Armored Vehicles Market

Armored Vehicles Companies - Oshkosh Corporation (US) and Hanwha Defense (South Korea) are the Key Players

The armored vehicles market is projected to grow from USD 29.3 billion in 2022 to USD 34.1 billion by 2027, at a CAGR of 3.1% from 2022 to 2027. Armored vehicles are designed for multiple purpose, common of which is carrying combat infantry personnel to battlefields and provide them with direct fire-support. These vehicles offer a high level of protection to defense personnel against Improvised Explosive Devices (IEDs), land mines, and indirect enemy fire and attacks. The armored vehicles are equipped with different types of weapons systems, calibers, and ranges. Armored vehicles are also used to carry out crucial surveillance, reconnaissance, Command & Control (C2), mine-clearance, and ammunition supply functions and activities. Armored vehicles can be equipped with additional payloads such as sensors, cameras, lasers, radars, articulated arms, and Global Positioning System (GPS) antennas for better control and accuracy.

Major Armored Vehicles Companies Include:

  • Oshkosh Corporation (US)
  • Hanwha Defense (South Korea)
  • Northrop Grumman Corporation (US)
  • BAE Systems (UK)
  • Lockheed Martin Corporation (US)
  • Rheinmetall AG (Germany)

These players have been focusing on securing contracts from governments of different countries for their organic growth. The core competencies of these companies include increased investments in R&D activities.

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The company has become one of the top players in the unmanned ground vehicles market in recent years. It is also an innovator in hybrid UGV technologies used for defense applications. It manufactures customized armored ground vehicles that can be used for several types of applications.


Founded in 1994 and headquartered in Virginia (US), Northrop Grumman Corporation offers solutions in the autonomous systems, cyber, C4ISR (command, control, communications, computers, intelligence, surveillance, and reconnaissance), strike, and logistics & modernization segments. Northrop Grumman has a strong focus on innovation and development, which enhances its existing products and services. The company develops new products and services to meet its customers changing needs and requirements and address new market opportunities. In FY2021, the company spent USD 1,100 million on research & development, which enabled the development of aeronautics systems, defense systems, mission systems, and space systems. The company offers a portfolio of capabilities and technologies that enables it to deliver products, systems, and solutions for applications ranging from undersea to outer space and into cyberspace. The Aerospace Systems segment designs, develops, integrates, and produces manned aircraft, autonomous systems, spacecraft, high-energy laser systems, microelectronics, and other systems/subsystems. Aerospace Systems customers, primarily the US DoD and other government agencies of the US, use these systems in mission areas, including intelligence, surveillance, and reconnaissance (ISR), strike operations, communications, earth observation, space science, and space exploration.


BAE Systems is the worlds second-largest defense contractor, operating through five different business segments: Electronic Systems, Cyber & Intelligence, Platforms & Services, Air, and Maritime. The products & services offered by the company cater to air, land, maritime, and cybersecurity applications. BAE Systems develops and delivers advanced defense systems for air, military, and naval forces. The company has a presence in Australia, India, Saudi Arabia, the UK, and the US. Some of its key subsidiaries are BAE Systems Integrated System Technologies, BAE Systems Maritime – Submarines, and BAE Systems Military Air & Information.

The company offers cost-effective and high-performance armored vehicles through its Electronic Systems business segment for several military and law enforcement applications. It has a global presence, with major markets in Australia, India, Saudi Arabia, the UK, and the US.


Oshkosh Corporation is a leading designer, manufacturer, and marketer of a broad range of access equipment, specialty military vehicles, fire & emergency vehicles, commercial vehicles, and vehicle bodies. The subsidiary of the company, Oshkosh Defense, has been designing, manufacturing, and offering military tactical wheeled vehicles to the US Department of Defense (DoD) for over 90 years. Oshkosh Defense is a leading manufacturer of heavy, medium, and light tactical wheeled vehicles, such as hauling tanks equipped with missile systems and ammunition. These vehicles are used by troops for a broad range of missions.


Hanwha Corporation is among the Fortune Global 500 companies. The company was founded in 1952 and is headquartered in Seoul (South Korea). It is a public limited company listed on the Korea Exchange with the ticker symbol 000880.

The company operates through multiple segments, such as Hanwha Aerospace, Hanwa Defense Systems, Hanwha Systems, Hanwha General Chemical, Hanwha Q Cells, Hanwha Advanced Materials, and Hanwha Energy. It offers armored vehicles through its Hanwha Defense Systems segment. It also offers K21 infantry fighting vehicles, K21–105 medium tanks, K200A1, BARACUDA4x4, TIGON 6x6, and REDBACK. These vehicles are highly advanced with enhanced firepower capabilities.

Related Reports:

Armored Vehicles Market by Platform (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles), Type (Electric, Conventional), Mobility (Wheeled, Tracked), Systems, Mode of Operation, Point of sale, Region - Forecast to 2027

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Armored Vehicles Market Size,  Share & Growth Report
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