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  • Armored Vehicle Market Analysis | 2023-2028

    Armored Vehicle Market Analysis | 2023-2028

    Armored Vehicle Market Analysis | 2023-2028
    Report code - SR2037 Delivery - 2 Weeks
    Armored Vehicle Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Oppo See more...

    Market Insights

    "The global armored vehicle market is estimated at US$ 28.14 billion in 2022 and is expected to grow at a CAGR of 5.80% during 2023-2028 to reach US$ 18.19 billion by 2028."

    An armored vehicle is a vehicle that is meant to protect its occupants from external threats such as ballistic bullets, explosives, and other dangerous circumstances. Military forces, law enforcement agencies, and other security organizations frequently deploy these vehicles.

    Armored vehicles have reinforced structures and specialized materials to make them more resistant to attacks. They have armored plating constructed of steel or composite materials that can withstand high-velocity collisions while also providing ballistic protection. The amount of armor varies based on the intended purpose and the threat level.

    Armored Vehicle Market Size

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    Market Dynamics

    The market is driven by a host of factors, some of which are noted below:

    • A substantial increase in asymmetric combat worldwide over the past decade because of political instability and sociocultural, economic, and religious factors.
    • The increase in asymmetric combat has guided government organizations to embrace combat vehicles for defense and self-protection against insurgent or terrorist attacks, as armored vehicles extend security against blasts and ballistic attacks.
    • Furthermore, such vehicles have turret gun systems fitted to counteract insurgence operations.
    • For example, India is utilizing armored vehicles in east India for the execution of anti-Naxalite operations.
    • The bilateral partnership between countries such as the African Union (AU) and the North Atlantic Treaty Organization (NATO) to deal with terrorism and sustain peace.
    • Furthermore, numerous governments are deciding on the most recent machinery to deal with emergencies such as militant attacks, and insurgencies.
    • In recent years increased demand for unmanned systems globally because of their increasing usage by military forces of several countries for keeping out combat operations and Intelligence, Surveillance, and Reconnaissance (ISR).
    • Furthermore, the diminishing defense budgets of developed economies for example France, Germany, Spain, Italy, and the UK, have guided the improved procurement of unmanned systems to restore defense personnel, that utilize large volumes of logistic and equipment support.

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    The growth of the automobile industry is adversely impacted by the COVID-19 pandemic by affecting the demand for armored vehicles. The global automotive market is estimated to reach 73.4 million units of autos sold in 2020 and is forecast to expand at a 3.2% CAGR through 2025. After several years of good growth, car sales are slowing down due to the COVID-19 pandemic, the Asian market becoming mature, and the increasing car-sharing economy.

    The unexpected pause in the automobile industry's production plants and supply chain has resulted in a downfall in demand for armored vehicles market. However, the semiconductor industry also adversely hit the automobile industry during COVID-19, however, it has recovered and is slowly gaining momentum, thus boosting market growth.

    Armored Vehicle Market Report Overview

    Market Size in 2028

    USD 39.58 Billion

    Market Size in 2022

    USD 28.14 Billion

    CAGR (2023-2028)

    5.80%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

     

    Several investments in the defense industry have been directed at armored vehicles in recent years, which would boost the overall market. Some of them are:

    • As per the Stockholm International Peace Research Institute, in April 2022, global military expenditure rose from 0.7% in 2021, which is expected to reach $2,113 billion. The 5 largest defense spenders in 2021 were the United States, the United Kingdom, India, China, and Russia, accounting for around 62% of total expenditure.
    • According to the Department for Promotion of Industry and Internal Trade (DPIIT), from April 2020 – June 2021, the Foreign Direct Investment (FDI) equity flow in the Indian Defense sector was valued at $10.15 million.

