According to Fortune Business Insights™, the global armored vehicle market size was valued at USD 22.28 billion in 2023 and is projected to reach USD 23.73 billion in 2024. The market is expected to grow significantly and reach USD 37.85 billion by 2032, exhibiting a CAGR of 6.0% during the forecast period (2024–2032). Market growth is primarily driven by the introduction of advanced military technologies such as reactive armor, programmable ammunition, and sophisticated autoloaders. Additionally, the rising demand for next-generation military vehicles equipped with advanced weaponry systems is expected to further accelerate market development.
Key Companies Profiled in the Report:
- BAE Systems (U.K.)
- General Dynamics Corporation (U.S.)
- Rheinmetall AG (Germany)
- Krauss-Maffei Wegmann GmbH (Germany)
- Denel SOC Ltd (South Africa)
- IVECO Defence Vehicles (Italy)
- Norinco (China)
- Oshkosh Defense, LLC, an Oshkosh Corporation Company (U.S.)
- Otokar, a KOC Group Company (Turkey)
- Textron Systems (U.S.)
Source:
https://www.fortunebusinessinsights.com/industry-reports/armored-vehicle-market-101817
Market Segmentation Insights:
- By Platform: The combat vehicles segment is anticipated to dominate the armored vehicle market. This growth is fueled by the increasing focus on infantry mechanization and modernization programs across both developed and developing nations, aimed at enhancing combat readiness and troop mobility.
- By Propulsion: The conventional propulsion segment led the market in 2022. Its dominance is attributed to the continuation of military modernization programs globally, especially amid geopolitical tensions such as the Russia-Ukraine war and rising civil unrest, which are prompting urgent procurement of conventional armored platforms.
- By Mobility: Wheeled armored vehicles captured the largest share in 2022 and are projected to experience the fastest growth rate. Their high operational versatility makes them ideal for special missions, border security, troop transport, command and control tasks, and medical evacuation operations, driving their widespread adoption.
- By System: The drive systems segment emerged as the leading category in 2022 and is expected to maintain its dominance. This is primarily due to the increasing military demand for technologically advanced mobility solutions, offering superior vehicle handling, control, and reliability in complex terrains.