Armored Vehicles Market Set to Soar Past USD 45.18 Billion by 2030

The global Armored Vehicles market size is expected to reach USD 45.18 billion by 2030 and exhibit a CAGR of 5.5% in the forecast period (2023−2030), according to Skyquest’s latest research report. The geopolitical tensions, rising defense budgets, military modernization efforts, increasing need for border security, the threat of asymmetric warfare, demand for peacekeeping missions, terrorist activities, urban warfare scenarios, technological advancements in armor and armaments, regional conflicts, and the need for asset protection in critical infrastructure is fueling the market’s growth.

Westford, USA, Feb. 28, 2024 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Armored Vehicles market, increasing demand for light armored vehicles, emphasis on hybrid and electric armored vehicles, adoption of active protection systems, growth in unmanned ground vehicles, focus on modular and scalable vehicle designs, development of autonomous armored vehicles, use of advanced materials for enhanced protection, integration of advanced sensors and communication systems, are the trends that aid in the market’s growth.

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Browse in-depth TOC on the “Armored Vehicles Market”

  • Pages – 157
  • Tables – 92
  • Figures – 74

An armored vehicle is a military vehicle that is protected by armor, generally combining operational mobility with offensive and defensive capabilities. Armored vehicles can be wheeled or tracked. Examples of armored vehicles are tanks, armored cars, assault guns, self-propelled artilleries, infantry fighting vehicles (IFV), and armored personnel carriers (APC).

Prominent Players in Armored Vehicles Market

  • General Dynamics Corporation
  • BAE Systems plc
  • Oshkosh Defense, LLC
  • Rheinmetall Group
  • Krauss-Maffei Wegmann GmbH & Co. KG
  • Hyundai Rotem Co., Ltd.
  • Nexter group KNDS
  • Craft Machine Inc.
  • Lenco Industries, Inc.
  • Lockheed Martin Corporation
  • Hanwha Defense
  • Northrop Grumman Corporation
  • L3Harris Technologies
  • AM General LLC
  • Iveco Defence Vehicles
  • Patria Land Systems Oyj
  • Renault Trucks Defense
  • Norinco Group Corporation
  • Kurganmashzavod
  • STREIT Group

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Main Battle Tanks (MBTs) Demand to Grow Substantially in the Forecast Period

Main Battle Tanks (MBTs) dominates the global online market as they are versatile armored vehicles designed to engage a wide range of ground targets, including other armored vehicles, fortifications, and infantry. Their adaptability to various combat scenarios gives them a prominent role in modern armed forces.

Military is the Leading Application Segment

In terms of application, the Military is the leading segment  as they prioritize the protection and security of their nations. Armored vehicles are a fundamental component of modern military forces, and their procurement is essential for national defense strategies. Many countries are engaged in military modernization efforts to enhance their armed forces’ capabilities. This includes the acquisition of advanced armored vehicles to ensure readiness and effectiveness in times of conflict.

North America is the leading Market Due to the Technological Advancements

Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements. Consumers in North America have embraced online shopping across various sectors, including groceries. There is a high level of digital literacy and comfort with online transactions among North American consumers. This consumer readiness and willingness to adopt Armored Vehicles shopping have contributed to the region’s dominance.

A recent report thoroughly analyzes the major players operating within the Armored Vehicles market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Armored Vehicles.

Key Developments in Armored Vehicles Market

  • In March 2023, Oshkosh Defense announced that it had received a $1.2 billion contract from the U.S. Army for the production of the Joint Light Tactical Vehicle (JLTV). The JLTV is a new armored vehicle that is designed to replace the Humvee.
  • In February 2023, BAE Systems announced that it had received a $2.5 billion contract from the U.S. Army for the production of the Armored Multi-Purpose Vehicle (AMPV). The AMPV is a new armored vehicle that is designed to replace the M113.

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Key Questions Answered in Armored Vehicles Market Report

  • What specific growth drivers are projected to impact the market during the forecast period?
  • Can you list the top companies in the market and explain how they have achieved their positions of influence?
  • In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?

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