Global Armored Vehicles
Market Report
2024
The global Armored Vehicles market size is USD 29514.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 3.40% from 2024 to 2031.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, the global Armored Vehicles market size is USD 29514.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 3.40% from 2024 to 2031.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Armored Vehicles Market Sales Revenue 2024 | $ 29514.2 Million |
Global Armored Vehicles Market Sales Revenue 2030 | $ 25.94 Million |
Global Armored Vehicles Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 3.4% |
North America Armored Vehicles Sales Revenue 2024 | $ 11805.7 Million |
North America Armored Vehicles Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 1.6% |
Europe Armored Vehicles Sales Revenue 2024 | $ 8854.26 Million |
Europe Armored Vehicles Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 1.6% |
Asia Pacific Armored Vehicles Sales Revenue 2024 | $ 6788.27 Million |
Asia Pacific Armored Vehicles Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.4% |
South America Armored Vehicles Sales Revenue 2024 | $ 1475.51 Million |
South America Armored Vehicles Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 2.8% |
Middle East and Africa Armored Vehicles Sales Revenue 2024 | $ 590.28 Million |
Middle East and Africa Armored Vehicles Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 3.1% |
Market Split by Type |
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Market Split by Mobility |
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Market Split by Platform |
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Market Split by System |
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Market Split by Mode of Operation |
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Market Split by Point of sale |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Armored Vehicles Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
The global industry that designs, manufactures, and distributes military and civilian vehicles with improved protection characteristics is known as the "armored vehicles market." These cars are made to resist attacks, giving occupants more security in difficult situations. Applications for armored vehicles include law enforcement, military activities, and civilian protection. They have reinforced buildings, cutting-edge communication systems, and materials impervious to bullets. Tanks, personnel carriers, and reconnaissance vehicles are examples of military armored vehicles; civilian versions include armored cars and cash-in-transit vehicles. Asymmetric warfare is becoming more common, border protection is necessary, and concerns about global security are driving the industry. These considerations are inspiring ongoing advances in vehicle design and technology to offer improved mobility and protection.
The need for armored vehicles is driven by increased military spending globally and geopolitical concerns. Governments set aside large sums of money to strengthen their defenses in reaction to growing security concerns and conflicts. This spike in military spending includes the acquisition of cutting-edge armored vehicles for military operations, border security, and peacekeeping missions. The market for armored vehicles sees a noticeable uptick as countries prioritize fortifying their defenses. This presents chances for producers to develop and provide cutting-edge armored vehicles that satisfy the changing demands of contemporary combat and security threats.
With rising demand for civilian uses such as cash-in-transit security, VIP protection, and law enforcement activities, the market for armored vehicles is booming. The industry is becoming more diversified as armored vehicles are used for civilian applications, offering producers additional opportunities for expansion. The growing emphasis on asset and personal protection across industries drives the use of armored vehicles, which extends their utility beyond conventional military uses. This trend indicates a wider understanding of how armored Mode of Operations may effectively solve security concerns in both military and civilian settings, encouraging market expansion and innovation in response to changing safety requirements.
High production and maintenance costs are a major obstacle. Potential purchasers are severely hampered by the high costs associated with the development, production, and continuous maintenance of armored vehicles, especially in developing nations. High production costs result from intricate engineering, ballistic-resistant materials, and cutting-edge technology. Moreover, continuing maintenance and operating costs put additional pressure on budgets. This pricing element frequently makes armored vehicles inaccessible to particular areas or purchasers, highlighting the necessity of strategic financial planning and international collaboration to overcome affordability issues and guarantee more widespread access to vital security equipment.
The COVID-19 epidemic has a variety of effects on the armored vehicle market. Production and delivery were initially delayed due to problems with manufacturing facilities and supply chains. The market's growth was impacted by procurement decisions driven by changes in spending priorities and military budget limits. The worldwide economic slump, particularly in the commercial and private sectors, also influenced the market for armored vehicles among civilians. However, the necessity for military armored vehicles has persisted due to increased security concerns and geopolitical conflicts. Increased defense spending and a renewed emphasis on security are anticipated to propel the rebound in the armored vehicle market as economies improve, with continued advancements in design and technology being essential to addressing changing security threats.
