Armored Vehicles Market is projected to witness a faster CAGR over the upcoming years (2020-2027), owing to the growing awareness about commercial safety.

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Key Drivers

The major factors fueling the armored vehicles market include a significant increase in defense budgets and surging demand for armored vehicles, primarily across the Asian countries. As per the Stockholm International Peace Research Institute (SIPRI) report published in 2021, there was a 2.6% increase in the international defense expenditure in 2020 over 2019. The military expenditure increased to USD 1981 billion in 2020. Demand for armored vehicles is projected to increase at a tremendous rate across law enforcement, military, police, and other defense departments, because of the increasing deployment in internal security, reconnaissance, goods transportation in battlefields, and armed escorting. The growing emphasis on preventing soldiers from external and internal threats and growing awareness about the commercial security are projected to pave the way for market. Further, the adoption of unmanned combat vehicle will offer enormous growth opportunities for the players operating in the global market.

Moreover, growing demand for armored vehicles owing to the increasing incidences of cross-border conflicts and asymmetric warfare across the globe are strengthening the market growth. Other factors including the growing demand for armored vehicles aided by the militarization of law enforcement agencies and surging demand for bulletproof vehicles have propelled the market growth. However, a reduction in defense budgets might hamper the market growth. Moreover, a restricted budget for military spending, primarily in North America and Europe, will be a challenge to the armored vehicle industry over the forecast period. Rising prices of components, raw materials, vehicle assembly, and machining equipment are expected to restrain the armored vehicles market size.

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Platform Segment Analysis

The combat vehicle segment is predicted to witness the highest CAGR over the forecast period, because of the surging demand for armored personnel carriers (APCs) and light armored vehicles (LAVs). Further, the Main Battle Tanks (MBTs) sub- segment is projected to lead the market over the upcoming years, owing to the intensifies government initiatives to strengthen the armed forces across various countries. For example, in March 2021, The Indian Defense Ministry entered into an agreement for INR 1,056 Crore (USD 144 million) with Mahindra Emirates Vehicle Armouring FZ LLC, an advanced armored solutions vendor for the military and paramilitary forces, to supply 1,300 Light Specialist Vehicles (LSVs) to the Army. The LSVs are incredibly agile and provide all-around defense against small arms fire.

The unmanned armored ground vehicle will witness a significant growth over the upcoming years (2021-2028), owing to their ability to operate in high-risk situations. Thus, the surging demand for the development and deployment of these unmanned military vehicles will bolster the segment’s growth.

System Segment Analysis

Armaments system is anticipated to witness a higher CAGR during the forecast period, owing to the growing demand for anti-tank guided missile (ATGM) launchers and remote weapon station.

The engine segment is forecast to hold a larger share over the upcoming years, due to the growing demand for strong diesel engines. Moreover, the increasing modernization programs of main battle tanks have bolstered the demand for turbine engines, driving the market growth.

Mobility Segment Analysis

The wheeled segment is predicted to dominate the market over the upcoming years, because of the increasing demand for 4X4 LAVs for transportation and intelligence, surveillance, reconnaissance (ISR), applications. For example, in May 2020, Airdrop-capable four-wheeled armored vehicles launched by China North Industries Group Corporation (NORINCO) decided to enter the Chinese Air Force service.

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Regional Analysis

Asia-Pacific is expected to hold a higher CAGR over the forecast period, owing to the rising incidences of terrorism, cross-border, and political instability. For example, In March 2021, the Indian Ministry of Defense entered into a contract for USD 144.79 million with Mahindra Defence Systems Ltd (MDSL) to offer 1,300 light specialist vehicles to the Indian Army. The regional growth is attributed to the increasing initiatives to reinforce military power to counter terrorism. Also, various government bodies are emphasizing on the development of the defense sector. For example, In 2022, Otokar, a Turkish bus and military vehicle producing companies, expanded its existence in the Asia Pacific. The firm exhibited its COBRA II tactical armored vehicle and ARMA 66 wheeled armored vehicle at the Defense Services Asia expo in Kuala Lumpur, Malaysia. Moreover, countries including India, South Korea, and China are increasingly investing in R&D activities to introduce advanced and hybrid armored vehicles for improved maritime and border patrolling, which is forecast to propel the regional growth.

North America is estimated to grow at a faster CAGR over the upcoming years, because of the increasing expenditure on defense by U.S. government on the procurement and advancement of military vehicles. In addition, the existence of leading players such as Textron Systems, Oshkosh Defense, and General Dynamics Corporation, will bolster the market expansion.

Top Market Players

The major key players in the market include BAE Systems PLC, Oshkosh Corporation, Otokar Otomotive Ve Savunma Sanayi, Textron Inc., Krauss-Maffei Wegmann, Denel SOC Ltd., FNSS Savunma Sistemleri AS, Hanwha Corporation, General Dynamics Corporation, Rheinmetall AG, Arquus, among others.

Key Development:

• • In 2022, Lithuania’s Defence Ministry declared its plans for purchasing over 120 boxer infantry fighting vehicles to expand the country’s modern fleet of infantry fighting vehicles. All these developments are expected to expand the supply of armored vehicles in the Western Europe market.
  • In 2021, the Katmerciler entered into a contract with Kenya to offer 118 Hızır 4×4 tactical wheeled armored vehicles. The high competitiveness in the market encouraged international players to invest in the development of next-generation armored vehicle models with autonomous capabilities as well as latest weapons and electro-optic infrared sensor suites, which will improve the situational awareness and survivability of the military personnel on the battlefield.
  • In 2021, Bharat Forge, an engineering and technology company, entered into a partnership with international aerospace and technology conglomerate Paramount Group to integrate skills, technologies, and expertise to launch armored vehicles in India.
  • In Feb 2019, BAE Systems entered into USD 148.3 million contract from U.S. Army for M88A2 HERCULES armored recovery vehicles. BEA systems will upgrade 43 M88A1 heavy-lift vehicles for added ability to vacant damaged or stranded combat vehicles from the battlefield.
  • In Aug 2018, Rheinmetall entered into USD 2.7 billion contract to supply Australia with 211 Boxer wheeled armored vehicles.

