Global Armored Vehicles Market Projected to Surpass $13.47 Billion by 2029 with 6% Annual Growth

What Are the Market Size and Growth Forecast for the Armored Vehicles Market?
The market size of armored vehicles has been increasing robustly in the past few years. The market evaluation is expected to increase from $9.94 billion in 2024 to $10.68 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.5%. The notable growth during the historical period can be associated with factors like military conflicts, peacekeeping tasks, terrorism and insurgency threats, border safeguarding, and law enforcement.

In the coming years, the market size for armored vehicles is predicted to experience robust growth. The projections suggest that by 2029, it will expand to $13.47 billion, with a compound annual growth rate (CAGR) of 6.0%. This growth during the forecast period can be associated with elements such as urban warfare, asymmetric risks, cybersecurity and data protection, along with hybrid and electric propulsion, and features of unmanned and autonomous vehicles. The expected trends for this period encompass modular armor and upgrades, crew safety and comfort, usage of lighter weight materials, management of riots and crowds, and multi-role armored vehicles.

What Is Contributing to the Growth of the Armored Vehicles Market?
The escalation in defense spending is projected to propel the expansion of the armored vehicle market over the anticipated timeframe. Owing to conflicts and rivalries with neighbors, nations globally are heavily investing in military development. Military expenditure covers a plethora of areas including operations, maintenance, arms procurement, armored vehicles, as well as military research and development. As an illustration, in April 2024, the Stockholm International Peace Research Institute (SIPRI), a non-governmental organization based in Sweden, reported that worldwide military expenditure for the year 2023 amounted to $2,443 billion, representing a 6.8% increase in real terms relative to 2022. Consequently, the boost in defense spending is steering the growth trajectory of the armored vehicle market in an upward direction.

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Which Key Market Leaders Are Driving Armored Vehicles Industry Growth?
Major companies operating in the armored vehicles market include 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.

What Are the Emerging Trends in the Armored Vehicles Industry?
The primary players in the armored vehicle market are concentrating their efforts on product innovation, such as the creation of armored light specialist vehicles, in order to deliver dependable services to their clients. A light specialist vehicle is typically a vehicle designed and equipped for specific, often specialized operations, usually in a military or emergency services environment. For example, in June 2023, Mahindra Defence Systems Limited, an Indian company that deals with unique armored solutions for the military and paramilitary forces, introduced the Armoured Light Specialist Vehicle (ALSV). The ALSV is a lightweight, four-wheel drive, tactical armored vehicle that can be transported by air. It's used for a range of purposes, including reconnaissance, patrol, and convoy esc*ort. The vehicle runs on a Steyr 3.2-liter, 6-cylinder turbo diesel engine, capable of delivering 215 horsepower at 3600 revolutions per minute, with a top torque of 500Nm. The ALSV is available in various forms, including a 6 to 8-seat Armored Protection Vehicle for Security, a Light Armored Ambulance, a Command and Control Vehicle, a Light Mortar 81/82mm Vehicle, and an Ammunition Carrier for Light Weapons.

What Are the Main Segments in the Armored Vehicles Market?
The armored vehicles market covered in this report is segmented -

1) By Vehicle Type: Armored Personnel Carrier, Infantry Fighting Vehicle, Main Battle Tanks, Tactical Truck, Bus, Others
2) By Platform: Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles
3) By System: Engine, Drive System, Ballistic Armor, Fire Control System (FCS), Armaments, Ammunition Handling System, Countermeasure System, Command And Control System, Others
4) By Mobility: Tracked, Wheeled, 4X4, 6X6, 8X8, Others

Subsegments:
1) By Armored Personnel Carrier: Wheeled Armored Personnel Carriers, Tracked Armored Personnel Carriers
2) By Infantry Fighting Vehicle: Wheeled Infantry Fighting Vehicles, Tracked Infantry Fighting Vehicles
3) By Main Battle Tanks: Light Battle Tanks, Heavy Battle Tanks
4) By Tactical Truck: Armored Cargo Trucks, Armored Utility Trucks, Armored Tactical Vehicles
5) By Bus: Armored Passenger Buses, Armored Military Transport Buses
6) By Others: Armored Reconnaissance Vehicles, Armored Bridge Layers, Armored Engineering Vehicles

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Which Geographic Area Leads the Armored Vehicles Market?
Asia-Pacific was the largest region in the armored vehicles market in 2023. Western Europe is expected to be the fastest-growing region in the armored vehicles market during the forecast period. The regions covered in the armored vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

What Is Covered In The Armored Vehicles Global Market Report?

- Market Size Analysis: Analyze the Armored Vehicles Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Armored Vehicles Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Armored Vehicles Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Armored Vehicles Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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