Armored Vehicle Market Analysis and Forecast to 2032: By Type(Wheeled, Tracked), Application (Defense, Law Enforcement), and Region

Published Date : February, 2023 Report Code : GIS21516 Number of Pages: 159
Industry : Manufacturing & Construction Publication Status : Published

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.

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.

Global Armored Vehicle Market Scope and Report Structure
Report Attribute Details
Market Size in 2022$17.6 bn
Market Size in 2032$23.4 bn
Growth Rate (2022-32)2.9%
Historic Period2016-2021
Forecast Period2023-2032
Base Year2022
Segments CoveredType, Application, and Region
Key CompaniesBAE 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.
Regional ScopeNorth America, Europe, Asia Pacific, Central & South America, Middle East & Africa
Analysis CoverageMarket Forecast, Competitive Landscape, Drivers, Trends, Restraints, Opportunities, Value-Chain, PESTLE, Key Events and Developments
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.

Global Armored Vehicle Market Segmental Overview

The global armored vehicle market is segmented into type, application, and region.

Global Armored Vehicle Market by Type

Based on type, it is segmented into wheeled, and tracked. The wheeled segment is anticipated to dominate the market during the forecast period. Similarly, the tracked segment is anticipated to witness the fastest growth during the forecast period.

Global Armored Vehicle Market by Application

Based on application, it is segmented into defense, and law enforcement. The defense segment is anticipated to dominate the market during the forecast period. Similarly, the law enforcement segment is anticipated to witness the fastest growth during the forecast period.

Geographical Analysis of the Global Armored Vehicle Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North American region is anticipated to dominate the market during the forecast period. Similarly, the Asia Pacific region is anticipated to witness the fastest growth during the forecast period.

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.

Recent Developments
  • April 2021, Israel Aerospace Industries (IAI) signed a contract with Israel’s Ministry of Defense to manufacture and supply nice X-MAG all- terrain vehicles to the Israel Defense Forces, with an option to order 21 additional units.
  • April 2021, L3Harries Technologies and American Rheinmetall Vehicles, a subsidiary of Rheinmetall AG, signed an agreement to develop the U.S. Army’s new optionally Manned Fighting Vehicle to replace the Bradley Infantry Fighting Vehicle.
Frequently Asked Questions

Q1. How big is the Armored Vehicle market?

Ans. The global Armored Vehicle market size was USD 17.6 billion in 2022 and it is anticipated to grow further till USD 23.4 billion by 2022, at a CAGR of 2.9% from 2023 to 2032.

Q2. What is the Armored Vehicle market growth rate?

Ans. The growth rate of the Armored Vehicle market is 2.9%.

Q3. Which region holds a major market share for the Armored Vehicle market?

Ans. North America holds a major market share of the Armored Vehicle market in 2022.

Q4. Which segment accounted for the largest Armored Vehicle market share?

Ans. By application, defense segment accounted for the largest Armored Vehicle market share.

Q5. Who are the key players in the Armored Vehicle market?

Ans. The global Armored Vehicle market report includes players such as 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.

Q6. What are the factors driving the Armored Vehicle market growth?

Ans. The major factors driving the growth of the market are the growing market in emerging countries.

Q7. What are the key growth strategies of Armored Vehicle market players?

Ans. The key growth strategies of Armored Vehicle market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the Armored Vehicle market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the Armored Vehicle market during the forecast period.

Table of Contents

Chapter 1. Market Introduction
1.1. Objectives of the Study
1.2. Market Definition and Research & Scope
1.3. Research Methodologies
1.4. Market Estimation Techniques

Chapter 2. Executive Summary
2.1. Summary
2.2. Key Highlights of the Market

Chapter 3. Armored Vehicle Market Outlook
3.1. Armored Vehicle Market segmentation
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.1.1. Driver 1
3.2.1.2. Driver 2
3.2.1.3. Driver 3
3.2.2. Market Restraints
3.2.2.1. Restraint 1
3.2.2.2. Restraint 2
3.2.3. Market Opportunities
3.2.3.1. Opportunity 1
3.2.3.2. Opportunity 2
3.3. Porter’s Five Forces Analysis
3.3.1. Threat of New Entrants
3.3.2. Threat of Substitutes
3.3.3. Bargaining Power of Buyers
3.3.4. Bargaining Power of Supplier
3.3.5. Competitive Rivalry
3.4. PESTLE Analysis
3.5. Value Chain Analysis
3.5.1. Raw Material Suppliers
3.5.2. Manufacturers
3.5.3. Wholesalers and/or Retailers
3.6. Impact of the Russia and Ukraine War on the Armored Vehicle Market

Chapter 4. Economic Impact of COVID-19 on Armored Vehicle Market
4.1. Overall Impact of COVID-19
4.2. Impact of COVID On the Armored Vehicle Market
4.3. Economic Impact Analysis

