PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1709419
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1709419
Armored Vehicle Market Assessment, By Type, By Mobility, By System, By Region, Opportunities and Forecast, 2018-2032F
Global armored vehicle market is projected to witness a CAGR of 4.90% during the forecast period 2025-2032, growing from USD 19.63 billion in 2024 to USD 28.78 billion in 2032F, owing to escalating defense expenditures, technological innovations, and the evolving nature of modern conflicts. The market encompasses a diverse range of platforms, including main battle tanks, infantry fighting vehicles, and mine-resistant ambush-protected (MRAP) vehicles, each tailored to specific operational needs. Advancements in modular design and the integration of sophisticated systems have enhanced the adaptability and effectiveness of these vehicles. Furthermore, the increasing involvement of law enforcement agencies in acquiring armored solutions fuels the market's expansion beyond traditional military applications. As geopolitical tensions persist and security challenges become more complex, the demand for advanced armored vehicles is expected to continue its upward trajectory. Defense forces around the globe are launching new advanced armored vehicles for combat operations, driving the global armored vehicle market demand in the forecast period.
In May 2024, the United States Army launched a new Bradley armored fighting vehicle variant, the M2A4E1. This latest Bradley variant comes with an enhanced High-Definition Forward-Looking Infrared Gunner's Sight and an Environmental Control Unit designed to mitigate heat stress. The M2A4E1 is promoted as the vehicle's "most advanced and resilient variant." It features an Iron Fist active protection system that identifies and neutralizes incoming missiles and rockets using radar and infrared sensors, as well as explosive projectiles.
Rising Defense Expenditure to Fuel the Armored Vehicle Market
Global defense budgets are increasing, with nations prioritizing the modernization of their military fleets. This surge in spending is driven by the need to replace aging equipment and enhance operational capabilities. The procurement of advanced armored vehicles equipped with cutting-edge technologies is central to these modernization efforts, aiming to improve mobility, protection, and firepower on the battlefield. The rising threat of World War 3, along with joint army programs, is likely to increase the adoption of armored vehicles.
For instance, in April 2023, Sweden's Defense Materiel Administration (FMV) ordered 20 6x6 new armored personnel carriers named Pansarterrangbil 300 under a joint European research-and-development effort, following Finland and Latvia. Intended for the transport of up to 12 soldiers, the vehicle is adaptable and can be set up for various roles, including command and control or medical assistance. Germany also made a significant advancement in this endeavor by officially signing the technical agreement for Common Armoured Vehicle System (CAVS) in April 2023, thus becoming a formal participant in the initiative that already involves European countries such as Finland, Latvia, and Sweden.
Innovations in materials science and engineering have also led to the development of lighter, more durable armored vehicles. The integration of advanced systems such as active protection mechanisms, autonomous navigation, and enhanced communication tools has significantly improved vehicle survivability and situational awareness. These technological strides are pivotal in meeting the evolving demands of modern warfare.
Asymmetric Warfare and Terrorism to Propel the Global Armored Vehicle Market
The global rise in asymmetric warfare tactics and terrorist activities has necessitated the deployment of versatile armored vehicles. These vehicles are essential for counter-insurgency operations, urban warfare, and peacekeeping missions, providing troops with the necessary protection and mobility in complex operational environments. Beyond military applications, there is a growing demand for armored vehicles among law enforcement and internal security agencies. These vehicles are utilized for riot control, border security, and the safe transport of personnel and assets, reflecting a broader scope of operational requirements and contributing to market growth.
For instance, in April 2024, SoFrame was selected to supply the VBMO, renamed to "Centaure", to the French Gendarmerie. The gendarmerie has selected a model called "ARIVE," which stands for Armored Infantry Vehicle. This sturdy 4x4 armored vehicle has a weight of 14.5 tons, making it two tons heavier than its predecessor, the VBRG. Its dimensions are 6.2 meters in length, 2.45 meters in width, and 2.5 meters in height.
