The Global Armored Vehicle Market Is Driven By Demand From Rising Geopolitical Tensions
The armored vehicle market involves the production of armored fighting vehicles as well as other armored vehicles including armored personnel carriers, infantry fighting vehicles, main battle tanks, lightweight armored vehicles, amphibious armored vehicles and mine-protected vehicles. These vehicles are bulletproof, bomb-proof, mine-resistant and incorporate armored bodyshells, making them highly durable and capable of surviving direct impacts from firearms or explosions. They provide protection to military vehicles as well as law enforcement agencies against direct attacks from improvised explosive devices (IEDs), landmines and other explosive ordnance. Armored vehicles play an integral role in military operations by transporting troops and armament as well as launching attacks. The demand for technologically advanced armored vehicles with enhanced passenger capacity, surveillance systems and navigational aids is on the rise.
The Global Armored Vehicle Market is estimated to be valued at US$ 42.21 Bn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Armored Vehicle market are BAE Systems, BMW AG, Daimler AG (Mercedes Benz), Ford Motor Company, General Dynamics Corporation, INKAS Armored Vehicle Manufacturing, International Armored Group, Lenco Industries, Inc., Lockheed Martin Corporation, Navistar, Inc., Oshkosh Defense, LLC, Rheinmetall AG, STAT, Inc., Textron, Inc., and Thales Group.
The rising geopolitical tensions and increasing terrorist activities across the world have fueled the demand for advanced armored vehicles for military as well as law enforcement applications. Countries are ramping up their defense spending to modernize their armed forces with protected armored vehicles thereby driving the market growth.
The Armored Vehicle Market Size is expanding globally with growing demand from emerging economies of Asia Pacific and Middle East regions. Countries in these regions are heavily investing in defense sector to strengthen their military capabilities in view of regional conflicts and threats. The market players are actively focusing on these regions by establishing manufacturing facilities or signing partnerships with local players.
Market Drivers
The increasing defense budget allocation by governments globally and rising geopolitical tensions are the major drivers for the armored vehicle market. As the instances of terrorist attacks, cross border tensions, and internal conflicts continue to rise, countries are investing heavily in modernizing and expanding their armed forces with advanced armored vehicles for military operations. According to reports, the global defense expenditure rose to over $2 trillion in 2022 led by increased spending by USA, China, India and many European nations. This rising defense spend is fueling the demand for armored vehicles across the world.
The current geopolitical conflicts and tensions around the world are significantly fueling the growth of the armored vehicle market. With rising threats from extremism and insurgency, defense spending of various countries is increasing substantially which is directly benefitting the demand for protected mobility solutions. Manufacturers are witnessing a spurt in orders for light as well as heavy armored vehicles from military forces worldwide. Furthermore, ongoing territorial disputes and conflicts among nations are prompting governments to strengthen their military capabilities. This is boosting procurement of combat support vehicles, infantry fighting vehicles, main battle tanks and other armored platforms for security forces.
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