Press release
Armored Vehicle Market Size, Share, Industry Growth, Demand & Report by 2032
The armored vehicle market size was valued at USD 22.28 billion in 2023 and is projected to reach a valuation of USD 23.73 billion in 2024. The market is expected to reach USD 37.85 billion by 2032 with a CAGR of 6.0% during the forecast period. Introduction of reactive armor technology, programmable ammunition, sophisticated autoloaders, and other features in the military technology is set to drive market growth. Growing demand for next generation military vehicles which have advanced weaponry systems is set to propel market development. Fortune Business Insights™ shares this information in its report titled "Armored Vehicle Market, 2023-2032."
𝐆𝐞𝐭 𝐚 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/armored-vehicle-market-101817
𝐋𝐢𝐬𝐭 𝐨𝐟 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐏𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭
• BAE Systems (U.K.)
• General Dynamics Corporation (U.S.)
• Rheinmetall AG (Germany)
• Krauss-Maffei Wegmann GmbH (Germany)
• Denel SOC ltd (South Africa)
• IVECO DEFENCE VEHICLES (Italy)
• NORINCOGROUP.com Inc. (China)
• Oshkosh Defense, LLC An Oshkosh Corporation Company (U.S.)
• Otokar, a KOC Group Company (Turkey)
• Textron Systems (U.S.)
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐬
𝐂𝐨𝐦𝐛𝐚𝐭 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬 𝐭𝐨 𝐋𝐞𝐚𝐝 𝐃𝐮𝐞 𝐭𝐨 𝐃𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝐈𝐧𝐟𝐚𝐧𝐭𝐫𝐲 𝐌𝐞𝐜𝐡𝐚𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧
On the basis of platform, the market is divided into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. Combat vehicles segment is set to lead due to demand for infantry mechanization and infantry modernization programs in developing and developed economies globally.
𝐂𝐨𝐧𝐯𝐞𝐧𝐭𝐢𝐨𝐧𝐚𝐥 𝐏𝐫𝐨𝐩𝐮𝐥𝐬𝐢𝐨𝐧 𝐋𝐞𝐝 𝐢𝐧 𝟐𝟎𝟐𝟐 𝐃𝐮𝐞 𝐭𝐨 𝐕𝐚𝐫𝐢𝐨𝐮𝐬 𝐌𝐢𝐥𝐢𝐭𝐚𝐫𝐲 𝐏𝐫𝐨𝐠𝐫𝐚𝐦𝐬
On the basis of propulsion, the market is divided into conventional and electric. Conventional segment dominated the market in 2022 due to rising military modernization programs, Russia-Ukraine war, and attaining priorities amid burgeoning skirmishes, war, and civil unrest globally.
𝐖𝐡𝐞𝐞𝐥𝐞𝐝 𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐋𝐞𝐚𝐝 𝐰𝐢𝐭𝐡 𝐇𝐢𝐠𝐡 𝐀𝐝𝐨𝐩𝐭𝐢𝐨𝐧 𝐑𝐚𝐭𝐞
On the basis of mobility, the market is classified into wheeled and tracked. Wheeled segment to lead as it held largest share in 2022 and will have the fastest CAGR due to high adoption rate owing to its utility in special operations, troop deployment, border patrol operations, combat support operations, such as command and control, and medical support for armed forces.
𝐃𝐫𝐢𝐯𝐞 𝐒𝐲𝐬𝐭𝐞𝐦𝐬 𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐋𝐞𝐝 𝐢𝐧 𝟐𝟎𝟐𝟐 𝐎𝐰𝐢𝐧𝐠 𝐭𝐨 𝐇𝐢𝐠𝐡 𝐔𝐬𝐚𝐠𝐞 𝐨𝐟 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐝 𝐃𝐫𝐢𝐯𝐢𝐧𝐠 𝐒𝐲𝐬𝐭𝐞𝐦𝐬
On the basis of system, the market is classified into drive systems, structures & mechanisms, weapons & ammunition control systems, countermeasure systems, command & control systems, navigation systems, observation & display systems, and others. The drive systems segment dominated in 2022 and is expected to be the fastest growing from 2023 to 2030 due to rising demand for advanced driving systems by various countries' military forces.
𝐑𝐞𝐭𝐫𝐨𝐟𝐢𝐭 𝐭𝐨 𝐋𝐞𝐚𝐝 𝐃𝐮𝐞 𝐭𝐨 𝐋𝐢𝐜𝐞𝐧𝐬𝐞 𝐏𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧
On the basis of solution, the market is classified into line fit and retrofit. Retrofit is the fastest growing segment due to increasing demand for license production by various nations.
Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America.
𝐀𝐬𝐤 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧:
https://www.fortunebusinessinsights.com/enquiry/ask-for-customization/armored-vehicle-market-101817
𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
𝐃𝐫𝐢𝐯𝐞𝐫𝐬 𝐚𝐧𝐝 𝐑𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬
𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐢𝐧𝐠 𝐈𝐧𝐬𝐭𝐚𝐧𝐜𝐞𝐬 𝐨𝐟 𝐀𝐬𝐲𝐦𝐦𝐞𝐭𝐫𝐢𝐜 𝐖𝐚𝐫𝐟𝐚𝐫𝐞 𝐭𝐨 𝐏𝐫𝐨𝐩𝐞𝐥 𝐭𝐡𝐞 𝐃𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐏𝐫𝐨𝐝𝐮𝐜𝐭
Increasing instances of asymmetric warfare is anticipated to drive the armored vehicle market growth. Asymmetric warfare refers to the conflict where opposing parties have unequal military resources. In addition, weaker opponents deploy unorthodox weaponry and tactics to exploit their adversaries' vulnerabilities. With growing cases of asymmetric warfare, it is set to have higher number of purchase of vehicles globally.
However, mechanical failure and occurrence of electrical system in armored vehicles are expected to hamper the market growth.
𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬
𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚 𝐭𝐨 𝐋𝐞𝐚𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐡𝐚𝐫𝐞 𝐃𝐮𝐞 𝐭𝐨 𝐇𝐢𝐠𝐡 𝐒𝐩𝐞𝐧𝐝𝐢𝐧𝐠 𝐛𝐲 𝐭𝐡𝐞 𝐔.𝐒. 𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐨𝐧 𝐌𝐢𝐥𝐢𝐭𝐚𝐫𝐲
North America is expected to have a high part in the armored vehicle market share due to high spending by the U.S. government on military vehicle purchases and upgrades. Presence of key market players such as General Dynamics Corporation, Textron Systems, Oshkosh Defense, and others is also set to drive the market share.
After North America, Europe to be the second-highest region of the market as demand for battle tank is increasing with the ongoing Russia-Ukraine war.
𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞
𝐎𝐄𝐌𝐬 𝐡𝐚𝐯𝐞 𝐛𝐞𝐞𝐧 𝐅𝐨𝐜𝐮𝐬𝐢𝐧𝐠 𝐨𝐧 𝐭𝐡𝐞 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 𝐨𝐟 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐜𝐚𝐥𝐥𝐲 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐝 𝐏𝐫𝐨𝐝𝐮𝐜𝐭𝐬
The global market has numerous companies such as General Dynamics Corporation, BAE Systems, Oshkosh Corporation, and Rheinmetall AG. The market has various manufacturers, which are participating in military vehicle development and design. OEMs have been focusing on the development of technologically products and fostering strong relationships with governments in developed and developing countries.
𝐊𝐞𝐲 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭
𝐅𝐞𝐛𝐫𝐮𝐚𝐫𝐲 𝟐𝟎𝟐𝟑- The Italian Navy awarded a contract to IVECO Defense Vehicles for providing Amphibious Armored Vehicles (VBA) Personnel Carriers. Amphibious vehicles will reinforce the fleet of the San Marco Marina Brigade (BMSM).
𝐆𝐞𝐭 𝐚 𝐐𝐮𝐨𝐭𝐞:
https://www.fortunebusinessinsights.com/enquiry/get-a-quote/armored-vehicle-market-101817
𝐑𝐞𝐚𝐝 𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:
𝐔𝐧𝐦𝐚𝐧𝐧𝐞𝐝 𝐆𝐫𝐨𝐮𝐧𝐝 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬 𝐌𝐚𝐫𝐤𝐞
https://www.fortunebusinessinsights.com/unmanned-ground-vehicles-market-102525
𝐀𝐧𝐭𝐢-𝐓𝐚𝐧𝐤 𝐌𝐢𝐬𝐬𝐢𝐥𝐞 𝐒𝐲𝐬𝐭𝐞𝐦 𝐌𝐚𝐫𝐤𝐞𝐭
https://www.fortunebusinessinsights.com/anti-tank-missile-system-market-10554
𝐁𝐚𝐥𝐥𝐢𝐬𝐭𝐢𝐜 𝐌𝐢𝐬𝐬𝐢𝐥𝐞 𝐃𝐞𝐟𝐞𝐧𝐬𝐞 𝐒𝐲𝐬𝐭𝐞𝐦 (𝐁𝐌𝐃𝐒) 𝐌𝐚𝐫𝐤𝐞𝐭
https://www.fortunebusinessinsights.com/ballistic-missile-defense-system-bmds-market-108150
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𝐆𝐞𝐭 𝐚 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/armored-vehicle-market-101817
𝐋𝐢𝐬𝐭 𝐨𝐟 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐏𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭
• BAE Systems (U.K.)