Wheeled Segment Leads with Higher Flexibility and Maneuverability
The wheeled segment leads the global armored vehicle market due to its flexibility and maneuverability, making it ideal for diverse operational scenarios. These vehicles are particularly well-suited for urban settings and paved surfaces, providing enhanced mobility in comparison to tracked vehicles. Their lightweight construction improves both speed and maneuverability, facilitating quick deployment for special operations, troop transport, border patrols, and combat support tasks, including reconnaissance and medical assistance.
Furthermore, wheeled armored vehicles are economical regarding purchase, upkeep, and fuel consumption, rendering them more viable for long-term use. Their modular designs allow for tailored adaptations to meet specific mission needs, thereby increasing their effectiveness.
For instance, in February 2025, Tata Advanced Systems Limited (TASL) launched a new Light Armored Multirole Vehicle (LAMV) developed as per NATO requirements for international military customers. The 4X4 vehicle, launched at a defense industry convention in Abu Dhabi, was developed to support the Indian company's effort to expand its global armored vehicle market by 2035.
North America Leads the Market with New Innovative Vehicles and Higher Expenditure
North America dominates the armored vehicles market, driven by substantial defense budgets and a focus on innovation. The region leads in integrating advanced technologies, such as autonomous systems, artificial intelligence, and enhanced protection mechanisms, into military vehicles. The United States plays a pivotal role, investing heavily in modernizing aging fleets and developing next-generation combat vehicles like the Joint Light Tactical Vehicle (JLTV) and Armored Multi-Purpose Vehicle (AMPV).
Geopolitical factors and rising asymmetric conflicts contribute to sustained demand for advanced armored vehicles. This emphasis on modernization and technological advancement ensures North America's leadership in shaping the future of the global armored vehicles market. For instance, the United States delivers its defense supplies to its allies such as Ukraine and Israel. In March 2023, the United States delivered a total of eight armored vehicles, launched bridges for the first time to Ukraine as defense aid through the United States Department of Defense. The supply comprises the M60 AVLB Armored Vehicle Launched Bridges based on the M60A1 tanks after having the turret removed and a bridge launcher installed instead.
Future Market Scenario (2025 - 2032F)
Integration of autonomous technologies is likely to fuel the development of unmanned armored vehicles for reconnaissance and combat roles.
Adoption of hybrid and electric propulsion systems is projected to transition towards eco-friendly powertrains to reduce operational costs and emissions.
Enhanced urban warfare capabilities are expected to design compact, agile vehicles optimized for urban combat scenarios.
Expansion into non-military sectors is anticipated to increase the utilization of armored vehicles in sectors such as disaster response and critical infrastructure protection.
Key Players Landscape and Outlook
Key players in the armored vehicles market adopt diverse strategies to maintain competitiveness and drive growth. The primary focus is on continuous research and development to innovate advanced technologies, such as lightweight materials, hybrid electric systems, and enhanced combat capabilities. These innovations aim to improve vehicle performance, survivability, and operational efficiency. Strategic collaborations with governments and defense agencies are also pivotal, enabling large-scale procurement contracts and fostering long-term partnerships. Additionally, companies emphasize expanding their global footprint by targeting emerging markets with rising defense budgets. The integration of modular designs and advanced systems for intelligence, surveillance, and reconnaissance (ISR) further enhances product versatility. By aligning with evolving security demands and leveraging cutting-edge technology, these strategies ensure sustained market leadership and adaptability to future challenges.
For instance, in October 2024, BAE Systems plc showcased two armored multi-purpose vehicle (AMPV) prototypes furnished with various mission capabilities at AUSA 2024. A new prototype of the AMPV, fitted with a 30mm turret, was showcased alongside the AMPV Modular Turreted Mortar System (MTMS), which has recently finished evaluations by the U.S. Army at the Yuma Test Center. The common top plate developed by BAE Systems facilitates the smooth integration of these mission equipment packages onto the AMPV and is compatible with over 30 different turret systems.
