Armored Vehicles Global Market Report 2024

“Armored Vehicles Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on armored vehicles market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
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• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for armored vehicles? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The armored vehicles market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Vehicle Type: Armored Personnel Carrier; Infantry Fighting Vehicle; Main Battle Tanks; Tactical Truck; Bus; Others
• 2) By Platform: Combat Vehicles; Combat Support Vehicles; Unmanned Armored Ground Vehicles
• 3) By System: Engine; Drive System; Ballistic Armor; Fire Control System (FCS); Armaments; Ammunition Handling System; Countermeasure System; Command And Control System; Others
• 4) By Mobility: Tracked; Wheeled; 4X4; 6X6; 8X8; Others
• Companies Mentioned: BAE Systems; Oshkosh Corporation; International Armored Group; General Dynamics Land Systems; Textron Inc.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

An armored vehicle is a self-propelled, militarized vehicle equipped for combat operations. These vehicles blend operational agility with offensive and defensive capabilities.

The primary categories of armored vehicles include armored personnel carriers, infantry fighting vehicles, main battle tanks, tactical trucks, buses, and other specialized variants. Armored personnel carriers, for instance, serve as military vehicles designed for transporting personnel and equipment in hostile environments. This diverse range of platforms encompasses combat vehicles, combat support vehicles, unmanned armored ground vehicles. Key components encompass the engine, drive system, ballistic armor, fire control system (FCS), armaments, ammunition handling system, countermeasure system, command and control system, and other relevant elements. In terms of mobility, armored vehicles are categorized into tracked, wheeled, 4x4, 6x6, 8x8, and other configurations.

The armored vehicles market research report is one of a series of new reports from The Business Research Company that provides armored vehicle market statistics, including global market size, regional shares, competitors with an armored vehicle market share, detailed armored vehicle market segments, market trends and opportunities, and any further data you may need to thrive in the armored vehicle industry. This armored vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The armored vehicles market size has grown strongly in recent years. It will grow from $12.78 billion in 2023 to $13.73 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth experienced during the historical period can be attributed to factors such as military conflicts, peacekeeping missions, counter-terrorism efforts, insurgency suppression, border security initiatives, and law enforcement activities.

The armored vehicles market size is expected to see strong growth in the next few years. It will grow to $16.86 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The anticipated growth in the forecast period can be linked to urban warfare scenarios, the presence of asymmetric threats, increasing emphasis on cybersecurity and data protection, adoption of hybrid and electric propulsion systems, and the integration of unmanned and autonomous functionalities. Key trends expected during this forecast period encompass the implementation of modular armor and upgrade solutions, a heightened focus on crew safety and comfort, the use of lighter weight materials, advancements in riot control and crowd management capabilities, and the development of multi-role armored vehicles.

The expected growth of the armored vehicle market in the forecast period is strongly influenced by the rise in military spending. Countries worldwide are directing significant resources towards their military forces due to ongoing conflicts and geopolitical rivalries. This military expenditure encompasses various aspects, including operational costs, maintenance, arms procurement, investments in armored vehicles, and advancements in military research and development. For instance, as of April 2022, data from the Stockholm International Peace Research Institute (SIPRI), an internationally recognized institute specializing in arms control, arms transfers, and non-proliferation, indicates that in 2021, global military spending was projected to increase by 0.7% in real terms, reaching a total of $2,113 billion. This marked the seventh consecutive year of growth in military spending. Notably, the United States emerged as the world's leading spender, allocating a substantial $801 billion for military research and development in 2021. Meanwhile, China secured its position as the second-largest spender, dedicating an estimated $292 billion to its military in 2022. Consequently, this upsurge in military spending plays a pivotal role in propelling the growth of the armored vehicle market.

The anticipated growth of the armored vehicle market in the coming years is closely tied to the escalating threat of terrorist attacks. Terrorist attacks represent acts of violence perpetrated by individuals, groups, or organizations with the aim of instilling fear, chaos, and disruption to further a range of political, ideological, religious, or social agendas. Armored vehicles are sought-after for their capacity to provide protection against terrorist attacks, theft, violent crimes, and to enhance security in high-risk areas. They are especially valuable in safeguarding against snipers, small arms fire, and rocket-propelled grenades (RPGs). For example, in March 2023, data from the Global Terrorism Index, a report released by the Institute for Economics and Peace, a global think tank based in Australia, revealed an increase in the average number of deaths per terrorist attack. In 2021, there was an average of 1.3 deaths per attack, and this figure rose to an average of 1.7 individuals per attack in 2022. Consequently, the growing frequency and impact of terrorist attacks are serving as a catalyst for the expansion of the armored vehicle market.

