Armored Vehicles Market 2024-2033 : Market Size, Top Segments, Leading Region Forecast

"The Business Research Company recently released a comprehensive report on the Global Armored Vehicles Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The armored vehicles market size has grown strongly in recent years. It will grow from $12.78 billion in 2023 to $13.73 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to military conflicts, peacekeeping missions, terrorism and insurgency, border security, law enforcement.

The armored vehicles market size is expected to see strong growth in the next few years. It will grow to $16.86 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to urban warfare, asymmetric threats, cybersecurity and data protection, hybrid and electric propulsion, unmanned and autonomous features. Major trends in the forecast period include modular armor and upgrades, crew safety and comfort, lighter weight materials, riot control and crowd management, multi-role armored vehicles.

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Market Drivers and Trends:

Increased military spending is expected to fuel the growth of the armored vehicle market over the forecast period. Countries around the world are investing in the military because of their conflicts and rivalries with other nations. Military expenditure covers operations, maintenance, arms acquisition, armored vehicles, and military research and development. For instance, in April 2022, according to the Stockholm International Peace Research Institute (SIPRI), a Sweden-based international research institute on arms control, arms transfers and non-proliferation, in 2021, total global military spending was expected to increase by 0.7% in real terms to $2113 billion, marking the seventh year in a row that spending increased. The United States was the largest spender, with military R&D funding of $801 billion in 2021. China was the world's second-largest spender, allocating an estimated $292 billion to its military in 2022. Thus, increased military spending is driving the growth of the armored vehicle market.

Major companies operating in the armored vehicle market are focusing on innovating products, such as armored light specialist vehicle, to provide reliable services to customers. A light specialist vehicle typically refers to a type of vehicle designed and equipped for specific specialized tasks or roles, often within military or emergency services contexts. For instance, in June 2023, Mahindra Defence Systems Limited, an India-based provider of innovative, armored solutions for the military and paramilitary forces, launched the Armoured Light Specialist Vehicle (ALSV). The Armoured Light Specialist Vehicle (ALSV) is a light-weight, four-wheel-drive, air-transportable tactical armored specialist vehicle. It is used for a variety of roles, including reconnaissance, patrol, and convoy. The vehicle is powered by a Steyr 3.2-liter, 6-cylinder turbo diesel engine which provides 215 hp at 3600 rpm with a peak torque of 500Nm. The ALSV's variants include the 6 to 8-seater Armored Protection Vehicle for Security, Light Armored Ambulance, Command and Control Vehicle, Light Mortar 81/82mm Vehicle, and Ammunition Carrier for Light Weapons.

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Major Key Players of the Market:

BAE Systems, Oshkosh Corporation, International Armored Group, General Dynamics Land Systems, Textron Inc., Rheinmetall AG, Lockheed Martin Corporation, Krauss-Maffei Wegmann GmbH & Co. KG, INKAS Armored Vehicle Manufacturing, Elbit Systems Ltd., IVECO S.p.A., Lenco Armored Vehicles Inc., Navistar - Navistar International Corporation, Thales Group, STREIT Group, UralVagonZavod Corporation, Ukroboronprom, NORINCO - China North Industries Group Corporation Limited (NORINCO), Bayerische Motoren Werke AG, Ford Motor Company, Raytheon Technologies Corporation, Mitsubishi Heavy Industries Ltd., Hyundai Motor Company, Nexter Group, Panhard General Defense SAS, Plasan Sasa Ltd., SABIEX International, Hanwha Defense Co.Ltd.

Armored Vehicles Market 2024 Key Insights:

• The armored vehicles market size is expected to see strong growth in the next few years. It will grow to $16.86 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• Increased Military Expenditure In The Armored Vehicle Market
• Innovations In The Armored Vehicle Market
• Asia-Pacific was the largest region in the armored vehicles market in 2023

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