The Armored Vehicles Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2011-2022) and extends its insights into a ten-year forecast period (2024-2033).
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According to The Business Research Company’s Armored Vehicles Global Market Report 2024, The armored vehicles market size has grown strongly in recent years. It will grow from $12.78 billion in 2023 to $13.73 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to military conflicts, peacekeeping missions, terrorism and insurgency, border security, law enforcement.
The armored vehicles market size is expected to see strong growth in the next few years. It will grow to $16.86 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to urban warfare, asymmetric threats, cybersecurity and data protection, hybrid and electric propulsion, unmanned and autonomous features. Major trends in the forecast period include modular armor and upgrades, crew safety and comfort, lighter weight materials, riot control and crowd management, multi-role armored vehicles.
Increased military spending is expected to fuel the growth of the armored vehicle market over the forecast period. Countries around the world are investing in the military because of their conflicts and rivalries with other nations. Military expenditure covers operations, maintenance, arms acquisition, armored vehicles, and military research and development. For instance, in April 2022, according to the Stockholm International Peace Research Institute (SIPRI), a Sweden-based international research institute on arms control, arms transfers and non-proliferation, in 2021, total global military spending was expected to increase by 0.7% in real terms to $2113 billion, marking the seventh year in a row that spending increased. The United States was the largest spender, with military R&D funding of $801 billion in 2021. China was the world’s second-largest spender, allocating an estimated $292 billion to its military in 2022. Thus, increased military spending is driving the growth of the armored vehicle market.
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The armored vehicles market covered in this report is segmented –
1) By Vehicle Type: Armored Personnel Carrier; Infantry Fighting Vehicle; Main Battle Tanks; Tactical Truck; Bus; Others
2) By Platform: Combat Vehicles; Combat Support Vehicles; Unmanned Armored Ground Vehicles
3) By System: Engine; Drive System; Ballistic Armor; Fire Control System (FCS); Armaments; Ammunition Handling System; Countermeasure System; Command And Control System; Others
4) By Mobility: Tracked; Wheeled; 4X4; 6X6; 8X8; Others
The armored vehicles market report table of contents includes:
1. Executive Summary
- Armored Vehicles Market Characteristics
- Armored Vehicles Market Trends And Strategies
- Armored Vehicles Market – Macro Economic Scenario
- Global Armored Vehicles Market Size and Growth
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31. Global Armored Vehicles Market Competitive Benchmarking - Global Armored Vehicles Market Competitive Dashboard
- Key Mergers And Acquisitions In The Armored Vehicles Market
- Armored Vehicles Market Future Outlook and Potential Analysis
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