Armored Vehicle Market Introduction and Overview
According to SPER Market Research, the Global Armored Vehicle Market is estimated to reach USD 29.90 billion by 2033 with a CAGR of 4.5%.
The report includes an in-depth analysis of the Global Armored Vehicle Market, including market size and trends, product mix, Applications, and supplier analysis. Armored vehicles are military, commercial, or passenger vehicles that have full or partial armor plating for protection against bullets, shell fragments, or other projectiles. Defence forces use armored vehicles that can move on either continuous tracks or wheels. They play an important role in reconnaissance, frontline combat, and modern battlefield logistics. Armored vehicles serve a variety of critical functions in both the defence and commercial sectors. These vehicles are critical in ensuring the safety and security of military personnel and equipment in defence applications.
- 2023: According to US officials, a US-made Abrams tank will be sent to Ukraine. The US will send 31 Abrams tanks and additional Armored Vehicles. In addition, according to US officials, the country is working on a plan to send Ukraine the fuel and tools needed to maintain these vehicles.
- 2021: Israel Aerospace Industries (IAI) has signed a contract with Israel's Ministry of Defence (MOD) to produce and deliver nine Z-MAG all-terrain vehicles to the Israel Defence Forces (IDF), with an option to purchase an additional 21 units.
Market Opportunities and Challenges
Opportunities-
Defence forces are increasingly using unmanned combat ground vehicles- The demand for unmanned armored ground vehicles has grown in recent years due to their increasing use by military forces from various countries for Intelligence, Surveillance, and Reconnaissance (ISR) and combat operations. Military forces from various countries are focusing on the use of unmanned armored ground vehicles on battlefields to reduce casualties, as these vehicles are capable of performing critical and hazardous tasks that war fighters in combat zones are currently performing. Unmanned armored ground vehicles can also communicate with third-party payloads such as interrogation arms, Remote Weapon Stations (RWS), and Reconnaissance, Surveillance, and Target Acquisition (RSTA) systems to support combat, CBRN defence, RSTA, and route clearance missions. Thus, all of the advantages of unmanned armored ground vehicles over manned combat vehicles have resulted in their increased adoption by various countries' defence forces.
Challenges-
Hardware and software failures- Hardware and software failures are common in autonomous vehicles and systems. Even though they are built and designed to withstand extreme conditions, they are still subjected to a variety of challenges such as extreme temperatures, component breakdowns, software jams, and so on. Human operators control unmanned armored ground vehicles either through tethered modes or remotely. In some cases, human operators may lose control of these robots, or robots may miscalculate commands, resulting in mission failures. Engineers have encountered difficulties in developing fully autonomous vehicles and systems because this technology is still in its early stages.
Market Competitive Landscape
The market for armored fighting vehicles is moderately fragmented, with many international and regional players. For decades, the armored fighting vehicle market was highly consolidated, with a few international players controlling the majority of the market. Some of the key players are - BAE Systems, General Dynamics Corporation, INKAS Armored Vehicle Manufacturing International Armored Group, Krauss-Maffei Wegmann GmbH & Co. (KMW), Lenco Industries, Inc., Lockheed Martin Corporation, Oshkosh Defence, LLC, Rheinmetall AG and STREIT Group.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Application, By Drive type, By Vehicle type
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| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe
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| Companies Covered | BAE Systems, General Dynamics Corporation, INKAS Armored Vehicle Manufacturing International Armored Group, Krauss-Maffei Wegmann GmbH & Co. (KMW), Lenco Industries, Inc., Lockheed Martin Corporation, Oshkosh Defence, LLC, Rheinmetall AG and STREIT Group.
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COVID-19 Impact on Global Armored Vehicle Market
The COVID-19 pandemic had far-reaching consequences for the armored vehicle industry. It disrupted global supply chains, causing production and delivery delays. Governments allocated resources to healthcare, which had an impact on defence budgets. The pandemic, on the other hand, highlighted the need for rapid response and medical assistance, increasing the demand for versatile armored vehicles during crises. The pandemic highlighted the importance of preparedness, driving further investments in armored vehicle modernization and innovation, particularly for medical and disaster relief capabilities.
Key Target Audience
- Defence Forces and Military Institutions
- Government Agencies
- Government Procurement Agencies
- International Organizations
- Investors and Financial Institutions
- Law Enforcement Agencies
- Security Services and Private Military Contractors
- Vehicle Manufacturers and Suppliers
- Others
Our in-depth analysis of the Armored Vehicle Market includes the following segments:
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By Application:
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Commercial
Defence
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By Drive type:
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Track
Wheel
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By Vehicle type
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Armored Personnel Carrier
Bus
Infantry Fighting Vehicle
Main Battle Tanks
Limousine
Sedan
Tactical Truck
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By Region:
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Asia-Pacific
Europe
Middle East & Africa
North America
Latin America
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Key Topics Covered in the Report
- Global Armored Vehicle Market Size (FY’2023-FY’2033)
- Overview of Global Armored Vehicle Market
- Segmentation of Global Armored Vehicle Market By Application (Commercial, Defence.)
- Segmentation of Global Armored Vehicle Market By Drive type (Track, Wheel.)