Chapter 5. Armored Vehicle Market by Type
5.1. Market Overview
5.2. Wheel
5.2.1. Market Size and Forecast, 2021-2031 ($Million)
5.2.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
5.3. Track
5.3.1. Market Size and Forecast, 2021-2031 ($Million)
5.3.2. Market Size and Forecast, by Region, 2021-2031 ($Million)

Chapter 6. Armored Vehicle Market by Application
6.1. Market Overview
6.2. Defense
6.2.1. Market Size and Forecast, 2021-2031 ($Million)
6.2.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
6.3. Law Enforcement
6.3.1. Market Size and Forecast, 2021-2031 ($Million)
6.3.2. Market Size and Forecast, by Region, 2021-2031 ($Million)

Chapter 7. Armored Vehicle Market, by Region
7.1. Overview
7.2. North America
7.2.1. Key Market Trends and Opportunities
7.2.2. North America Armored Vehicle Market Size and Forecast by Type, 2021-2031, ($Million)
7.2.3. North America Armored Vehicle Market Size and Forecast by Application, 2021-2031, ($Million)
7.2.4. North America Armored Vehicle Market Size and Forecast by Country, 2021-2031, ($Million)
7.2.5. The U.S.
7.2.5.1. The U.S. Armored Vehicle Market Size and Forecast by Type, 2021-2031, ($Million)
7.2.5.2. The U.S. Armored Vehicle Market Size and Forecast by Application, 2021-2031, ($Million)
7.2.6. Canada
7.2.6.1. Canada Armored Vehicle Market Size and Forecast by Type, 2021-2031, ($Million)
7.2.6.2. Canada Armored Vehicle Market Size and Forecast by Application, 2021-2031, ($Million)
7.2.7. Mexico
7.2.7.1. Mexico Armored Vehicle Market Size and Forecast by Type, 2021-2031, ($Million)
7.2.7.2. Mexico Armored Vehicle Market Size and Forecast by Application, 2021-2031, ($Million)
7.3. Europe
7.3.1. Key Market Trends and Opportunities
7.3.2. Europe Armored Vehicle Market Size and Forecast by Type, 2021-2031, ($Million)
7.3.3. Europe Armored Vehicle Market Size and Forecast by Application, 2021-2031, ($Million)
7.3.4. Europe Armored Vehicle Market Size and Forecast by Country, 2021-2031, ($Million)
7.3.5. Germany
7.3.5.1. Germany Armored Vehicle Market Size and Forecast by Type, 2021-2031, ($Million)
7.3.5.2. Germany Armored Vehicle Market Size and Forecast by Application, 2021-2031, ($Million)
7.3.6. France
7.3.6.1. France Armored Vehicle Market Size and Forecast by Type, 2021-2031, ($Million)
7.3.6.2. France Armored Vehicle Market Size and Forecast by Application, 2021-2031, ($Million)
7.3.7. U.K.
7.3.7.1. U.K. Armored Vehicle Market Size and Forecast by Type, 2021-2031, ($Million)
7.3.7.2. U.K. Armored Vehicle Market Size and Forecast by Application, 2021-2031, ($Million)
7.3.8. Spain
7.3.8.1. Spain Armored Vehicle Market Size and Forecast by Type, 2021-2031, ($Million)
7.3.8.2. Spain Armored Vehicle Market Size and Forecast by Application, 2021-2031, ($Million)
7.3.9. Italy
7.3.9.1. Italy Armored Vehicle Market Size and Forecast by Type, 2021-2031, ($Million)
7.3.9.2. Italy Armored Vehicle Market Size and Forecast by Application, 2021-2031, ($Million)
7.3.10. Rest of Europe
7.3.10.1. Rest of Europe Armored Vehicle Market Size and Forecast by Type, 2021-2031, ($Million)
7.3.10.2. Rest of Europe Armored Vehicle Market Size and Forecast by Application, 2021-2031, ($Million)
7.4. Asia-Pacific
7.4.1. Key Market Trends and Opportunities
7.4.2. Asia-Pacific Armored Vehicle Market Size and Forecast by Country, 2021-2031, ($Million)
7.4.3. Asia-Pacific Armored Vehicle Market Size and Forecast by Application, 2021-2031, ($Million)
7.4.4. Asia-Pacific Armored Vehicle Market Size and Forecast by Type, 2021-2031, ($Million)
7.4.5. China
7.4.5.1. China Armored Vehicle Market Size and Forecast by Type, 2021-2031, ($Million)
7.4.5.2. China Armored Vehicle Market Size and Forecast by Application, 2021-2031, ($Million)
7.4.6. India
7.4.6.1. India Armored Vehicle Market Size and Forecast by Type, 2021-2031, ($Million)
7.4.6.2. India Armored Vehicle Market Size and Forecast by Application, 2021-2031, ($Million)
7.4.7. Japan
7.4.7.1. Japan Armored Vehicle Market Size and Forecast by Type, 2021-2031, ($Million)
7.4.7.2. Japan Armored Vehicle Market Size and Forecast by Application, 2021-2031, ($Million)
7.4.8. South Korea
7.4.8.1. South Korea Armored Vehicle Market Size and Forecast by Type, 2021-2031, ($Million)
7.4.8.2. South Korea Armored Vehicle Market Size and Forecast by Application, 2021-2031, ($Million)
7.4.9. Rest of APAC
7.4.9.1. Rest of APAC Armored Vehicle Market Size and Forecast by Type, 2021-2031, ($Million)
7.4.9.2. Rest of APAC Armored Vehicle Market Size and Forecast by Application, 2021-2031, ($Million)
7.5. Rest of the World
7.5.1. Key Market Trends and Opportunities
7.5.2. Rest of the World Armored Vehicle Market Size and Forecast by Type, 2021-2031, ($Million)
7.5.3. Rest of the World Armored Vehicle Market Size and Forecast by Application, 2021-2031, ($Million)
7.5.4. Rest of the World Armored Vehicle Market Size and Forecast by Country, 2021-2031, ($Million)
7.5.5. Latin America
7.5.5.1. Latin America Armored Vehicle Market Size and Forecast by Type, 2021-2031, ($Million)
7.5.5.2. Latin America Armored Vehicle Market Size and Forecast by Application, 2021-2031, ($Million)
7.5.6. Middle East
7.5.6.1. Middle East Armored Vehicle Market Size and Forecast by Type, 2021-2031, ($Million)
7.5.6.2. Middle East Armored Vehicle Market Size and Forecast by Application, 2021-2031, ($Million)
7.5.7. Africa
7.5.7.1. Africa Armored Vehicle Market Size and Forecast by Type, 2021-2031, ($Million)
7.5.7.2. Africa Armored Vehicle Market Size and Forecast by Application, 2021-2031, ($Million)