Table of Contents
1. Project Scope and Definitions
2. Research Methodology
3. Executive Summary
4. Voice of Customers
- 4.1. Product and Market Intelligence
- 4.2. Brand Awareness
- 4.3. Factors Considered in Purchase Decisions
- 4.3.1. Threat Assessment and Protection Levels
- 4.3.2. Mobility and Payload Capacity
- 4.3.3. Vehicle Performance and Technical Specifications
- 4.3.4. Supplier Support
5. Global Armored Vehicle Market Outlook, 2018-2032F
- 5.1. Market Size Analysis & Forecast
- 5.1.1. By Value
- 5.2. Market Share Analysis & Forecast
- 5.2.1. By Type
- 5.2.1.1. Main Battle Tanks (MBTs)
- 5.2.1.2. Infantry Fighting Vehicles (IFVs)
- 5.2.1.3. Armored Personnel Carriers (APCs)
- 5.2.1.4. Armored Amphibious Vehicles
- 5.2.1.5. Mine-Resistant Ambush Protected (MRAP) Vehicles
- 5.2.1.6. Unmanned Armored Ground Vehicles
- 5.2.1.7. Others
- 5.2.2. By Mobility
- 5.2.2.1. Wheeled
- 5.2.2.2. Tracked
- 5.2.3. By System
- 5.2.3.1. Drive System
- 5.2.3.2. Command and Control Systems
- 5.2.3.3. Navigation Systems
- 5.2.3.4. Weapons and Ammunition Control Systems
- 5.2.3.5. Countermeasure Systems
- 5.2.3.6. Others
- 5.2.4. By Region
- 5.2.4.1. North America
- 5.2.4.2. Europe
- 5.2.4.3. Asia-Pacific
- 5.2.4.4. Rest of the World
- 5.2.5. By Company Market Share Analysis (Top 5 Companies and Others - By Value, 2024)
- 5.2.1. By Type
- 5.3. Market Map Analysis, 2024
- 5.3.1. By Type
- 5.3.2. By Mobility
- 5.3.3. By System
- 5.3.4. By Region
6. North America Armored Vehicle Market Outlook, 2018-2032F
- 6.1. Market Size Analysis & Forecast
- 6.1.1. By Value
- 6.2. Market Share Analysis & Forecast
- 6.2.1. By Type
- 6.2.1.1. Main Battle Tanks (MBTs)
- 6.2.1.2. Infantry Fighting Vehicles (IFVs)
- 6.2.1.3. Armored Personnel Carriers (APCs)
- 6.2.1.4. Armored Amphibious Vehicles
- 6.2.1.5. Mine-Resistant Ambush Protected (MRAP) Vehicles
- 6.2.1.6. Unmanned Armored Ground Vehicles
- 6.2.1.7. Others
- 6.2.2. By Mobility
- 6.2.2.1. Wheeled
- 6.2.2.2. Tracked
- 6.2.3. By System
- 6.2.3.1. Drive System
- 6.2.3.2. Command and Control Systems
- 6.2.3.3. Navigation Systems
- 6.2.3.4. Weapons and Ammunition Control Systems
- 6.2.3.5. Countermeasure Systems
- 6.2.3.6. Others
- 6.2.4. By Country Share
- 6.2.4.1. United States
- 6.2.4.2. Canada
- 6.2.1. By Type
- 6.3. Country Market Assessment
- 6.3.1. United States Armored Vehicle Market Outlook, 2018-2032F*
- 6.3.1.1. Market Size Analysis & Forecast