The Global Armored Vehicles market has been segmented based on the Platform, Mobility, System and region. Based on Platform, the market is segmented into Combat Vehicles, Combat Support Vehicles, and Unmanned Armored Ground Vehicles. Combat vehicles is further segmented into Main Battle Tanks (MBTs), Infantry Fighting Vehicles (IFVs), Armored Personnel Carriers (APCs), Armored Amphibious Vehicles (AAVs), Mine-Resistant Ambush Protected (MRAP), Light Armored Vehicles (LAVs), Self-Propelled Howitzers (SPHS), Air Defense Vehicles, and Armored Mortar Carriers. Combat Support Vehicles is further segmented into Armored Supply Trucks, Armored Command and Control Vehicles, Repair and Recovery Vehicles, and Others. Armored Supply Trucks is further segmented into Armored Fuel Trucks, Armored Ammunition Replenishment Vehicles, and Armored Ambulances. Based on Mobility, the market is segmented into Wheeled, and Tracked. Wheeled is further is segmented into 4×4, 6×6, 8×8, and Others. Based on System, the market is segmented into Engines, Drive Systems, Ballistic Armor, Turret Drives, Ammunition Handling Systems, Fire Control Systems (FCS), Armaments, Countermeasure Systems, Command & Control (C2) Systems, Power Systems, Navigation Systems, Observation & Display Systems, and Hulls/Frames. Engines is further segmented into Diesel Engines, and Turbine Engines. Drive Systems is further segmented into Power Transmission Drives, Suspension & Braking Systems, and Tracks and Wheels. Ballistic Armor is further segmented into Composite Armor, Explosive Reactive Armor (ERA), Electric Armor, Homogenous Armor, Depleted Uranium Armor, Add-On Armor, and Others.

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Key questions answered in this research report:

• • At what pace is the global Armored Vehicles market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global Armored Vehicles market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Armored Vehicles market?
  • What are the various Systems of the global Armored Vehicles market and how are they poised to grow?
  • Which platform generated maximum revenues in 2019 and identify the most promising platform during the forecast period?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Value (USD Million)
Market Segment	By Platform, By Mobility, By System, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	BAE Systems PLC, Oshkosh Corporation, Otokar Otomotive Ve Savunma Sanayi, Textron Inc., Krauss-Maffei Wegmann, among others, a total of 11 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation:

Global Armored Vehicles Market by Platform    

• • Combat Vehicles
    • Main Battle Tanks (MBTs)
    • Infantry Fighting Vehicles (IFVs)
    • Armored Personnel Carriers (APCs)
    • Armored Amphibious Vehicles (AAVs)
    • Mine-Resistant Ambush Protected (MRAP)
    • Light Armored Vehicles (LAVs)
    • Self-Propelled Howitzers (SPHS)
    • Air Defense Vehicles
    • Armored Mortar Carriers
  • Combat Support Vehicles
    • Armored Supply Trucks
      • Armored Fuel Trucks
      • Armored Ammunition Replenishment Vehicles
      • Armored Ambulances
    • Armored Command and Control Vehicles
    • Repair and Recovery Vehicles
    • Others
  • Unmanned Armored Ground Vehicles

Global Armored Vehicles Market by Mobility     

• • Wheeled
    • 4×4
    • 6×6
    • 8×8
    • Others
  • Tracked

Global Armored Vehicles Market by System         

• • Engines
    • Diesel Engines
    • Turbine Engines
  • Drive Systems
    • Power Transmission Drives
    • Suspension & Braking Systems
    • Tracks and Wheels
  • Ballistic Armor
    • Composite Armor
    • Explosive Reactive Armor (ERA)
    • Electric Armor
    • Homogenous Armor
    • Depleted Uranium Armor
    • Add-On Armor
    • Others
  • Turret Drives
  • Ammunition Handling Systems
  • Fire Control Systems (FCS)
  • Armaments
  • Countermeasure Systems
  • Command & Control (C2) Systems
  • Power Systems
  • Navigation Systems
  • Observation & Display Systems
  • Hulls/Frames

Global Armored Vehicles Market by Region

• • North America Armored Vehicles Market (Option 1: As a part of the free 25% customization)
    • North America Market by Platform
    • North America Market by Mobility
    • North America Market by System
    • United States of America (US) Market All-Up
    • Canada Market All-Up
  • Europe Armored Vehicles Market (Option 2: As a part of the free 25% customization)
    • Europe Market by Platform
    • Europe Market by Mobility
    • Europe Market by System
    • United Kingdom (UK) Market All-Up
    • Germany All-Up Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Armored Vehicles Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Market by Platform
    • Asia-Pacific Market by Mobility
    • Asia-Pacific Market by System
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Armored Vehicles Market (Option 4: As a part of the free 25% customization)
    • RoW Market by Platform
    • RoW Market by Mobility
    • RoW Market by System
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the Armored Vehicles (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • BAE Systems PLC
  • Oshkosh Corporation
  • Otokar Otomotive Ve Savunma Sanayi
  • Textron Inc.
  • Krauss-Maffei Wegmann
  • Denel SOC Ltd.
  • FNSS Savunma Sistemleri AS
  • Hanwha Corporation
  • General Dynamics Corporation
  • Rheinmetall AG
  • Arquus