamics Corporation, INKAS Armored Vehicle Manufacturing, International Armored Group, IVECO, Krauss-Maffei Wegmann GmbH & Co. KG (KMW+Nexter Defense Systems N.V.), Lenco Armored Vehicles Inc, Lockheed Martin Corporation, Oshkosh Defense, LLC (Oshkosh Corporation), Rheinmetall AG and Textron Inc.
Key Questions Answered in This Report
- 1.What are armored vehicles?
- 2.How big is the armored vehicles market?
- 3.What is the expected growth rate of the global armored vehicles market during 2025-2033?
- 4.What are the key factors driving the global armored vehicles market?
- 5.What is the leading segment of the global armored vehicles market based on the product?
- 6.What is the leading segment of the global armored vehicles market based on drive type?
- 7.What are the key regions in the global armored vehicles market?
- 8.Who are the key players/companies in the global armored vehicles market?
Product Code: SR112025A6355
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Armored Vehicles Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Product
- 6.1 Defense
- 6.1.1 Market Trends
- 6.1.2 Key Segments
- 6.1.2.1 Armored Personnel Carrier (APC)
- 6.1.2.2 Infantry Fighting Vehicles (IFVs)
- 6.1.2.3 Light Protected Vehicles (LPVs)
- 6.1.2.4 Main Battle Tanks (MBTs)
- 6.1.2.5 Mine-resistant Ambush Protected (MRAP)
- 6.1.2.6 Tactical Vehicle
- 6.1.2.7 Others
- 6.1.3 Market Forecast
- 6.2 Commercial
- 6.2.1 Market Trends
- 6.2.2 Key Segments
- 6.2.2.1 Bus/Van
- 6.2.2.2 Limousine
- 6.2.2.3 Sedan
- 6.2.2.4 SUV
- 6.2.2.5 Others
- 6.2.3 Market Forecast
7 Market Breakup by System
- 7.1 Engine
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Drive System
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Ballistic Armor
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 7.4 Turret Drives
- 7.4.1 Market Trends
- 7.4.2 Market Forecast
- 7.5 Ammunition Handling System
- 7.5.1 Market Trends
- 7.5.2 Market Forecast
- 7.6 Fire Control Systems (FCS)
- 7.6.1 Market Trends
- 7.6.2 Market Forecast
- 7.7 Armaments
- 7.7.1 Market Trends
- 7.7.2 Market Forecast
- 7.8 Countermeasure System
- 7.8.1 Market Trends
- 7.8.2 Market Forecast
- 7.9 Command and Control (C2) System
- 7.9.1 Market Trends
- 7.9.2 Market Forecast
- 7.10 Power System
- 7.10.1 Market Trends
- 7.10.2 Market Forecast
- 7.11 Navigation System
- 7.11.1 Market Trends
- 7.11.2 Market Forecast
- 7.12 Observation and Display System
- 7.12.1 Market Trends
- 7.12.2 Market Forecast
- 7.13 Hulls/Frames
- 7.13.1 Market Trends
- 7.13.2 Market Forecast
8 Market Breakup by Drive Type
- 8.1 Wheeled
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Tracked
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
9 Market Breakup by Region
- 9.1 North America
- 9.1.1 United States
- 9.1.1.1 Market Trends
- 9.1.1.2 Market Forecast
- 9.1.2 Canada
- 9.1.2.1 Market Trends
- 9.1.2.2 Market Forecast
- 9.1.1 United States
- 9.2 Asia-Pacific
- 9.2.1 China
- 9.2.1.1 Market Trends
- 9.2.1.2 Market Forecast
- 9.2.2 Japan
- 9.2.2.1 Market Trends
- 9.2.2.2 Market Forecast
- 9.2.3 India
- 9.2.3.1 Market Trends
- 9.2.3.2 Market Forecast
- 9.2.4 South Korea
- 9.2.4.1 Market Trends
- 9.2.4.2 Market Forecast
- 9.2.5 Australia
- 9.2.5.1 Market Trends
- 9.2.5.2 Market Forecast
- 9.2.6 Indonesia
- 9.2.6.1 Market Trends
- 9.2.6.2 Market Forecast
- 9.2.7 Others
- 9.2.7.1 Market Trends
- 9.2.7.2 Market Forecast
- 9.2.1 China
- 9.3 Europe
- 9.3.1 Germany
- 9.3.1.1 Market Trends
- 9.3.1.2 Market Forecast
- 9.3.2 France
- 9.3.2.1 Market Trends
- 9.3.2.2 Market Forecast
- 9.3.3 United Kingdom
- 9.3.3.1 Market Trends
- 9.3.3.2 Market Forecast
- 9.3.4 Italy
- 9.3.4.1 Market Trends
- 9.3.4.2 Market Forecast
- 9.3.5 Spain
- 9.3.5.1 Market Trends
- 9.3.5.2 Market Forecast
- 9.3.6 Russia
- 9.3.6.1 Market Trends
- 9.3.6.2 Market Forecast
- 9.3.7 Others
- 9.3.7.1 Market Trends
- 9.3.7.2 Market Forecast
- 9.3.1 Germany
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.1.1 Market Trends
- 9.4.1.2 Market Forecast
- 9.4.2 Mexico
- 9.4.2.1 Market Trends
- 9.4.2.2 Market Forecast
- 9.4.3 Others
- 9.4.3.1 Market Trends
- 9.4.3.2 Market Forecast
- 9.4.1 Brazil
- 9.5 Middle East and Africa
- 9.5.1 Market Trends
- 9.5.2 Market Breakup by Country
- 9.5.3 Market Forecast
10 SWOT Analysis
- 10.1 Overview
- 10.2 Strengths
- 10.3 Weaknesses
- 10.4 Opportunities
- 10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
- 12.1 Overview
- 12.2 Bargaining Power of Buyers
- 12.3 Bargaining Power of Suppliers
- 12.4 Degree of Competition
- 12.5 Threat of New Entrants
- 12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 BAE Systems plc
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.1.3 Financials
- 14.3.1.4 SWOT Analysis
- 14.3.2 Elbit Systems Ltd.
