Increased Military Expenditure In The Armored Vehicle Market: Strengthening the Growth Trajectory of the Armored Vehicles Market

Increased Military Expenditure In The Armored Vehicle Market: Strengthening the Growth Trajectory of the Armored Vehicles MarketUse code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts._x000D_
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What Is the Expected CAGR for the Armored Vehicles Market Through 2025?_x000D_
In recent years, the size of the armored vehicles market has experienced substantial growth. Its size is projected to increase from $9.94 billion in 2024 to $10.68 billion in 2025, with a compound annual growth rate (CAGR) of 7.5%. This growth during the historic period can be traced back to factors such as military conflicts, peacekeeping missions, terrorism and insurgency, border security, and law enforcement._x000D_
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What's the Projected Size of the Global Armored Vehicles Market by 2029?_x000D_
The market for armored vehicles is predicted to experience substantial expansion in the coming years. It is projected to reach a value of $13.47 billion in 2029, with a compound annual growth rate (CAGR) of 6.0%. The anticipated growth during the forecast period can be attributed to factors such as urban warfare, asymmetric threats, cybersecurity and data protection strategies, hybrid and electric propulsion, as well as unmanned and autonomous features. Significant trends within the predicted period encompass modular armor and upgrades, prioritizing crew safety and comfort, utilizing lighter weight materials, managing riots and crowds, and multi-functional armored vehicles._x000D_
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Top Growth Drivers in the Armored Vehicles Industry: What's Accelerating the Market? _x000D_
The prospect of growth in the armored vehicle market during the forecast period is due to the expectation of rising military expenditures. Due to the ongoing conflicts and disagreements among nations globally, there is an increasing trend of military investment. These military expenses incorporate operations and maintenance, the procurement of arms and armored vehicles, along with research and development efforts in the military field. For example, in 2024, the Sweden-based non-profit organization, Stockholm International Peace Research Institute (SIPRI), revealed that in 2023, global military expenditure rose to $2,443 billion, a real-terms increase of 6.8% from the previous year, 2022. Consequently, this upsurge in military expenditures is playing a key role in propelling the growth of the armored vehicle market._x000D_
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What Trends Will Shape the Armored Vehicles Market Through 2029 and Beyond?_x000D_
The armored vehicle market is witnessing innovation as top companies focus on developing products like the armored light specialist vehicle to ensure reliable services for their clients. A light specialist vehicle is generally a vehicle that is designed and armed for specific special tasks, often related to military or emergency services. For instance, Mahindra Defence Systems Limited, an organization from India that offers innovative armored solutions for the military and paramilitary forces, unveiled the Armoured Light Specialist Vehicle (ALSV) in June 2023. The ALSV is a lightweight, air-transportable tactical armored specialist vehicle with four-wheel drive, used for diverse purposes like patrol, reconnaissance, and convoy es*cort. This vehicle uses a Steyr 3.2-liter, 6-cylinder turbo diesel engine delivering 215 hp at 3600 rpm with a maximum torque of 500Nm. It comes in various models, including a 6 to 8-seater Armored Protection Vehicle, Light Armored Ambulance, Command and Control Vehicle, Light Mortar 81/82mm Vehicle, and Ammunition Carrier for Light Weapons._x000D_
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What Are the Main Segments in the Armored Vehicles Market?_x000D_
The armored vehicles market covered in this report is segmented - _x000D_
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1) By Vehicle Type: Armored Personnel Carrier, Infantry Fighting Vehicle, Main Battle Tanks, Tactical Truck, Bus, Others_x000D_
2) By Platform: Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles_x000D_
3) By System: Engine, Drive System, Ballistic Armor, Fire Control System (FCS), Armaments, Ammunition Handling System, Countermeasure System, Command And Control System, Others_x000D_
4) By Mobility: Tracked, Wheeled, 4X4, 6X6, 8X8, Others_x000D_
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Subsegments:_x000D_
1) By Armored Personnel Carrier: Wheeled Armored Personnel Carriers, Tracked Armored Personnel Carriers _x000D_
2) By Infantry Fighting Vehicle: Wheeled Infantry Fighting Vehicles, Tracked Infantry Fighting Vehicles _x000D_
3) By Main Battle Tanks: Light Battle Tanks, Heavy Battle Tanks _x000D_
4) By Tactical Truck: Armored Cargo Trucks, Armored Utility Trucks, Armored Tactical Vehicles _x000D_
5) By Bus: Armored Passenger Buses, Armored Military Transport Buses _x000D_
6) By Others: Armored Reconnaissance Vehicles, Armored Bridge Layers, Armored Engineering Vehicles_x000D_
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Which Top Companies are Driving Growth in the Armored Vehicles Market?_x000D_
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._x000D_
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Which Regions Will Dominate the Armored Vehicles Market Through 2029?_x000D_
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_x000D_
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