- Segmentation of Global Armored Vehicle Market By Vehicle type (Armored Personnel Carrier, Bus, Infantry Fighting Vehicle, Main Battle Tanks, Limousine, Sedan, Tactical Tracks.)
- Statistical Snap of Global Armored Vehicle Market
- Expansion Analysis of Global Armored Vehicle Market
- Problems and Obstacles in Global Armored Vehicle Market
- Competitive Landscape in the Global Armored Vehicle Market
- Impact of COVID-19 and Demonetization on Global Armored Vehicle Market
- Details on Current Investment in Global Armored Vehicle Market
- Competitive Analysis of Global Armored Vehicle Market
- Prominent Players in the Global Armored Vehicle Market
- SWOT Analysis of Global Armored Vehicle Market
- Global Armored Vehicle Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Global Armored Vehicle Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Armored Vehicle Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Armored Vehicle Market
7. Global Armored Vehicle Market, By Application (USD Million)
7.1. Global Armored Vehicle Market Value Share and Forecast, By Application, 2023-2033
7.2. Commercial
7.3. Defence
8. Global Armored Vehicle Market, By Drive type (USD Million)
8.1. Global Armored Vehicle Market Value Share and Forecast, By Drive type, 2023-2033
8.2. Track
8.3. Wheel
9. Global Armored Vehicle Market, By Vehicle type (USD Million)
9.1. Global Armored Vehicle Market Value Share and Forecast, By Vehicle type, 2023-2033
9.2. Armored Personnel Carrier
9.3. Bus
9.4. Infantry Fighting Vehicle
9.5. Main Battle Tanks
9.6. Limousine
9.7. Sedan
9.8. Tactical Truck
10. Global Armored Vehicle Market Forecast, 2019-2033 (USD Million)
10.1. Global Armored Vehicle Market Size and Market Share
11. Global Armored Vehicle Market, By Application, 2019-2033 (USD Million)
11.1. Global Armored Vehicle Market Size and Market Share By Application (2019-2026)
11.2. Global Armored Vehicle Market Size and Market Share By Application (2027-2033)
12. Global Armored Vehicle Market, By Drive type, 2019-2033 (USD Million)
12.1. Global Armored Vehicle Market Size and Market Share By Drive type (2019-2026)
12.2. Global Armored Vehicle Market Size and Market Share By Drive type (2027-2033)
13. Global Armored Vehicle Market, By Vehicle type, 2019-2033 (USD Million)
13.1. Global Armored Vehicle Market Size and Market Share By Vehicle type (2019-2026)
13.2. Global Armored Vehicle Market Size and Market Share By Vehicle type (2027-2033)
14. Global Armored Vehicle Market, By Region, 2019-2033 (USD Million)
14.1. Global Armored Vehicle Market Size and Market Share By Region (2019-2026)
14.2. Global Armored Vehicle Market Size and Market Share By Region (2027-2033)
14.3. Asia-Pacific
14.3.1. Australia
14.3.2. China
14.3.3. India
14.3.4. Japan
14.3.5. South Korea
14.3.6. Rest of Asia-Pacific
14.4. Europe
14.4.1. France
14.4.2. Germany
14.4.3. Italy
14.4.4. Spain
14.4.5. United Kingdom
14.4.6. Rest of Europe
14.5. Middle East and Africa
14.5.1. Kingdom of Saudi Arabia
14.5.2. United Arab Emirates
14.5.3. Rest of Middle East & Africa
14.6. North America
14.6.1. Canada
14.6.2. Mexico
14.6.3. United States
14.7. Latin America
14.7.1. Argentina
14.7.2. Brazil
14.7.3. Rest of Latin America
15. Company Profile
15.1. BAE Systems
15.1.1. Company details
15.1.2. Financial outlook
15.1.3. Product summary
15.1.4. Recent developments
15.2. General Dynamics Corporation
15.2.1. Company details
15.2.2. Financial outlook
15.2.3. Product summary
15.2.4. Recent developments
15.3. INKAS Armored Vehicle Manufacturing
15.3.1. Company details
15.3.2. Financial outlook
15.3.3. Product summary
15.3.4. Recent developments
15.4. International Armored Group
15.4.1. Company details
15.4.2. Financial outlook
15.4.3. Product summary
15.4.4. Recent developments
15.5. Krauss-Maffei Wegmann GmbH & Co. (KMW)
15.5.1. Company details
15.5.2. Financial outlook
15.5.3. Product summary
15.5.4. Recent developments
15.6. Lenco Industries, Inc.
15.6.1. Company details
15.6.2. Financial outlook
15.6.3. Product summary
15.6.4. Recent developments
15.7. Lockheed Martin Corporation
15.7.1. Company details
15.7.2. Financial outlook
15.7.3. Product summary
15.7.4. Recent developments
15.8. Oshkosh Defense, LLC
15.8.1. Company details
15.8.2. Financial outlook
15.8.3. Product summary
15.8.4. Recent developments
15.9. Rheinmetall AG
15.9.1. Company details
15.9.2. Financial outlook
15.9.3. Product summary
15.9.4. Recent developments
15.10. STREIT Group
15.10.1. Company details
15.10.2. Financial outlook
15.10.3. Product summary
15.10.4. Recent developments
15.11. Others
16. List of Abbreviations
17. Reference Links
18. Conclusion
19. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