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.2.3 Financials
- 14.3.3 General Dynamics Corporation
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.3.3 Financials
- 14.3.3.4 SWOT Analysis
- 14.3.4 INKAS Armored Vehicle Manufacturing
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.5 International Armored Group
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.6 IVECO
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.6.3 Financials
- 14.3.7 Krauss-Maffei Wegmann GmbH & Co. KG (KMW+Nexter Defense Systems N.V.)
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.8 Lenco Armored Vehicles Inc
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.9 Lockheed Martin Corporation
- 14.3.9.1 Company Overview
- 14.3.9.2 Product Portfolio
- 14.3.9.3 Financials
- 14.3.9.4 SWOT Analysis
- 14.3.10 Oshkosh Defense, LLC (Oshkosh Corporation)
- 14.3.10.1 Company Overview
- 14.3.10.2 Product Portfolio
- 14.3.11 Rheinmetall AG
- 14.3.11.1 Company Overview
- 14.3.11.2 Product Portfolio
- 14.3.11.3 Financials
- 14.3.12 Textron Inc.
- 14.3.12.1 Company Overview
- 14.3.12.2 Product Portfolio
- 14.3.12.3 Financials
- 14.3.12.4 SWOT Analysis
- 14.3.1 BAE Systems plc
Product Code: SR112025A6355
List of Figures
- Figure 1: Global: Armored Vehicles Market: Major Drivers and Challenges
- Figure 2: Global: Armored Vehicles Market: Sales Value (in Billion USD), 2019-2024
- Figure 3: Global: Armored Vehicles Market Forecast: Sales Value (in Billion USD), 2025-2033
- Figure 4: Global: Armored Vehicles Market: Breakup by Product (in %), 2024
- Figure 5: Global: Armored Vehicles Market: Breakup by System (in %), 2024
- Figure 6: Global: Armored Vehicles Market: Breakup by Drive Type (in %), 2024
- Figure 7: Global: Armored Vehicles Market: Breakup by Region (in %), 2024
- Figure 8: Global: Armored Vehicles (Defense Armored Vehicle) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 9: Global: Armored Vehicles (Defense Armored Vehicle) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 10: Global: Armored Vehicles (Commercial Armored Vehicle) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 11: Global: Armored Vehicles (Commercial Armored Vehicle) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 12: Global: Armored Vehicles (Engine) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 13: Global: Armored Vehicles (Engine) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 14: Global: Armored Vehicles (Drive System) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 15: Global: Armored Vehicles (Drive System) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 16: Global: Armored Vehicles (Ballistic Armor) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 17: Global: Armored Vehicles (Ballistic Armor) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 18: Global: Armored Vehicles (Turret Drives) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 19: Global: Armored Vehicles (Turret Drives) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 20: Global: Armored Vehicles (Ammunition Handling System) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 21: Global: Armored Vehicles (Ammunition Handling System) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 22: Global: Armored Vehicles (Fire Control Systems (FCS)) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 23: Global: Armored Vehicles (Fire Control Systems (FCS)) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 24: Global: Armored Vehicles (Armaments) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 25: Global: Armored Vehicles (Armaments) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 26: Global: Armored Vehicles (Countermeasure System) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 27: Global: Armored Vehicles (Countermeasure System) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 28: Global: Armored Vehicles (Command and Control (C2) System) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 29: Global: Armored Vehicles (Command and Control (C2) System) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 30: Global: Armored Vehicles (Power System) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 31: Global: Armored Vehicles (Power System) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 32: Global: Armored Vehicles (Navigation System) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 33: Global: Armored Vehicles (Navigation System) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 34: Global: Armored Vehicles (Observation and Display System) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 35: Global: Armored Vehicles (Observation and Display System) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 36: Global: Armored Vehicles (Hulls/Frames) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 37: Global: Armored Vehicles (Hulls/Frames) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 38: Global: Armored Vehicles (Wheeled) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 39: Global: Armored Vehicles (Wheeled) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 40: Global: Armored Vehicles (Tracked) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 41: Global: Armored Vehicles (Tracked) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 42: North America: Armored Vehicles Market: Sales Value (in Million USD), 2019 & 2024
