[195 Pages Report] The Armored Vehicle Market size was estimated at USD 34.40 billion in 2023 and expected to reach USD 35.97 billion in 2024, at a CAGR 4.66% to reach USD 47.34 billion by 2030.
Armored vehicles are specialized vehicles reinforced with various armor to protect the passengers against hostile fire, explosions, and other types of attacks. Armored vehicles are available in different shapes and sizes, having levels of armor protection, including simple bullet-resistant plates and advanced systems that have the ability to withstand rockets, missiles, and other advanced weapons. The growing incidences of asymmetric warfare globally are enhancing the need for the adoption of unmanned combat ground vehicles by defense forces, contributing to market growth. The market is rising due to increasing focus on the safety of soldiers from external and internal threats during combat operations. However, colossal procurement & maintenance costs associated with armored vehicles are limiting the market growth. Additionally, hardware & software malfunctions and survivability issues pose challenges for the adoption of armored vehicles by defense forces. Moreover, the development of modular and scalable armored vehicles equipped with reactive armored technology is creating lucrative opportunities for market growth.
Regional Insights
The Americas has a highly developed infrastructure for the adoption of armored vehicles, owing to the presence of significant global market players. In the United States, there is a high demand for armored vehicles due to its extensive military budget and growing concerns over national security. European Union countries have witnessed an increase in investment toward the modernization of their defense equipment, including the procurement of new armored vehicles. The Middle East region has observed substantial growth in demand for armored vehicles due to geopolitical tensions and regional conflicts. Major market players are collaborating with regional market players in the Middle East region to enhance their global footprint. In the APAC region, China, India, and Japan are major countries focusing on the development and adoption of armored vehicles due to the growing focus on upgrading military infrastructure. The public and private sectors are investing heavily in research and development of domestic military equipment in the APAC region, contributing to the market growth in the region.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Armored Vehicle Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Armored Vehicle Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Armored Vehicle Market, highlighting leading vendors and their innovative profiles. These include ARTAN Armored Vehicles L.L.C., BAE Systems PLC, BMC Otomotiv Sanayi ve Ticarest AS, Denel SOC Ltd., Elbit Systems Ltd., FNSS Savunma Sistemleri A.?., General Dynamics Corporation, Hanwha Corporation, Hyundai Rotem Company, INKAS Armored Vehicle Manufacturing, International Armored Group, Krauss-Maffei Wegmann, Lenco Armored Vehicles, Lockheed Martin Corporation, Mahindra Armoured, Military Industries Corporation, Mitsubishi Heavy Industries Ltd., Nexter Group, NIMR Automotive, NORINCO Group, Oshkosh Defense, Paramount Group, Patria Group, Rheinmetall AG, Roshel, Rostec, RTX Corporation, Shield Armoring Pvt. Ltd., STREIT Group, Tata Motors, The Armored Group, LLC, and WELP Group.
Market Segmentation & Coverage
This research report categorizes the Armored Vehicle Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Type
- Armored Cars & Trucks
- Armored Personnel Carriers
- Infantry Fighting Vehicles
- Main Battle Tanks
- Unmanned Armored Ground Vehicles
- Propulsion Type
- Tracked
- Wheeled
- End-Use
- Civil
- Commercial
- Military
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Armored Vehicle Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Armored Vehicle Market?
- What are the technology trends and regulatory frameworks in the Armored Vehicle Market?
- What is the market share of the leading vendors in the Armored Vehicle Market?
- Which modes and strategic moves are suitable for entering the Armored Vehicle Market?
US $
Euro €
GBP £
