Armored Vehicle Market Size to Reach USD 39.2 Billion by 2032

Armored Vehicle Market, valued at USD 29.4 Billion in 2022, is projected to surpass USD 39.2 Billion by 2032, indicating a robust CAGR of 3%

An armored vehicle is a heavily fortified vehicle that can survive gunfire, bombs, and other hazards. These vehicles are outfitted with reinforced armor plating, advanced armament, and defensive systems to secure the safety of their occupants and cargo. Tanks, armored personnel carriers, and mine-resistant ambush protected vehicles (MRAPs) are all common varieties. Armored vehicles are increasingly being deployed in civilian areas, despite their traditional employment in military activities. Their versatility and advanced protection make them indispensable for a variety of applications.

In military applications, armored vehicles are critical for transporting personnel, engaging in combat, and securing high-risk regions, assuring operational effectiveness and survivability. In civilian settings, they play an important function in securing VIPs, moving cash and valuables, and improving safety in industries such as mining. Their ability to function in hazardous conditions, combined with recent technological breakthroughs, emphasizes their relevance in both security and operational efficiency across industries.

Armored Vehicle Market Statistics

• The global armored vehicle market generated USD 29.4 billion in 2022 and is anticipated to grow at a robust CAGR exceeding 3% from 2023 to 2032.
• North America dominated the market in 2022, contributing 39% of the total revenue
• The Asia-Pacific region is forecasted to witness significant growth with a substantial CAGR during the projection period
• The wheeled mobility sub-segment led the market in 2022, capturing a notable share
• A discernible trend in the armored vehicle market is growing demand for advanced, multi-role vehicles equipped with cutting-edge technologies for enhanced protection and operational flexibility

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Armored Vehicle Market Dynamics

Growing Investments by Governments in Defense Budgets Fuels the Armored Vehicle Market Value

Government spending in defense budgets are significantly increasing the value of the armored vehicle industry. According to USA Facts, in 2023, the US military spent over $820.3 billion, accounting for nearly 13.3% of the total federal budget for that fiscal year. In March 2023, the Department of Defense (DoD) proposed $842.0 billion for 2024, representing a 2.6% increase. As nations prioritize security in the face of escalating geopolitical tensions and cross-border conflicts, defense spending on advanced armored vehicles has increased dramatically. These vehicles provide important qualities such as increased survivability, mobility, and firepower, rendering them indispensable in current military operations. Countries such as the United States, China, and India are leading the way in updating their military fleets with technologically upgraded tanks, people carriers, and MRAPs. Furthermore, the demand for local production and R&D projects fuels market expansion.

Increasing Demand in Civilian Applications Such As Transportation and Mining Offer Significant Armored Vehicle Market Opportunity

The growing usage of armored vehicles in civilian sectors such as transportation and mining opens up considerable potential opportunities for the armored vehicle market. Armored cars are increasingly being used in the transportation industry for VIP protection, cash-in-transit services, and the safe delivery of important assets. Armored vehicles are also employed in mining operations to protect workers and equipment in high-risk regions, such as those with explosives or falling debris. This shift is being driven by growing concerns about personal safety, thievery, and operational risks in high-risk businesses.

Armored Vehicle Market Segmentation

The global market for armored vehicle has been segmented into platform, mobility, and system, and region.

• Platform is classified into combat vehicles (infantry fighting vehicles, main battle tanks, armored mortar carriers, armored amphibious vehicles, armored personal carriers, light armored vehicles, mine-resistant ambush protected vehicles, air defense vehicles, self-propelled howitzers), combat support vehicles (repair and recovery vehicles, armored command and control vehicles, armored supply truck, others), and unmanned armored ground vehicles
• Mobility are bifurcated into tracked, and wheeled
• System are categorized into drive system, engine, turret drives, ballistic armor, fire control systems (FCS), ammunition handling system, countermeasure system, armaments, power system, command & control (C2) system, observation & display system, navigation system, and hulls/frames
• The armored vehicle market is geographically split into Europe, North America, Latin America, APAC, and the Middle East and Africa

Armored Vehicle Market Regional Outlook

In terms of armored vehicle market analysis, North America dominates the armored vehicle industry because of its extensive defense infrastructure, large defense budgets, and ongoing investment in updating military equipment. The United States leads the region in demand for armored personnel carriers, tanks, and mine-resistant ambush protected (MRAP) vehicles. Additionally, homeland security programs and law enforcement organizations contribute to regional demand.

The armored vehicle market in the Asia-Pacific region is rapidly expanding, fueled by increased defense spending and geopolitical concerns in nations like as India, China, and South Korea. For instance, the budgeted allocation in India under the capital head for the Defence Forces for FY 2024-25 is Rs 1.72 lakh crore, which is 20.33% higher than the actual spending of FY 2022-23 and 9.40% more than the Revised Allocation of FY 2023-24. Moreover, the increasing presence of global defense manufacturers enhances production and technological advancements in the region.

Armored Vehicle Market Players

Armored vehicle companies profiled in the report include General Dynamics Corporation, IVECO Defence Vehicles, L3Harris Technologies, Inc., Navistar Defense, Krauss-Maffei Wegmann, Thales Group, Nexter Group, Oshkosh Defense, Rheinmetall AG, BAE Systems, Science Applications International Corporation (SAIC), and Textron Inc.

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Mr. Richard Johnson

Acumen Research and Consulting

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