Armored Vehicles Market

Armored Vehicles Industry Worth $60.7 billion by 2029

The report "Armored Vehicles Market by Platform (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Vehicles), Mobility (Wheeled, Tracked), Type, Systems, Mode of Operation (Manned, Unmanned), Point of sale and Region - Global Forecast to 2029" The market is valued at USD 51.6 billion in 2024 and is projected to reach USD 60.7 billion by 2029, at a CAGR of 3.3% from 2024 to 2029. The armored vehicle market experiences growth and evolution driven by various factors. Rising geopolitical tensions and terrorism prompt nations to enhance defense capabilities, fueling demand for armored vehicles. Global military modernization programs, aiming to replace aging fleets with advanced technology-equipped vehicles, boost market demand. Innovations in armor materials, vehicle design, and weapon systems attract investments and propel market growth.

Browse 325 market data Tables and 78 Figures spread through 326 Pages and in-depth TOC on "Armored Vehicles Market"
View detailed Table of Content here -

Based on the platform, the combat vehicles segment is estimated to hold the highest market share during the forecast period

Based on the platform, the combat vehicles segment is estimated to lead the armored vehicles market from 2024 to 2029. This growth is fueled by increasing global security concerns, geopolitical tensions, and military modernization initiatives across various regions. Combat vehicles, equipped with advanced technology, enhanced firepower, and superior mobility, are vital assets for modern military operations, driving their prominence in defense procurement programs. Additionally, ongoing conflicts and evolving battlefield scenarios necessitate the continuous development and deployment of combat vehicles, further contributing to their significant market share and growth potential.

Based on mobility, the wheeled segment is estimated to hold the highest market share during the forecast period.

Based on mobility, the wheeled segment is estimated to hold the highest market share during the forecast period. Wheeled armored vehicles (WAVs) offer advantages in terms of cost-effectiveness, as they are generally more affordable to acquire and maintain compared to tracked vehicles. Additionally, WAVs provide superior mobility and deployment flexibility, as they can be easily transported over long distances by road or air and offer better maneuverability on various terrains, especially in urban environments. Their modular design allows for customization to suit different mission requirements, making WAVs versatile for a range of applications, including law enforcement, internal security, and emerging market needs. While tracked vehicles still hold certain advantages in off-road capability and armor protection, the rise of WAVs reflects a shift towards more agile, cost-effective solutions in modern military operations.

Based on regions, the Asia Pacific accounts for the largest market share in Armored Vehicles market.

Based on region, the Asia Pacific market is estimated to account for largest market share during the forecast period.  The Asia Pacific region's dominance in the armored vehicle market is bolstered by several factors, including geopolitical tensions, robust economic growth, evolving warfare dynamics, internal security challenges, and significant contracts secured by key players. Territorial disputes and nuclear threats, coupled with increasing defense budgets, drive nations to procure advanced armored vehicles to strengthen their military capabilities. Furthermore, key players in the market, such as General Dynamics, BAE Systems, and Hanwha Defense, have secured substantial contracts in the region, contributing to the proliferation of armored vehicles. These contracts not only enhance regional security but also stimulate market growth by fostering innovation and technological advancements. Collectively, these factors position the Asia Pacific region as a pivotal player in the global armored vehicle market.

Key Players

The Armored Vehicles market is dominated by a few globally established players such as Rheinmetall AG (Germany), General Dynamics Corporation (US), Oshkosh Corporation (US), BAE Systems (UK), and Hanwha Defense (South Korea).

Don’t miss out on business opportunities in Armored Vehicles Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on TwitterLinkedIn and Facebook.

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Armored Vehicles Market Size,  Share & Growth Report
Report Code
AS 2369
PR Published ON
Choose License Type
Request Customization
Speak to Analyst
Speak to Analyst
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
  • What are the Known and Unknown Adjacencies Impacting the Armored Vehicles Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
©2024 MarketsandMarkets Research Private Ltd. All rights reserved Protection Status

Digital Virtual Assistant - MarketsandMarkets