- Figure 43: North America: Armored Vehicles Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 44: United States: Armored Vehicles Market: Sales Value (in Million USD), 2019 & 2024
- Figure 45: United States: Armored Vehicles Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 46: Canada: Armored Vehicles Market: Sales Value (in Million USD), 2019 & 2024
- Figure 47: Canada: Armored Vehicles Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 48: Asia-Pacific: Armored Vehicles Market: Sales Value (in Million USD), 2019 & 2024
- Figure 49: Asia-Pacific: Armored Vehicles Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 50: China: Armored Vehicles Market: Sales Value (in Million USD), 2019 & 2024
- Figure 51: China: Armored Vehicles Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 52: Japan: Armored Vehicles Market: Sales Value (in Million USD), 2019 & 2024
- Figure 53: Japan: Armored Vehicles Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 54: India: Armored Vehicles Market: Sales Value (in Million USD), 2019 & 2024
- Figure 55: India: Armored Vehicles Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 56: South Korea: Armored Vehicles Market: Sales Value (in Million USD), 2019 & 2024
- Figure 57: South Korea: Armored Vehicles Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 58: Australia: Armored Vehicles Market: Sales Value (in Million USD), 2019 & 2024
- Figure 59: Australia: Armored Vehicles Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 60: Indonesia: Armored Vehicles Market: Sales Value (in Million USD), 2019 & 2024
- Figure 61: Indonesia: Armored Vehicles Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 62: Others: Armored Vehicles Market: Sales Value (in Million USD), 2019 & 2024
- Figure 63: Others: Armored Vehicles Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 64: Europe: Armored Vehicles Market: Sales Value (in Million USD), 2019 & 2024
- Figure 65: Europe: Armored Vehicles Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 66: Germany: Armored Vehicles Market: Sales Value (in Million USD), 2019 & 2024
- Figure 67: Germany: Armored Vehicles Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 68: France: Armored Vehicles Market: Sales Value (in Million USD), 2019 & 2024
- Figure 69: France: Armored Vehicles Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 70: United Kingdom: Armored Vehicles Market: Sales Value (in Million USD), 2019 & 2024
- Figure 71: United Kingdom: Armored Vehicles Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 72: Italy: Armored Vehicles Market: Sales Value (in Million USD), 2019 & 2024
- Figure 73: Italy: Armored Vehicles Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 74: Spain: Armored Vehicles Market: Sales Value (in Million USD), 2019 & 2024
- Figure 75: Spain: Armored Vehicles Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 76: Russia: Armored Vehicles Market: Sales Value (in Million USD), 2019 & 2024
- Figure 77: Russia: Armored Vehicles Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 78: Others: Armored Vehicles Market: Sales Value (in Million USD), 2019 & 2024
- Figure 79: Others: Armored Vehicles Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 80: Latin America: Armored Vehicles Market: Sales Value (in Million USD), 2019 & 2024
- Figure 81: Latin America: Armored Vehicles Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 82: Brazil: Armored Vehicles Market: Sales Value (in Million USD), 2019 & 2024
- Figure 83: Brazil: Armored Vehicles Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 84: Mexico: Armored Vehicles Market: Sales Value (in Million USD), 2019 & 2024
- Figure 85: Mexico: Armored Vehicles Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 86: Others: Armored Vehicles Market: Sales Value (in Million USD), 2019 & 2024
- Figure 87: Others: Armored Vehicles Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 88: Middle East and Africa: Armored Vehicles Market: Sales Value (in Million USD), 2019 & 2024
- Figure 89: Middle East and Africa: Armored Vehicles Market: Breakup by Country (in %), 2024
- Figure 90: Middle East and Africa: Armored Vehicles Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 91: Global: Armored Vehicles Industry: SWOT Analysis
- Figure 92: Global: Armored Vehicles Industry: Value Chain Analysis
- Figure 93: Global: Armored Vehicles Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Armored Vehicles Market: Key Industry Highlights, 2024 and 2033
- Table 2: Global: Armored Vehicles Market Forecast: Breakup by Product (in Million USD), 2025-2033
- Table 3: Global: Armored Vehicles Market Forecast: Breakup by System (in Million USD), 2025-2033
- Table 4: Global: Armored Vehicles Market Forecast: Breakup by Drive Type (in Million USD), 2025-2033
- Table 5: Global: Armored Vehicles Market Forecast: Breakup by Region (in Million USD), 2025-2033
- Table 6: Global: Armored Vehicles Market: Competitive Structure
- Table 7: Global: Armored Vehicles Market: Key Players
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