The global armored vehicle market was valued at USD 17.6 billion in 2022 and it is anticipated to grow further to USD 23.4 billion by 2032, at a CAGR of 2.9% during the forecast period.
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An armored vehicle is a type of vehicle that is designed to protect its occupants from various threats, including small arms fire, improvised explosive devices, and larger caliber projectiles. Armored vehicles can be either wheeled or tracked, and are typically produced in a variety of specialized variants, such as personnel carriers, infantry fighting vehicles, and tank destroyers.
Market Drivers and Trends
The armored vehicles offer protection against small arms, land mines, and improvised explosive devices (IEDs). These vehicles are used by armed forces, law enforcement agencies, and private security companies. The rising number of terrorist attacks and cross-border disputes are the major factors driving the demand for armored vehicles.
Market Restraints and Challenges
The key restraints in the armored vehicle market include the high cost of these vehicles and the lack of standardization in the design and manufacturing of these vehicles.
The challenges in the armored vehicle market include the need for improved protection against improvised explosive devices (IEDs) and the increasing use of anti-tank guided missiles (ATGMs) by insurgents and terrorists.
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Major Players in the Global Armored Vehicle Market
The key players studied in the report are BAE Systems., General Dynamics Corporation, INKAS Armored Vehicle Manufacturing, International Armored Group, Krauss-Maffei Wegmann GmbH & Co., Lenco Armored Vehicles, Lockheed Martin Corporation, Oshkosh Corporation, Inc., Rheinmetall AG, and STREIT Group among others.
COVID-19 Impact
The COVID-19 epidemic has presented the military sector with previously unheard-of difficulties. Due to the decreased defence spending in India, Thailand, South Korea, and other nations, the market’s growth pace has slowed down. Because to the pandemic, armoured vehicle producers in the market experienced delays in the supplies of military vehicles.
Market Segmentation
By Type
- Wheeled
- Tracked
By Application
- Defense
- Law Enforcement
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