Armored Vehicles Market size is anticipated to grow at a CAGR of over 5% between 2023 and 2032

Armored Vehicles Market Size
Armored Vehicles Market accounted for more than USD 21.7 billion in 2022 and is expected to expand at a CAGR of more than 5% from 2023 to 2032.

Picture thisthere are these incredible cars, like fortresses on wheels. They’re all wrapped up in ultra-strong armor and bullet-resistant windows, so they’re virtually unstoppable. These armored cars are like guardians for individuals and items within. They’re necessary to protect soldiers, police officers, and even civilians from harm. They’re shields against bullets, bombs, and even toxic chemicals. With more people in cities, we need them now more than ever. Terrorists and rioters are lurking in cities and causing havoc. Armored vehicles provide us with a means to counteract. They can defuse crowds, safeguard valuable buildings, rescue hostages, and shield police officers from harm. They are urban warfare game-changers. They’re our secret ace to ensure peace and order. For instance, do you recall when U.S. Special Forces rescued two American hostages from terrorists in Nigeria using armored vehicles? These vehicles are life-savers.

Armored Vehicles Market Report Attributes
Report Attribute Details
Base Year 2022
Armored Vehicles Market Size in 2022 USD 21 Billion
Forecast Period 2023 to 2032
Forecast Period 2023 to 2032 CAGR 5%
2032 Value Projection USD 35 Billion
Historical Data for 2018 to 2022
No. of Pages 220
Tables, Charts & Figures 345
Segments covered Vehicle Type, Propulsion Type, Mobility, Sales Channel
Growth Drivers
Emerging security threats and conflicts
Urbanization increasing the need for armored vehicles in urban warfare environments
Government investment in new-age armored fleets to boost defense capacity
Counter-terror operations
Commercial armored vehicle demand growth
Pitfalls & Challenges
Cyber threats on the rise
Restrictions on mobility and maneuverability of armored vehicles owing to their weight

Armored Vehicles Market Overview
Discover more about the prominent segments defining this market

On the basis of the vehicle type, the market is divided into combat vehicle, combat support vehicle, and unmanned armored vehicle. The combat vehicle segment accounted for the highest share in the market in 2022 at more than 55%.

The expansion of combat vehicles is caused by a number of significant drivers. Increasing security threats because of local conflicts and growing geopolitical tensions drive the demand for these dedicated military resources. Nations are modernizing their military forces including combat vehicles to ensure military preparedness and keep up with changing threats. The popularity of urban warfare requires combat vehicles that can efficiently operate in heavily populated cities.
Growth in technology, global market opportunities, and a drive towards hybridization to ensure environmental compliance all work together towards the growing importance of combat vehicles in contemporary warfare and strategic defense planning. All these advances improve the versatility, sustainability, and efficiency of combat vehicles and make them essential tools for today’s armed forces to tackle changing security issues.
Discover more about the major segments driving this market

Green and environmental issues, together with sustainability, have risen to be urgent problems over the past few years. Electrically armored vehicles give lower emissions and lessen their effects on the environment, a notion in harmony with world moves toward mitigating Greenhouse Gas (GHG) emissions and lessening climate change. Electric drives come with meaningful operating benefits. Electric Vehicles (EVs) are quieter and therefore better fitted for stealthy and covert military missions. They also have fewer moving parts, leading to reduced maintenance costs and increased operational efficiency. Electric propulsion allows for better torque control, improving off-road mobility and enhancing the overall performance.
The transition to electric propulsion is consistent with wider technological trends such as the creation of autonomous and remotely controlled vehicles. Electric powertrains can be easily combined with these technologies, allowing for more sophisticated features and functionality. The use of electric propulsion in the armored vehicles market is supported by environmental factors, operational benefits, enhanced technology, and compatibility with new technologies, making it a feasible & desirable option for contemporary defense and security requirements.

Armored Vehicles Market Share

Players operating in the armored vehicles industry focus on implementing different growth strategies to strengthen their offerings and expand their market reach. These strategies involve new product development & launches, partnerships & collaborations, mergers & acquisitions, and customer retention. These players also heavily invest in research & development to introduce innovative and technologically advanced solutions in the market. Some major players operating in the armored vehicles industry are mentioned below

• BAE Systems
• General Dynamics Corporation
• Hanwha Defense
• IVECO Defence Vehicles
• Krauss-Maffei Wegmann GmbH & Co.
• L3harris Technologies
• Oshkosh Corporation, Inc.