Global Armored Vehicle Market Size & Growth Report, 2027

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Global Armored Vehicle Market Size & Growth Report, 2027

The Armored Vehicles Market is anticipated to expand at a robust CAGR over the forecast period (2020-2027).

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Armored Vehicles Market

The Armored Vehicles Market is anticipated to expand at a robust CAGR over the forecast period (2020-2027).

The factors driving the growth of growth of Armored Vehicles Market includes increasing cross-border terrorism around the world, advancements in asymmetric warfare and emerging need to upgrade armored vehicles in the military sector. According to Global Terrorism Index, the terrorist attacks across the globe increased to 5,226 in 2021 and the maximum terrorist attacks were reported in Myanmar, with the death tolls in Myanmar reaching to 521 during the same year. Moreover, the increasing Government expenditure on defense budget, intergovernmental agreements for developing advanced armored vehicles, are some of the additional factors supplementing the Armored Vehicle Market share. As per Macro Trends, the Philippines military budget has significantly increased from USD 2.84 billion to USD 3.47 billion in 2019, showing a 22.13% increase, and the military budget by the Government of Philippines values around USD 4.39 billion, which is considered as the largest ever defense budget in the history of Philippines.

However, the growth of Armored Vehicles Market is hindered due to increasing cases of electrical and mechanical failures in the armored vehicles.

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

Platform: Segment Analysis

Based on Platform, the Combat Vehicle segment is projected to expand at remarkable CAGR over the forecast period due to growing demand for combat vehicles and Light Armored Vehicles (LAVs) by the military sector.

System: Segment Analysis

Based on System, the Armaments segment is projected to grow at a higher CAGR during the forecast period attributed to increasing induction of anti-tank guided missile (ATGM) launchers by the armed forces.

Regional: Segment Analysis

Based on region, Asia-Pacific is predicted to capture sizeable market share during the forecast period. The increasing number of terrorism activities, significant growth in defense expenditure, rise of the terrorist organization such as Al Qaeda, Afghan Taliban and Islamic State and growing defense manufacturing are some of the important factors, expanding the Armored Vehicles Market size in the Asia-Pacific region.

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

Asia Pacific

China

Japan

India

Rest of APAC

North America

United States of America

Canada

Europe

United Kingdom

Germany

France

Spain

Rest of Europe

RoW

Brazil

South Africa

Saudi Arabia

UAE

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