Global Armored Vehicles Market Size (2022-2030) Share, Industry Trends, Growth, Challenges, and Forecast: Custom Market Insights

The Global Armored Vehicles Market is expected to grow at a compound annual growth rate of 6.36% during the forecast period. The market is expected to reach USD 27.83 billion by the year 2030 from USD 18.9 billion in the year 2021.

These vehicles are combat vehicles that are armed and provide protection due to their shield against shrapnel, weapons, missiles, projectiles, and bullets. Constant research and development have been instrumental in coming up with innovations and developments in the technologies used for military vehicles.

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The Armored Vehicles Market: Overview

Innovations of different types in automotive, material science, and weaponry will drive market growth during the forecast period. The introduction of the vehicles of the next generation which are integrated with the systems that provide active protection will drive market growth in the coming years.

Armor technology of the reactive type will also be instrumental in the growth of the market. The availability of programmable ammunition will play an important role in the growth of the market during the forecast period. These are some of the trends that will drive market growth in the coming year. During the outbreak of the COVID-19 pandemic, this industry faced a lot of challenges.

The market growth had slowed down during the outbreak of the COVID-19 pandemic. The budget for the defense had also been reduced in various regions. Many delays were caused in the manufacturing of the vehicles during the pandemic. Especially for the countries like South Korea Thailand and China.

The Armored Vehicles Market: Growth Factors

With the constant instability in world politics and the economy, there will be increased cases of asymmetric warfare. The government of various nations engaging in coming up with combat vehicles for the protection of the nation.

These nations are engaging in adopting these vehicles in order to protect themselves from insurgent attacks. Our motor vehicles will be in great demand during the forecast. As a help in protecting against blast attacks. The availability and the presence of the turret gun which are accommodated on these vehicles will drive the market growth in the coming years.

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The eastern region of India is a Naxalite area and in order to perform various operations in this region, armored vehicles are used by the Indian government on a large scale. As there has been an increase in the chances of asymmetric warfare the demand for armored vehicles will grow across the globe. Many nations will procure armored vehicles on a larger scale due to which the market is expected to grow in the coming years.

There's a growing demand for vehicles and systems that are unmanned. In recent decades there has been an increase in the demand for systems that are unmanned in order to reduce the risk of loss of soldiers. These systems will help in performing the functions like surveillance and intelligence.

The Armored Vehicles Market: Recent Developments

• A contract of 376.0 million USD was received by BAE systems from the Government of the United States. In order to enhance the Engineering of the vehicles and to Develop armored vehicles. It will also provide EDM and MPF vehicles.
• A contract of USD 1.69 billion was acquired by Oshkosh Corporation from the Army of the United States. This contract will fulfill the need for 6000 vehicles for the region in the coming years.
• In recent years German government allotted a contract to KMW which was worth 832.0 million USD. According to this contract, the organization is expected to fulfill the demand for the upgradation of the 104 Leopard 2 Tanks.
• A contract was signed between Israel's aerospace industries and its defense ministry in the year 2021. According to the contract the organization is expected to engage in the manufacturing and supply of the Z-MAG Vehicles which are used in all different types of Terrains.

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The Armored Vehicles Market: Regional Insights

The North American region is expected to have a dominant market share in the coming years. This region has dominated the armored vehicles market in the past and it will continue to grow well in the coming years. As a large amount of money is spent by the government of various nations in the North American region for acquiring enhanced armored vehicles this region is expected to see a good amount of growth in the coming years.

The government of the United States is engaging in procuring modern military vehicles. The Asia Pacific region has had the largest market share in the past. This region dominated the market in the past with a share of about 31%. There were a large number of initiatives taken by the government for strengthening the military power of the nations. In order to counter the terrorist attacks, the government of various nations spent a lot of money on acquiring armored vehicles.

The Armored Vehicles Market: Key Players

BAE Systems
Lenco Industries, Inc.
Daimler AG (Mercedes Benz)
Ford Motor Company
Rheinmetall AG
Textron, Inc.
International Armored Group
IVECO
STAT, Inc.
INKAS Armored Vehicle Manufacturing
Elbit Systems
Navistar, Inc.
Others

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The Armored Vehicles Market: Segments

By Product

Defense

Armored Personnel Carrier (APC)
Infantry Fighting Vehicles (IFVs)
Mine-resistant Ambush Protected (MRAP)
Light Protected Vehicles (LPVs)
Main Battle Tanks (MBTs)
Tactical Vehicle
Others

Commercial

Bus/Van
Limousine
Sedan
SUV
Others

By Mobility

Wheeled
Tracked

The Armored Vehicles Market: Regions

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

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This release was published on openPR.