The projected growth of the armored vehicle market in the forecast period is likely to face constraints due to the significant cost associated with armored vehicles. These vehicles come with a substantial price tag, primarily because of the meticulous focus on quality to ensure uncompromising protection during transit. For instance, the Inkas Sentry Civilian, an armored personnel carrier, begins at a base price of $350,000. Consequently, the elevated cost of armored vehicles stands as a limiting factor for the expansion of the armored vehicle market.

Prominent companies within the armored vehicle market are placing a strong emphasis on product innovation, including the development of specialized vehicles such as armored light specialist vehicles, aimed at providing dependable solutions to their customers. A light specialist vehicle typically refers to a type of vehicle tailored and equipped for specific, specialized tasks or roles, often within military or emergency services domains. For instance, in June 2023, Mahindra Defence Systems Limited, an India-based provider of cutting-edge armored solutions for military and paramilitary forces, introduced the Armoured Light Specialist Vehicle (ALSV). The ALSV is a lightweight, four-wheel-drive, air-transportable tactical armored specialist vehicle designed to fulfill various roles, including reconnaissance, patrol, and convoy escort. It is powered by a Steyr 3.2-liter, 6-cylinder turbo diesel engine, providing 215 hp at 3600 rpm and boasting a peak torque of 500Nm. The ALSV offers multiple variants, including the 6 to 8-seater Armored Protection Vehicle for Security, Light Armored Ambulance, Command and Control Vehicle, Light Mortar 81/82mm Vehicle, and Ammunition Carrier for Light Weapons. This focus on innovation and specialized vehicle offerings enables companies to cater to the diverse needs of their customers in the armored vehicle market.

Prominent companies in the armored vehicle market are actively leveraging the latest technology to maintain their competitive edge. Advanced technological solutions encompass innovative and cutting-edge technologies that hold significant promise, offering substantial value and future benefits. As an example, in June 2022, Texelis SAS, a France-based manufacturing company, introduced a groundbreaking technological solution aimed at electrifying wheeled armored vehicles for military operators looking to transition toward a more environmentally friendly battlefield. This solution integrates proven electric vehicle components, offering a more rapid path to vehicle electrification compared to whole-vehicle electric design programs. It can be retrofitted onto existing wheeled military vehicles, allowing them to maintain advanced mobility capabilities while harnessing technology to export electric power for charging soldier systems and operating in a full-electric silent mode for limited durations. This commitment to advanced technology empowers companies to meet the evolving needs of the armored vehicle market and adapt to greener and more sustainable solutions.

In September 2022, Parker Hannifin Corporation, a prominent US-based manufacturer specializing in motion and control technology, completed the acquisition of Meggitt PLC for a total of $6.79 billion. This strategic acquisition allowed Parker Hannifin Corporation to significantly broaden its product portfolio, providing an extended range of solutions for aircraft and aeroengine systems, while also fostering advancements in electrification and low-carbon technologies. Meggitt PLC, a reputable UK-based aerospace company, is known for its expertise in manufacturing components and sub-systems, particularly for advanced light armored vehicles (LAV). This acquisition not only enhances Parker Hannifin Corporation's capabilities in the aerospace sector but also strengthens its presence in the field of armored vehicle technologies, showcasing the company's commitment to diversification and innovation.

Major companies operating in the armored vehicles market include BAE Systems, Oshkosh Corporation, International Armored Group, General Dynamics Land Systems, Textron Inc., Rheinmetall AG, Lockheed Martin Corporation, Krauss-Maffei Wegmann GmbH & Co. KG, INKAS Armored Vehicle Manufacturing, Elbit Systems Ltd., IVECO S.p.A., Lenco Armored Vehicles Inc., Navistar - Navistar International Corporation, Thales Group, STREIT Group, UralVagonZavod Corporation, Ukroboronprom, NORINCO - China North Industries Group Corporation Limited (NORINCO), Bayerische Motoren Werke AG, Ford Motor Company, Raytheon Technologies Corporation, Mitsubishi Heavy Industries Ltd., Hyundai Motor Company, Nexter Group, Panhard General Defense SAS, Plasan Sasa Ltd., SABIEX International, Hanwha Defense Co.Ltd.

Asia-Pacific was the largest region in the armored vehicles market in 2023. Western Europe is expected to be the fastest-growing region in the armored vehicles market during the forecast period. The regions covered in the armored vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the armored vehicles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The armored vehicle market consists of sales of armored vehicles such as tanks, tank destroyers, infantry fighting vehicles, armored personnel carriers, and self-propelled guns. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.