The global armored vehicle market size totaled US$ 18 Bn in the year 2021. The sales of armored vehicles are expected to exceed a valuation of US$ 18.5 Bn by the end of 2022, projecting growth at a healthy CAGR of nearly 6% to 7% CAGR during the forecast period 2022-2032. The demand for armored vehicles is projected to create an absolute dollar opportunity of more than US$ 28 Bn by 2032.
| Report Attribute | Details |
| Armored Vehicle Market Value (2021) | US$ 18 Billion |
| Armored Vehicle Market Value (2022) | US$ 18.5 Billion |
| Armored Vehicle Market Anticipated Value (2032) | US$ 28 Billion |
| Armored Vehicle Market Projected Growth Rate (2022-2032) | 6% to 7% CAGR |
Armored vehicles are lightweight self-propelled wheeled automobiles capable of fighting and are generally used in military and defense applications. These vehicles are designed for the transportation of military equipment, goods, necessities, and people on any difficult restrained path or on the highway. They provide high protection against basaltic threats such as missiles, bullets, and improvised explosives devices (IEDs) among others.
Demand for armored vehicles is surging at a swift pace across military, law enforcement, police, and other defense departments, owing to the growing use in armed escorting, internal security, reconnaissance, goods transportation in battlefields, and others.
In addition to this, due to increasing violence and growing concerns regarding safety, these vehicles are gaining huge popularity for escorting VIPs, celebrities, politicians, high profile personnel, corporate leaders, and others. This is projected to accelerate the sales of armored vehicles such as armored luxury vehicles, coaches, SUVs, and others in the global market.
Armored vehicles are prone to massive mechanical stress caused by their use on off-road and uneven topographies, increasing the risk of mechanical failures in engines, suspensions, and transmission systems.
Also, extravagant initial costs and high costs of maintenance of these vehicles due to frequent wear & tear components, jammed parts, mechanical complications, and power failures are further hindering the sales of armored vehicles in the global market.
Asia Pacific excluding Japan is anticipated to project growth at a robust CAGR in the global armored vehicles market during the forecast period 2022-2032, as per FMI.
Armored vehicles are finding a wide range of usage not only for transportation applications but also for assistance in battlefields and disaster areas across military & defense sectors. Driven by this, there is a rapid increase in demand for armored vehicles in Asia Pacific.
Hence, key manufacturers in the market are aiming at launching new armored vehicles to cater to the growing demand. For instance, in 2021, Ordnance Factory Medak (OFMK), an Indian defense equipment manufacturer announced introducing two control and command modern vehicles for both, the infantry and artillery wings. A multiplicity of such new product launches are estimated to accelerate the growth in the Asia Pacific excluding Japan market.
Future Market Insights reveals that Western Europe is anticipated to account for a significant share in the global armored vehicles market between 2022 and 2032.
With increasing border conflicts with neighbor countries, such as Ukraine-Russia, and growing terrorism activities across the world, governments in several countries are increasingly aiming at procuring armored vehicles and battle automotives for strengthening their defense.
For instance, in 2022, Lithuania’s Defence Ministry announced its plan for purchasing more than 120 boxer infantry fighting vehicles to strengthen the country’s modern fleet of infantry fighting vehicles. Such developments are expected to augment the sales of armored vehicles in the Western Europe market.
Some of the leading players in the armored vehicles market are BAE Systems, Lenco Industries, Inc., Daimler AG (Mercedes Benz), Ford Motor Company, INKAS Armored Vehicle Manufacturing, Elbit Systems, Navistar, Inc., Krauss-Maffei Wegmann GmbH & Co., General Dynamics Corporation, Rheinmetall AG, Textron, Inc., International Armored Group, IVECO, STAT, Inc., Oshkosh Defense, LL, and others.
Leading players in the global market are aiming at launching high performance armored vehicles and adoption collaboration, agreement, and partnership strategies to gain edge in the highly competitive market
| Report Attribute | Details |
| Growth Rate | CAGR of 6% to 7% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015-2020 |
| Forecast Period | 2022-2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
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| Countries Covered |
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| Key Companies Profiled |
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| Customization | Available Upon Request |
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FMI projects the sales of armored vehicle in the market is expected to rise at 6% to 7% value CAGR by 2032
The global armored vehicle market is expected to be dominated by Asia Pacific excluding Japan over the forecast period 2022-2032.
BAE Systems, Lenco Industries, Inc., Daimler AG (Mercedes Benz), Ford Motor Company, INKAS Armored Vehicle Manufacturing, Elbit Systems, Navistar, Inc., Krauss-Maffei Wegmann GmbH & Co., General Dynamics Corporation, Rheinmetall AG, Textron, Inc., International Armored Group, IVECO, STAT, Inc., Oshkosh Defense, LL, and others are some of the leading players in the prominent armored vehicle market.
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