Armored Vehicles Market Will Generate Record Revenue by 2029

The global armored vehicles market is anticipated to grow at a considerable CAGR of 6.1% during the forecast period. One of the crucial factors that have been boosting the market growth is the growing military activities between countries for strengthening the security of the nations. Such military collaboration has been increased in the past few years as the tensions between the countries have risen. It has also increased the sales of armored vehicles by exchanging the new technology, and weaponry between the countries. For instance, in January 2022, Australia purchased 120 tanks and other armored vehicles from the US is $2.58 billion. This deal includes 17 bridge landing vehicles, 29 assault clearing vehicles used against minefields, and six repair and evacuation tanks. As per the report that the first batch of such weapons will be delivered in 2024 and put into service from 2025.

Before this announcement, Australia, and the US along with the UK announced the new trilateral defense partnership, which forced Canberra to give up on a $66 billion contract with France to manufacture 12 state-of-the-art attack submarines powered conventionally, as the alliance promised to enhance Australia's fleet with nuclear-powered submarines in September 2021. Moreover, in December 2021, Australia signed a new agreement with Japan to strengthen the defense and security collaboration between the two countries. The agreement will expand interoperability and collaboration between the Australian Defense Force and the Japanese Self-Defense Forces by abolishing limitations on the movement of supplies and weapons for cooperative training and disaster relief missions.

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Market Coverage

• The market number available for - 2022-2029

• Base year- 2022

• Forecast period- 2023-2029

Segment Covered-

· By Vehicle Type

· By Drive Type

· By Application

Regions Covered-

· North America

· Europe

· Asia-Pacific

· Rest of the World

· Competitive Landscape- including BAE Systems, General Dynamics Corp., Nexter group KNDS, Oshkosh Corp., Rheinmetall Landsysteme GmbH, and others.

Armored Vehicles Market Report Segment

By Vehicle Type

• Armored Personnel Carrier (APC)

• Infantry Fighting Vehicle (IFV)

• Mine-resistant Ambush Protected (MRAP)

• Main Battle Tank (MBT)

• Others (Light Protected Vehicle, and Armored Mortar Carrier)

By Drive Type

• Wheel

• Track

By Application

• Defense

• Communication

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Armored Vehicles Market Report Segment by Region

North America

· United States

· Canada

Europe

· UK

· Germany

· Spain

· France

· Italy

· Rest of Europe

Asia-Pacific

· India

· China

· Japan

· South Korea

· Rest of APAC

Rest of the World

· Latin America

· Middle East and Africa

Company Profiles

• Denel Vehicle Systems

• INKAS Armored Vehicle Manufacturing

• International Armored Group

• Iveco Defence Vehicles

• Krauss-Maffei Wegmann GmbH & Co.

• Lenco Armored Vehicles

• Lockheed Martin Corp.

• Otokar, a Koç Group

• STREIT Group

• Textron Inc.

• UkrOboronProm

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