- 6.3.1.1.1. By Value
- 6.3.1.2. Market Share Analysis & Forecast
- 6.3.1.2.1. By Type
- 6.3.1.2.1.1. Main Battle Tanks (MBTs)
- 6.3.1.2.1.2. Infantry Fighting Vehicles (IFVs)
- 6.3.1.2.1.3. Armored Personnel Carriers (APCs)
- 6.3.1.2.1.4. Armored Amphibious Vehicles
- 6.3.1.2.1.5. Mine-Resistant Ambush Protected (MRAP) Vehicles
- 6.3.1.2.1.6. Unmanned Armored Ground Vehicles
- 6.3.1.2.1.7. Others
- 6.3.1.2.2. By Mobility
- 6.3.1.2.2.1. Wheeled
- 6.3.1.2.2.2. Tracked
- 6.3.1.2.3. By System
- 6.3.1.2.3.1. Drive System
- 6.3.1.2.3.2. Command and Control Systems
- 6.3.1.2.3.3. Navigation Systems
- 6.3.1.2.3.4. Weapons and Ammunition Control Systems
- 6.3.1.2.3.5. Countermeasure Systems
- 6.3.1.2.3.6. Others
- 6.3.1.2.1. By Type
- 6.3.1.1. Market Size Analysis & Forecast
- 6.3.2. Canada
- 6.3.1. United States Armored Vehicle Market Outlook, 2018-2032F*
All segments will be provided for all regions and countries covered
7. Europe Armored Vehicle Market Outlook, 2018-2032F
- 7.1. Germany
- 7.2. France
- 7.3. United Kingdom
- 7.4. Russia
- 7.5. Rest of Europe
8. Asia-Pacific Armored Vehicle Market Outlook, 2018-2032F
- 8.1. India
- 8.2. China
- 8.3. Japan
- 8.4. Australia
- 8.5. Rest of Asia Pacific
9. Rest of the World Armored Vehicle Market Outlook, 2018-2032F
- 9.1. South America
- 9.2. Middle East and Africa
10. Value Chain Analysis
11. Porter's Five Forces Analysis
12. PESTLE Analysis
13. Market Dynamics
- 13.1. Market Drivers
- 13.2. Market Challenges
14. Market Trends and Developments
15. Policy and Regulatory Landscape
16. Case Studies
17. Competitive Landscape
- 17.1. Competition Matrix of Top 5 Market Leaders
- 17.2. SWOT Analysis for Top 5 Players
- 17.3. Key Players Landscape for Top 10 Market Players
- 17.3.1. General Dynamics Corporation
- 17.3.1.1. Company Details
- 17.3.1.2. Key Management Personnel
- 17.3.1.3. Products and Services
- 17.3.1.4. Financials (As Reported)
- 17.3.1.5. Key Market Focus and Geographical Presence
- 17.3.1.6. Recent Developments/Collaborations/Partnerships/Mergers and Acquisition
- 17.3.2. BAE Systems plc
- 17.3.3. Rheinmetall AG
- 17.3.4. Lockheed Martin Corporation
- 17.3.5. Oshkosh Corporation
- 17.3.6. Northrop Grumman
- 17.3.7. Elbit Systems Ltd.
- 17.3.8. Hanwha Corporation
- 17.3.9. Mitsubishi Heavy Industries, Ltd.
- 17.3.10. Thales
- 17.3.1. General Dynamics Corporation
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.