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Key players deploy strategic initiatives such as product innovations, partnerships, and mergers. Companies prioritize R&D to introduce cutting-edge reagents, ensuring a competitive edge. Robust distribution networks and adherence to quality standards amplify market presence, fostering an environment where agility and innovation define industry leaders.
(Source:https://www.naval-technology.com/news/idv-amphibious-vehicles-italian-navy/)
Top Companies Market Share in Armored Vehicles Industry: (In no particular order of Rank)
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According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. The market for armored vehicles in North America is expanding rapidly, propelled by increased geopolitical tensions, rising defense spending, and an emphasis on improving security capabilities. The need in the area is for both military and non-military uses, such as private security and law enforcement. North America has a major role in influencing the changing armored vehicle market due to ongoing technology breakthroughs and the necessity for sophisticated armored Mode of Operations.
The Europe region is witnessing an increase in the sales of reagents. This surge is mainly driven by expanding demand for cutting-edge security Mode of Operations, rising defense budget, and geopolitical concerns. Applications in the military and the civilian world are in demand, with a particular emphasis on law enforcement and VIP protection. The development and expansion of the armored vehicle market is mostly shaped in Europe, thanks to advancements in technology and a diverse range of market players.
The current report Scope analyzes Armored Vehicles Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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According to Cognitive Market Research, the global Armored Vehicles market size was estimated at USD 29514.2Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 11805.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 1.6% from 2024 to 2031. North America's strong defense budget, geopolitical concerns, and changing security requirements have made it a major hub in the armored vehicle market. The combat vehicle market is expanding significantly in the region due to military modernization initiatives and the demand for cutting-edge armored vehicles designed for certain missions. North America's varied defense environment and constant technical improvements continue to influence the armored vehicle market. The region has played a crucial role in propelling the market's rise by addressing the diversified requirements of both military and security applications. This is evidenced by its emphasis on innovation and response to evolving threats.
According to Cognitive Market Research, with a market value of USD 29514.2 million in 2024, and projected to expand at a compound annual growth rate (CAGR) of 1.9% from 2024 to 2031. Europe accounted for a share of over 30% of the global market size of USD 8854.26 million. Europe emerges as a major player in the market for armored vehicles, driven by increased emphasis on cutting-edge security Mode of Operations, growing geopolitical tensions, and enhanced defense capabilities. The demand for flexible and adaptable military platforms is the primary driver of the region's remarkable rise in the Wheeled Armored Vehicles market. Europe is a key player in the armored vehicle market because of its dedication to military modernization and its varied defense needs. The demand for wheeled Mode of Operations reflects the region's strategic emphasis on mobility and adaptability, which highlights its significance in influencing market trends and propelling innovations to meet changing security concerns.
According to Cognitive Market Research, the global Armored Vehicles market size was estimated at USD 29514.2Million out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 6788.27 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031. A growing emphasis on updating military capabilities, rising defense expenditures, and geopolitical unpredictability all contribute to Asia Pacific's emergence as a dynamic force in the armored vehicle market. The necessity for improved off-road capabilities and stability drives the region's notable growth in the Tracked Armored Vehicles market. The adoption of sophisticated tracking systems is influenced by the strategic interests and varied range of security concerns found in Asia Pacific. Due to its dedication to military development, the region has a significant influence on the armored vehicle market. Asia Pacific plays a critical role in propelling the market's progress and meeting the region's diverse security needs with continuous advancements in response to growing threats.
According to Cognitive Market Research, the global Armored Vehicles market size was estimated at USD 29514.2Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 1475.51 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.8% from 2024 to 2031. The market for armored vehicles is heavily influenced by Latin America, which is distinguished by an increasing emphasis on bolstering defense capabilities and tackling regional security issues. The need to update current fleets in an economical way is driving the significant rise in the Retrofit Armored Vehicles segment in the area. The demand for retrofit Mode of Operations is influenced by the distinct security problems, varied operating requirements, and economic factors specific to Latin America. The Retrofit Armored Vehicles market plays a crucial role in helping governments respond to changing threats. The way Latin America plays in the armored vehicle market demonstrates how to reconcile meeting financial obligations with maintaining defense forces' efficacy in a changing security environment.