Chapter 8. Competitive Landscape
8.1. Market Overview
8.2. Market Share Analysis/Key Player Positioning
8.3. Developmental Strategy Benchmarking
8.3.1. New Product Development
8.3.2. Product Launches
8.3.3. Business Expansions
8.3.4. Partnerships, Joint Ventures, and Collaborations
8.3.5. Mergers and Acquisitions

Chapter 9. Company Profiles
9.1. BAE Systems
9.1.1. Company Snapshot
9.1.2. Financial Performance
9.1.3. Product Offerings
9.1.4. Key Strategic Initiatives
9.1.5. SWOT Analysis
9.2. General Dynamics Corporation
9.2.1. Company Snapshot
9.2.2. Financial Performance
9.2.3. Product offerings
9.2.4. Key Strategic Initiatives
9.2.5. SWOT Analysis
9.3. INKAS Armored Vehicle Manufacturing
9.3.1. Company Snapshot
9.3.2. Financial Performance
9.3.3. Product offerings
9.3.4. Key Strategic Initiatives
9.3.5. SWOT Analysis
9.4. International Armored Group
9.4.1. Company Snapshot
9.4.2. Financial Performance
9.4.3. Product offerings
9.4.4. Key Strategic Initiatives
9.4.5. SWOT Analysis
9.5. Krauss-Maffei Wegmann GmbH & Co.
9.5.1. Company Snapshot
9.5.2. Financial Performance
9.5.3. Product offerings
9.5.4. Key Strategic Initiatives
9.5.5. SWOT Analysis
9.6. Lenco Armored Vehicles
9.6.1. Company Snapshot
9.6.2. Financial Performance
9.6.3. Product offerings
9.6.4. Key Strategic Initiatives
9.6.5. SWOT Analysis
9.7. Lockheed Martin Corporation
9.7.1. Company Snapshot
9.7.2. Financial Performance
9.7.3. Product offerings
9.7.4. Key Strategic Initiatives
9.7.5. SWOT Analysis
9.8. Oshkosh Corporation, Inc.
9.8.1. Company Snapshot
9.8.2. Financial Performance
9.8.3. Product offerings
9.8.4. Key Strategic Initiatives
9.8.5. SWOT Analysis
9.9. Rheinmetall AG
9.9.1. Company Snapshot
9.9.2. Financial Performance
9.9.3. Product offerings
9.9.4. Key Strategic Initiatives
9.9.5. SWOT Analysis
9.10. STREIT Group
9.10.1. Company Snapshot
9.10.2. Financial Performance
9.10.3. Product offerings
9.10.4. Key Strategic Initiatives
9.10.5. SWOT Analysis

*The list of company is subject to change during the final compilation of the report

 

 

 

Market Segmentation

By Type

  • Wheeled
  • Tracked

By Application

  • Defense
  • Law Enforcement

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • The UK
    • Germany
    • France
    • Spain
    • Rest of Europe
  • The Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • Rest of the World
    • Latin America
    • The Middle East
    • Africa
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