18. Strategic Recommendations
19. About Us and Disclaimer
List of Tables
- Table 1. Competition Matrix of Top 5 Market Leaders
- Table 2. Mergers & Acquisitions/ Joint Ventures (If Applicable)
- Table 3. About Us - Regions and Countries Where We Have Executed Client Projects
List of Figures
- Figure 1. Global Armored Vehicle Market, By Value, In USD Billion, 2018-2032F
- Figure 2. Global Armored Vehicle Market Share (%), By Type, 2018-2032F
- Figure 3. Global Armored Vehicle Market Share (%), By Mobility, 2018-2032F
- Figure 4. Global Armored Vehicle Market Share (%), By System, 2018-2032F
- Figure 5. Global Armored Vehicle Market Share (%), By Region, 2018-2032F
- Figure 6. North America Armored Vehicle Market, By Value, In USD Billion, 2018-2032F
- Figure 7. North America Armored Vehicle Market Share (%), By Type, 2018-2032F
- Figure 8. North America Armored Vehicle Market Share (%), By Mobility, 2018-2032F
- Figure 9. North America Armored Vehicle Market Share (%), By System, 2018-2032F
- Figure 10. North America Armored Vehicle Market Share (%), By Country, 2018-2032F
- Figure 11. United States Armored Vehicle Market, By Value, In USD Billion, 2018-2032F
- Figure 12. United States Armored Vehicle Market Share (%), By Type, 2018-2032F
- Figure 13. United States Armored Vehicle Market Share (%), By Mobility, 2018-2032F
- Figure 14. United States Armored Vehicle Market Share (%), By System, 2018-2032F
- Figure 15. Canada Armored Vehicle Market, By Value, In USD Billion, 2018-2032F
- Figure 16. Canada Armored Vehicle Market Share (%), By Type, 2018-2032F
- Figure 17. Canada Armored Vehicle Market Share (%), By Mobility, 2018-2032F
- Figure 18. Canada Armored Vehicle Market Share (%), By System, 2018-2032F
- Figure 19. Europe Armored Vehicle Market, By Value, In USD Billion, 2018-2032F
- Figure 20. Europe Armored Vehicle Market Share (%), By Type, 2018-2032F
- Figure 21. Europe Armored Vehicle Market Share (%), By Mobility, 2018-2032F
- Figure 22. Europe Armored Vehicle Market Share (%), By System, 2018-2032F
- Figure 23. Europe Armored Vehicle Market Share (%), By Country, 2018-2032F
- Figure 24. Germany Armored Vehicle Market, By Value, In USD Billion, 2018-2032F
- Figure 25. Germany Armored Vehicle Market Share (%), By Type, 2018-2032F
- Figure 26. Germany Armored Vehicle Market Share (%), By Mobility, 2018-2032F
- Figure 27. Germany Armored Vehicle Market Share (%), By System, 2018-2032F
- Figure 28. France Armored Vehicle Market, By Value, In USD Billion, 2018-2032F
- Figure 29. France Armored Vehicle Market Share (%), By Type, 2018-2032F
- Figure 30. France Armored Vehicle Market Share (%), By Mobility, 2018-2032F
- Figure 31. France Armored Vehicle Market Share (%), By System, 2018-2032F
- Figure 32. Italy Armored Vehicle Market, By Value, In USD Billion, 2018-2032F
- Figure 33. Italy Armored Vehicle Market Share (%), By Type, 2018-2032F
- Figure 34. Italy Armored Vehicle Market Share (%), By Mobility, 2018-2032F
- Figure 35. Italy Armored Vehicle Market Share (%), By System, 2018-2032F
- Figure 36. United Kingdom Armored Vehicle Market, By Value, In USD Billion, 2018-2032F
- Figure 37. United Kingdom Armored Vehicle Market Share (%), By Type, 2018-2032F
- Figure 38. United Kingdom Armored Vehicle Market Share (%), By Mobility, 2018-2032F
- Figure 39. United Kingdom Armored Vehicle Market Share (%), By System, 2018-2032F
- Figure 40. Russia Armored Vehicle Market, By Value, In USD Billion, 2018-2032F
- Figure 41. Russia Armored Vehicle Market Share (%), By Type, 2018-2032F
- Figure 42. Russia Armored Vehicle Market Share (%), By Mobility, 2018-2032F