• General Dynamics Corporation (U.S.)
• Rheinmetall AG (Germany)
• Krauss-Maffei Wegmann GmbH (Germany)
• Denel SOC ltd (South Africa)
• IVECO DEFENCE VEHICLES (Italy)
• NORINCOGROUP.com Inc. (China)
• Oshkosh Defense, LLC An Oshkosh Corporation Company (U.S.)
• Otokar, a KOC Group Company (Turkey)
• Textron Systems (U.S.)
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐬
𝐂𝐨𝐦𝐛𝐚𝐭 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬 𝐭𝐨 𝐋𝐞𝐚𝐝 𝐃𝐮𝐞 𝐭𝐨 𝐃𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝐈𝐧𝐟𝐚𝐧𝐭𝐫𝐲 𝐌𝐞𝐜𝐡𝐚𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧
On the basis of platform, the market is divided into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. Combat vehicles segment is set to lead due to demand for infantry mechanization and infantry modernization programs in developing and developed economies globally.
𝐂𝐨𝐧𝐯𝐞𝐧𝐭𝐢𝐨𝐧𝐚𝐥 𝐏𝐫𝐨𝐩𝐮𝐥𝐬𝐢𝐨𝐧 𝐋𝐞𝐝 𝐢𝐧 𝟐𝟎𝟐𝟐 𝐃𝐮𝐞 𝐭𝐨 𝐕𝐚𝐫𝐢𝐨𝐮𝐬 𝐌𝐢𝐥𝐢𝐭𝐚𝐫𝐲 𝐏𝐫𝐨𝐠𝐫𝐚𝐦𝐬
On the basis of propulsion, the market is divided into conventional and electric. Conventional segment dominated the market in 2022 due to rising military modernization programs, Russia-Ukraine war, and attaining priorities amid burgeoning skirmishes, war, and civil unrest globally.
𝐖𝐡𝐞𝐞𝐥𝐞𝐝 𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐋𝐞𝐚𝐝 𝐰𝐢𝐭𝐡 𝐇𝐢𝐠𝐡 𝐀𝐝𝐨𝐩𝐭𝐢𝐨𝐧 𝐑𝐚𝐭𝐞
On the basis of mobility, the market is classified into wheeled and tracked. Wheeled segment to lead as it held largest share in 2022 and will have the fastest CAGR due to high adoption rate owing to its utility in special operations, troop deployment, border patrol operations, combat support operations, such as command and control, and medical support for armed forces.
𝐃𝐫𝐢𝐯𝐞 𝐒𝐲𝐬𝐭𝐞𝐦𝐬 𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐋𝐞𝐝 𝐢𝐧 𝟐𝟎𝟐𝟐 𝐎𝐰𝐢𝐧𝐠 𝐭𝐨 𝐇𝐢𝐠𝐡 𝐔𝐬𝐚𝐠𝐞 𝐨𝐟 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐝 𝐃𝐫𝐢𝐯𝐢𝐧𝐠 𝐒𝐲𝐬𝐭𝐞𝐦𝐬
On the basis of system, the market is classified into drive systems, structures & mechanisms, weapons & ammunition control systems, countermeasure systems, command & control systems, navigation systems, observation & display systems, and others. The drive systems segment dominated in 2022 and is expected to be the fastest growing from 2023 to 2030 due to rising demand for advanced driving systems by various countries' military forces.
𝐑𝐞𝐭𝐫𝐨𝐟𝐢𝐭 𝐭𝐨 𝐋𝐞𝐚𝐝 𝐃𝐮𝐞 𝐭𝐨 𝐋𝐢𝐜𝐞𝐧𝐬𝐞 𝐏𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧
On the basis of solution, the market is classified into line fit and retrofit. Retrofit is the fastest growing segment due to increasing demand for license production by various nations.
Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America.