According to Cognitive Market Research, the global Armored Vehicles market size was estimated at USD 29514.2Million out of which Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 590.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.1% from 2024 to 2031. Due to the necessity for cutting-edge security Mode of Operations, rising regional conflicts, and geopolitical tensions, the Middle East and Africa became a major participant in the armored vehicle market. The region has seen significant growth in the Combat Vehicles industry, which is indicative of the focus on enhancing military capabilities and tackling intricate security concerns. Because of its strategic significance and the need for reliable combat platforms, the Middle East and Africa are major players in the armored vehicle market. The region's shifting geopolitical environment highlights how important cutting-edge combat vehicles are to preserving strategic superiority and countering new threats, which is fueling ongoing innovation and market expansion for armored vehicles.
Global Armored Vehicles Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Armored Vehicles Industry growth. Armored Vehicles market has been segmented with the help of its Type, Mobility Platform, and others. Armored Vehicles market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, Conventional holds a prominent market share. Because of their many uses in military and security activities, conventional armored vehicles are helping drive the growth of the armored vehicles market. These vehicles provide conventional defensive requirements and range from major battle tanks to infantry fighting vehicles. The market's overall growth is driven by the continued need for conventional armored systems as armed forces modernize and upgrade their fleets.
Electric is the fastest-growing category over the forecast period. Electric armored Mode of Operations gain traction, emphasizing decreasing environmental impact and improving energy efficiency. The market for armored vehicles is becoming increasingly diverse and innovative due to the growing demand for electric-powered versions, especially in urban and surveillance applications. This desire reflects a larger move within the military industry toward sustainable technology.
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According to Cognitive Market Research, Wheeled held the major market share over the forecast period. Wheeled armored Mode of Operations prioritize mobility and versatility and are in greater demand for a range of military and security applications. Wheeled armored vehicles can be quickly deployed and are highly maneuverable, making them suitable for changing military requirements. Continuous improvements in technology and design raise the market attractiveness and usefulness of wheeled armored Mode of Operations.
Tracked is the fastest-growing category over the forecast period. Tracked armored Mode of Operations are highly sought after in military applications because of their exceptional off-road capabilities and enhanced stability. This is particularly true for main battle tanks and infantry fighting vehicles. The focus on terrain adaptability and maneuverability helps to explain why tracked armored vehicles, as a segment of the armored vehicles market, have continued to rise.
Wheeled
Tracked
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According to Cognitive Market Research, Combat Vehicles held the major market share over the forecast period. Advanced combat vehicles are in high demand due to military modernization plans, growing security challenges, and geopolitical tensions. The category's growth is fueled by technological, military, and design innovations that cater to the changing demands of defense forces worldwide and propel the Armored Vehicles Market.
Combat Support Vehicles are the fastest-growing category over the forecast period. The market for armored vehicles is expanding due largely to the importance of combat support vehicles in military operations. The need for these vehicles, intended for support roles, including communication, logistics, and medical assistance, is rising due to worldwide military modernization initiatives. Combat Support Vehicles are growing in the Armored Vehicles Market due to efforts to improve combat operations' overall effectiveness and sustainability.
Combat Vehicles
Combat Support Vehicles
Unmanned Armored Vehicles
According to Cognitive Market Research, Drive Systems hold a prominent market share. Advanced drive systems, with their focus on improving mobility, agility, and operating performance, aid in creating armored vehicles that are incredibly agile. The incorporation of cutting-edge drive technology serves a variety of defense applications, satisfying the dynamic demands of contemporary military and security operations and driving the market's overall growth for armored vehicles.
Structures & Mechanisms is the fastest-growing category over the forecast period. Advancements in armored vehicle performance, protection, and longevity are attributed to mechanical components and structural design innovations. Technological and material advancements enable the creation of resilient structures that meet changing security requirements and spur expansion in the volatile armored vehicle market.
According to Cognitive Market Research, Manned hold a prominent market share. The need for armored vehicles with manned drivers is increasing significantly due to global military modernization initiatives and growing security concerns. Countries are putting money into cutting-edge armored vehicles to strengthen their defense capabilities as a result of rising geopolitical tensions and changing threats. As governments emphasize the protection of people and property in conflict and hostile settings, the demand for armored vehicles with manned capabilities is growing.