- Figure 43. Russia Armored Vehicle Market Share (%), By System, 2018-2032F
- Figure 44. Rest of Europe Armored Vehicle Market, By Value, In USD Billion, 2018-2032F
- Figure 45. Rest of Europe Armored Vehicle Market Share (%), By Type, 2018-2032F
- Figure 46. Rest of Europe Armored Vehicle Market Share (%), By Mobility, 2018-2032F
- Figure 47. Rest of Europe Armored Vehicle Market Share (%), By System, 2018-2032F
- Figure 48. Asia-Pacific Armored Vehicle Market, By Value, In USD Billion, 2018-2032F
- Figure 49. Asia-Pacific Armored Vehicle Market Share (%), By Type, 2018-2032F
- Figure 50. Asia-Pacific Armored Vehicle Market Share (%), By Mobility, 2018-2032F
- Figure 51. Asia-Pacific Armored Vehicle Market Share (%), By System, 2018-2032F
- Figure 52. Asia-Pacific Armored Vehicle Market Share (%), By Country, 2018-2032F
- Figure 53. India Armored Vehicle Market, By Value, In USD Billion, 2018-2032F
- Figure 54. India Armored Vehicle Market Share (%), By Type, 2018-2032F
- Figure 55. India Armored Vehicle Market Share (%), By Mobility, 2018-2032F
- Figure 56. India Armored Vehicle Market Share (%), By System, 2018-2032F
- Figure 57. China Armored Vehicle Market, By Value, In USD Billion, 2018-2032F
- Figure 58. China Armored Vehicle Market Share (%), By Type, 2018-2032F
- Figure 59. China Armored Vehicle Market Share (%), By Mobility, 2018-2032F
- Figure 60. China Armored Vehicle Market Share (%), By System, 2018-2032F
- Figure 61. Japan Armored Vehicle Market, By Value, In USD Billion, 2018-2032F
- Figure 62. Japan Armored Vehicle Market Share (%), By Type, 2018-2032F
- Figure 63. Japan Armored Vehicle Market Share (%), By Mobility, 2018-2032F
- Figure 64. Japan Armored Vehicle Market Share (%), By System, 2018-2032F
- Figure 65. Australia Armored Vehicle Market, By Value, In USD Billion, 2018-2032F
- Figure 66. Australia Armored Vehicle Market Share (%), By Type, 2018-2032F
- Figure 67. Australia Armored Vehicle Market Share (%), By Mobility, 2018-2032F
- Figure 68. Australia Armored Vehicle Market Share (%), By System, 2018-2032F
- Figure 69. Rest of Asia-Pacific Armored Vehicle Market, By Value, In USD Billion, 2018-2032F
- Figure 70. Rest of Asia-Pacific Armored Vehicle Market Share (%), By Type, 2018-2032F
- Figure 71. Rest of Asia-Pacific Armored Vehicle Market Share (%), By Mobility, 2018-2032F
- Figure 72. Rest of Asia-Pacific Armored Vehicle Market Share (%), By System, 2018-2032F
- Figure 73. South America Armored Vehicle Market, By Value, In USD Billion, 2018-2032F
- Figure 74. South America Armored Vehicle Market Share (%), By Type, 2018-2032F
- Figure 75. South America Armored Vehicle Market Share (%), By Mobility, 2018-2032F
- Figure 76. South America Armored Vehicle Market Share (%), By System, 2018-2032F
- Figure 77. South America Armored Vehicle Market Share (%), By Country, 2018-2032F
- Figure 78. Middle East & Africa Armored Vehicle Market, By Value, In USD Billion, 2018-2032F
- Figure 79. Middle East & Africa Armored Vehicle Market Share (%), By Type, 2018-2032F
- Figure 80. Middle East & Africa Armored Vehicle Market Share (%), By Mobility, 2018-2032F
- Figure 81. Middle East & Africa Armored Vehicle Market Share (%), By System, 2018-2032F
- Figure 82. Middle East & Africa Armored Vehicle Market Share (%), By Country, 2018-2032F
- Figure 83. By Type Map-Market Size (USD Billion) & Growth Rate (%), 2024
- Figure 84. By Mobility Map-Market Size (USD Billion) & Growth Rate (%), 2024
- Figure 85. By System Map-Market Size (USD Billion) & Growth Rate (%), 2024
- Figure 86. By Region Map-Market Size (USD Billion) & Growth Rate (%), 2024