    Key Players:

    The following are the major players operating in the market:

    • Oshkosh Corporation
    • Krauss-Maffei Wegmann
    • Bae Systems Plc
    • China North Industries Corporation (Norinco)
    • Denel Soc Ltd.
    • General Dynamics Corporation
    • Hanwha Corporation
    • Hyundai Rotem
    • Mitsubishi Heavy Industries
    • Nexter Group
    • Ordnance Factory Board
    • Otokar Otomotive Ve Savunma Sanayi
    • Rheinmetall Ag
    • Textron Inc.
    • Ukroboronprom

    Segment Analysis

    Platform Insights

    "Combat vehicles segment accounted for the largest market share."

    The market is bifurcated into combat, combat support vehicles, and unmanned armored ground vehicles. Combat vehicles accounted for a market share of more than 60% in 2022 & are expected to remain the biggest market for armored vehicles in the forecast period.

    These vehicles are frequently used for vehicles by the military to ensure safety in case of an ambush or attack. Moreover, with the increasing terror threats and border disputes, the demand for armored vehicles is expected to intensify.

    Mobility Insights

    "The wheeled segment accounted for the largest market share."

    The market is segmented as tracked and wheeled. The wheeled segment accounts for the largest market share of more than 65% in 2022, & is expected to dominate the market during the forecast period.

    The increasing demand for 4x4 armored vehicle transportation and ISR. For instance, In May 2020, China North Industries Group Corporation developed airdrop capable four-wheeled armored vehicle.

    At the same time, the tracked segment is expected to experience the highest growth during the forecast period. The high growth is mainly attributed to the rising adoption of combat vehicles and tanks utilized in rough terrain.

    Armored Vehicle Market Segmentation

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    Regional Trends

    "Asia Pacific accounted for the largest market share."

    Asia Pacific accounted for a share of more than 30% in 2022 & is expected to witness the fastest growth in the market during the forecast period. The key factors responsible for the growth are the increasing number of terrorist movements in countries and the rising spending on defense operations by emerging economies. 

    Countries such as China and India have risen defense budgets and are obtaining advanced armored vehicles. This, in turn, is expected to drive the growth of the Asia Pacific armored vehicles market during the forecast period.

    North America is likely to grow at a significant CAGR in the market throughout the forecast period. This is mostly due to the high defense budget and spending to strengthen the armed forces.

    The spending is mainly for the procurement of advanced defense vehicles and the modernization of defense fleets. Furthermore, the presence of major market players is also contributing to the growth.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in This Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Armored Vehicle Market 

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

     

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The market is segmented into the following categories:

    By Platform

    • Combat
    • Combat Support Vehicles

    By Mode of Operation

    • Manned
    • Unmanned

    By Type

    • Conventional
    • Electric

    By Mobility

    • Tracked
    • Wheeled

    By Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
    • Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
    • Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Report Customization

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Technology portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    An armored vehicle is a vehicle that is meant to protect its occupants from external threats such as ballistic bullets, explosives, and other dangerous circumstances. Military forces, law enforcement agencies, and other security organizations frequently deploy these vehicles.

    The armored vehicle market is expected to reach US$ 39.58 Billion by 2028.

    The armored vehicle market is expected to grow at a CAGR of 5.80% during 2023-2028.

    Asia Pacific accounted for a share of more than 30% in 2022 & is expected to witness the fastest growth in the market during the forecast period.

    The major players in the market are BAE Systems PLC, Denel Vehicle Systems, Elbit Systems Ltd, General Dynamics Corporation, Mitsubishi Heavy Industries, Ltd., Nexter Group, Oshkosh Defense, LLC.

    A substantial increase in asymmetric combat worldwide over the past decade because of political instability and sociocultural, economic, and religious factors. The increase in asymmetric combat has guided government organizations to embrace combat vehicles for defense and self-protection against insurgent or terrorist attacks, as armored vehicles extend security against blast and ballistic attacks.

    The wheeled segment accounts for the largest market share of more than 65% in 2022, & is expected to dominate the market during the forecast period.

    Distributors, suppliers, manufacturers, logistics organizations, and government bodies.

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