Global Armored Vehicles Market Share To worth USD 34.1 billion by 2027 | CAGR of 3.1%

The armored vehicles market share is projected to grow from USD 29.3 billion in 2022 to USD 34.1 billion by 2027, at a CAGR of 3.1% from 2022 to 2027. The market is driven by factors such as increasing demand for armored vehicles to tackle cross-border conflicts, improvising ISR and target acquisition capabilities of defense forces, etc.

Major companies profiled in the report are Oshkosh Corp. (US), L3harris Technologies (US), Northrop Grumman Corporation (US), Lockheed Martin Corporation (US), and Hanwha Defense (South Korea), among others.

Browse 297 market data Tables and 58 Figures spread through 259 Pages and in-depth TOC on "Armored Vehicles Market Share"

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Armored vehicles Market Share Dynamics

Driver: Improving ISR and target acquisition capabilities of defense forces

The increasing demand for improved monitoring of naval and land borders is of utmost importance for defense forces, especially due to the rising incidents of terror attacks across the globe particularly around the borders. In some cases, military forces find it difficult to effectively tackle the situation as the reaction time from the detection of threats to their interception is very high and instantaneous. In these cases, the robots can act as best alternative to humans as robots are capable of carrying out improved cross-border surveillance and intelligence gathering with a faster reaction time and more accuracy. Robots can effectively and efficiently monitor country borders and continuously relay real-time data to ground stations.

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Restraint: Occurrence of mechanical and electrical failure in armored vehicles

Armored vehicles are prone to mechanical strain caused by their movement on uneven terrains and logistical strain caused by cross-country operations. Continuous high-speed traversing by these vehicles often results in mechanical failure of their engines and transmission systems. Moreover, they also suffer from power failures, breakdown of components, and jamming of parts, among others. These failures are sometimes hard to be rectified by rescue & recovery teams, thereby leading to critical situations during wars.

Opportunity: Increased adoption of unmanned combat ground vehicles by defense forces

The demand for unmanned armored ground vehicles has increased across the globe in recent years due to their growing use by military forces of different countries for carrying out Intelligence, Surveillance, and Reconnaissance (ISR) and combat operations. Moreover, the growing military expenditure of countries such as the UK, Italy, Spain, Germany, and France have led to the increased procurement of these systems to replace their defense personnel, that make use of large volumes of equipment and logistic support.

Challenges: Hardware and software malfunctions

Autonomous vehicles and systems are prone to hardware and software malfunctions. Even though they are built and designed to with stand tough situations, they continue to face various challenges such as extreme temperatures, component breakdowns, software jams, etc. Unmanned armored ground vehicles are controlled by human operators either through tethered modes or operated remotely. In certain cases, human operators might lose the control of these robots, or sometimes robots miscalculate the commands, which results in ultimate mission failures. Engineers have faced challenges in creating fully autonomous vehicles and systems as this technology is still in the development phase.

BAE Systems is the worlds second-largest defense contractor, operating through five different business segments: Electronic Systems, Cyber & Intelligence, Platforms & Services, Air, and Maritime. The products & services offered by the company cater to air, land, maritime, and cybersecurity applications. BAE Systems develops and delivers advanced defense systems for air, military, and naval forces. The company has a presence in Australia, India, Saudi Arabia, the UK, and the US. Some of its key subsidiaries are BAE Systems Integrated System Technologies, BAE Systems Maritime - Submarines, and BAE Systems Military Air & Information.

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North America led the market in 2022, with the US accounting for the largest share of the regional market. The North American armored vehicles market share is projected to witness significant growth during the forecast period. The region is increasingly focusing on the procurement of armored vehicles, owing to their growing deployment in overseas operations undertaken by the US. The US is the largest developer, operator, and exporter of armored vehicles, globally, thereby making the North American region one of the largest consumers of armored vehicles across the globe.

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