Market Overview

The Global Armored Vehicles Market was valued at USD 22,926.2 million in 2023 and is expected to reach USD 35,184.5 million by 2031 while growing at a CAGR of 5.5% during the forecast period (2024-2031).

*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Market Dynamics

This section of the report will analyze various driving and restraining factors that are expected to have a significant impact on the global armored vehicles market growth. Armored vehicles, also known as armored cars or fighting vehicles, are specially designed and fortified vehicles equipped with armor to protect occupants from threats like bullets, artillery fire, improvised explosive devices (IEDs), and other attacks. These vehicles find common use in military forces, law enforcement agencies, and occasionally private security firms, with their primary aim being to ensure safety in hostile or high-risk environments for personnel and vital cargo.

The armored vehicles market is poised for growth due to military modernization, insurgencies, and asymmetric warfare. However, obstacles such as maintenance costs and budget constraints may impede market expansion.

Furthermore, the global armored vehicles industry will be analyzed through various tools including PESTLE analysis, and Porter’s analysis.

Segmentation – By Vehicle Type Analysis

The Global Armored Vehicles Market is segmented among Combat Vehicles, Combat Support Vehicles, and Unmanned Armored Vehicles, based on Vehicle Type. In 2023, Combat Vehicles accounted for the majority of the market share*.

*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Segmentation – By Propulsion Type Analysis

The Global Armored Vehicles Market is segmented among IC Engine, and Electric, based on Propulsion Type. In 2023, IC Engine accounted for the majority of the market share*.

*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Global Armored Vehicles Market: Regional Analysis

Based on region, the market is divided into six regions including North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. In 2023, North America dominated the market with the highest market share, while Asia Pacific is expected to grow with the highest CAGR during the forecast period (2024 – 2031).

*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Competitive Landscape

Some of the key players operating in the market are BAE Systems, Denel SOC Ltd., General Dynamics Corporation, Hanwha Defense, INKAS Armored Vehicle Manufacturing, International Armored Group, IVECO Defence Vehicles, Krauss-Maffei Wegmann GmbH & Co., L3harris Technologies, Lenco Armored Vehicles, Lockheed Martin Corporation, Northrop Grumman Corporation, Oshkosh Corporation, Inc., Otokar, a KOC Group Company, Rheinmetall AG, and Textron System.

Table of Contents:

1. Research Methodology and Market Scope

• Research Methodology

• Market Scope

2. Executive Summary

3. Global Armored Vehicles Market Dynamics

• Drivers

• Restraints

• Opportunity

4. Global Armored Vehicles Industry Analysis

• PEST Analysis

• Porter's Five Force Analysis

• Recent Deals Analysis

5. Global Armored Vehicles Market Segmentation, By Vehicle Type

• Global Armored Vehicles Market Share Analysis, By Vehicle Type

• Global Armored Vehicles Market Growth Analysis, By Vehicle Type

• Global Armored Vehicles Market Trends, By Vehicle Type

o Combat Vehicles

Ø Armored Personnel Carriers (APCs)

Ø Armored Amphibious Vehicles (AAVs)

Ø Light Protected Vehicles (LPVs)

Ø Main Battle Tanks (MBTs)

Ø Air Defense Vehicles

Ø Mine-Resistant Ambush Protected (MRAP)

o Combat Support Vehicles

o Unmanned Armored Vehicles)

6. Global Armored Vehicles Market Segmentation, By Propulsion Type

• Global Armored Vehicles Market Share Analysis, By Propulsion Type

• Global Armored Vehicles Market Growth Analysis, By Propulsion Type

• Global Armored Vehicles Market Trends, By Propulsion Type

o IC Engine

o Electric

7. Global Armored Vehicles Market Segmentation, By Mobility

• Global Armored Vehicles Market Share Analysis, By Mobility

• Global Armored Vehicles Market Growth Analysis, By Mobility

• Global Armored Vehicles Market Trends, By Mobility

o Wheeled

Ø 4x4

Ø 6x6

Ø 8x8

Ø 10x10

Ø 12x12

o Tracked

8. Global Armored Vehicles Market Segmentation, By Sales Channel

• Global Armored Vehicles Market Share Analysis, By Sales Channel

• Global Armored Vehicles Market Growth Analysis, By Sales Channel

• Global Armored Vehicles Market Trends, By Sales Channel

o OEM

o Retrofit

9. Global Armored Vehicles Market Segmentation, By Region

• Global Armored Vehicles Market Share Analysis, By Region

• Global Armored Vehicles Market Growth Analysis, By Region

• Global Armored Vehicles Market Trends, By Region

o North America

o Europe

o Asia Pacific

o Latin America

o Middle East

o Africa

10. Competitive Landscape

• BAE Systems *

o Company Overview

o Financial Performance

o Key Development/Strategies

o SWOT Analysis

• Denel SOC Ltd.

• General Dynamics Corporation

• Hanwha Defense

• INKAS Armored Vehicle Manufacturing

• International Armored Group

• IVECO Defence Vehicles

• Krauss-Maffei Wegmann GmbH & Co.

• L3harris Technologies

• Lenco Armored Vehicles

• Lockheed Martin Corporation

• Northrop Grumman Corporation

• Oshkosh Corporation, Inc.

• Otokar

• Rheinmetall AG

• Textron System

*Similar analysis will be provided for each company listed above.