Unmanned is the fastest-growing category over the forecast period. The market for armored vehicles is expected to develop significantly due in large part to the unmanned category. The creation of unmanned armored vehicles that has improved capabilities for reconnaissance, surveillance, and battle is made possible by technological developments in artificial intelligence and autonomous systems. In order to reduce people dangers and increase mission effectiveness, governments and defense organizations are investing more money in unmanned platforms.
According to Cognitive Market Research, Fit holds a prominent market share. Given that armed forces prioritize vehicles designed to meet certain operational needs, the Fit Armored Vehicles category is essential to the expanding Armored Vehicles market. Fit Armored Vehicles are characterized by their customization and modularity, which enable adaptability to specialized missions and variable combinations. This customized strategy meets the changing needs of contemporary defense and security operations while addressing various security concerns, which supports the market's overall growth for armored vehicles.
Retrofit is the fastest-growing category over the forecast period. Retrofitting presents a financially viable option for armed forces looking to update their current fleets. Older vehicles can last longer in service by adding new armor, technology, and features. The demand for enhanced performance and protection is met by retrofit Mode of Operations, which propel the expansion of the entire armored vehicle market.
Senior Research Analyst at Cognitive Market Research
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights.
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights. Experience in analyzing current trends, market demand, market assessment, growth indicators, competitors' strategy, etc. to help top management & investors to make strategic and tactical decisions in the form of market reports and presentations. Successfully delivered more than 500+ client & consulting assignments across verticals. Ability to work independently as well as with a team with confidence and ease.
I am committed to continuous learning and staying at the forefront of emerging trends in research and analytics. Regularly engaging in professional development opportunities, including workshops and conferences, keeps my skill set sharp and up-to-date. I spearheaded research initiatives focused on market trends and competitive landscapes. I have a proven track record of conducting thorough analyses, distilling key insights, and presenting findings in a way that resonates with diverse stakeholders. Through collaboration with cross-functional teams, I played a pivotal role in shaping business strategies rooted in robust research.
Author's Say's, The global Armored Vehicles Market will expand significantly by 3.40% CAGR between 2024 to 2031.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Disclaimer:
Type | Electric, Conventional |
Mobility | Wheeled, Tracked |
Platform | Combat Vehicles, Combat Support Vehicles, Unmanned Armored Vehicles |
System | Engines, Drive Systems, Turret Drives, Ammunition Handling Systems, Fire Control Systems (FCS), Armaments, Ballistic Armor, Countermeasure Systems, Command & Control (C2) Systems, Power Systems, Navigation Systems, Observation & Display Systems, Hulls/Frames |
Mode of Operation | Manned, Unmanned |
Point of sale | OEM, Retrofit |
List of Competitors | BAE Systems , General Dynamics Corporation , Rheinmetall AG , Krauss-Maffei Wegmann GmbH , Denel SOC Itd, IVECO DEFENCE VEHICLES , NORINCOGROUP.com Inc. , Oshkosh Defense LLC An Oshkosh Corporation Company, Otokar, a KOC Group Company , Textron Systems |
This chapter will help you gain GLOBAL Market Analysis of Armored Vehicles. Further deep in this chapter, you will be able to review Global Armored Vehicles Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
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Chapter 11 Market Split by Mobility Analysis 2019 -2031
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Chapter 12 Market Split by Platform Analysis 2019 -2031
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Chapter 13 Market Split by System Analysis 2019 -2031
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Chapter 14 Market Split by Mode of Operation Analysis 2019 -2031
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Chapter 15 Market Split by Point of sale Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Armored Vehicles market
Chapter 16 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Electric have a significant impact on Armored Vehicles market? |
What are the key factors affecting the Electric and Conventional of Armored Vehicles Market? |
What is the CAGR/Growth Rate of Wheeled during the forecast period? |
By type, which segment accounted for largest share of the global Armored Vehicles Market? |
Which region is expected to dominate the global Armored Vehicles Market within the forecast period? |
Segmentation Level Customization |
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Region level Data Customization |
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Additional Qualitative Data |
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Additional Quantitative Data |
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