𝐀𝐬𝐤 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧:
https://www.fortunebusinessinsights.com/enquiry/ask-for-customization/armored-vehicle-market-101817
𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
𝐃𝐫𝐢𝐯𝐞𝐫𝐬 𝐚𝐧𝐝 𝐑𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬
𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐢𝐧𝐠 𝐈𝐧𝐬𝐭𝐚𝐧𝐜𝐞𝐬 𝐨𝐟 𝐀𝐬𝐲𝐦𝐦𝐞𝐭𝐫𝐢𝐜 𝐖𝐚𝐫𝐟𝐚𝐫𝐞 𝐭𝐨 𝐏𝐫𝐨𝐩𝐞𝐥 𝐭𝐡𝐞 𝐃𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐏𝐫𝐨𝐝𝐮𝐜𝐭
Increasing instances of asymmetric warfare is anticipated to drive the armored vehicle market growth. Asymmetric warfare refers to the conflict where opposing parties have unequal military resources. In addition, weaker opponents deploy unorthodox weaponry and tactics to exploit their adversaries' vulnerabilities. With growing cases of asymmetric warfare, it is set to have higher number of purchase of vehicles globally.
However, mechanical failure and occurrence of electrical system in armored vehicles are expected to hamper the market growth.
𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬
𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚 𝐭𝐨 𝐋𝐞𝐚𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐡𝐚𝐫𝐞 𝐃𝐮𝐞 𝐭𝐨 𝐇𝐢𝐠𝐡 𝐒𝐩𝐞𝐧𝐝𝐢𝐧𝐠 𝐛𝐲 𝐭𝐡𝐞 𝐔.𝐒. 𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐨𝐧 𝐌𝐢𝐥𝐢𝐭𝐚𝐫𝐲
North America is expected to have a high part in the armored vehicle market share due to high spending by the U.S. government on military vehicle purchases and upgrades. Presence of key market players such as General Dynamics Corporation, Textron Systems, Oshkosh Defense, and others is also set to drive the market share.
After North America, Europe to be the second-highest region of the market as demand for battle tank is increasing with the ongoing Russia-Ukraine war.
𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞
𝐎𝐄𝐌𝐬 𝐡𝐚𝐯𝐞 𝐛𝐞𝐞𝐧 𝐅𝐨𝐜𝐮𝐬𝐢𝐧𝐠 𝐨𝐧 𝐭𝐡𝐞 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 𝐨𝐟 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐜𝐚𝐥𝐥𝐲 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐝 𝐏𝐫𝐨𝐝𝐮𝐜𝐭𝐬
The global market has numerous companies such as General Dynamics Corporation, BAE Systems, Oshkosh Corporation, and Rheinmetall AG. The market has various manufacturers, which are participating in military vehicle development and design. OEMs have been focusing on the development of technologically products and fostering strong relationships with governments in developed and developing countries.
𝐊𝐞𝐲 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭
𝐅𝐞𝐛𝐫𝐮𝐚𝐫𝐲 𝟐𝟎𝟐𝟑- The Italian Navy awarded a contract to IVECO Defense Vehicles for providing Amphibious Armored Vehicles (VBA) Personnel Carriers. Amphibious vehicles will reinforce the fleet of the San Marco Marina Brigade (BMSM).
𝐆𝐞𝐭 𝐚 𝐐𝐮𝐨𝐭𝐞:
https://www.fortunebusinessinsights.com/enquiry/get-a-quote/armored-vehicle-market-101817
𝐑𝐞𝐚𝐝 𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:
𝐔𝐧𝐦𝐚𝐧𝐧𝐞𝐝 𝐆𝐫𝐨𝐮𝐧𝐝 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬 𝐌𝐚𝐫𝐤𝐞
https://www.fortunebusinessinsights.com/unmanned-ground-vehicles-market-102525
𝐀𝐧𝐭𝐢-𝐓𝐚𝐧𝐤 𝐌𝐢𝐬𝐬𝐢𝐥𝐞 𝐒𝐲𝐬𝐭𝐞𝐦 𝐌𝐚𝐫𝐤𝐞𝐭
https://www.fortunebusinessinsights.com/anti-tank-missile-system-market-10554
𝐁𝐚𝐥𝐥𝐢𝐬𝐭𝐢𝐜 𝐌𝐢𝐬𝐬𝐢𝐥𝐞 𝐃𝐞𝐟𝐞𝐧𝐬𝐞 𝐒𝐲𝐬𝐭𝐞𝐦 (𝐁𝐌𝐃𝐒) 𝐌𝐚𝐫𝐤𝐞𝐭
https://www.fortunebusinessinsights.com/ballistic-missile-defense-system-bmds-market-108150
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