Armored Vehicles Market 2028: Executive Summary, Key Trends & Future Outlook

Armored Vehicles Market Size & Insights

The Global Armored Vehicles Market is projected to grow at a CAGR of around 4.1% during the forecast period, i.e., 2023-28. The market growth is majorly carried by the rising defense expenditure of several countries as a response to the rising geopolitical tension and cross-border disputes in numerous regions, leading to increased necessity for military vehicles with bulletproof and other features. In addition, technological advancement in combat vehicles, with added features providing more safety, the scope of modification, and advanced functionality, is adding to the market’s expansion.

What are the Key Driver in the Armored Vehicles Market??

Rising Defense Budget and Cross-Border Disputes in Numerous Countries – Increasing defense expenditure and budget in several countries with rising cross-border disputes has primarily driven the market. The prevalence of conflicts, terrorist activities, and wars worldwide requires numerous countries to strengthen their military equipment and vehicles, fueling market expansion. Likewise, growing emphasis on the sustainability of military vehicles and personnel safety through added advanced safety features with increasing humanitarian missions also adds to the market acceleration.

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What are the Key Segments in the Armored Vehicles Market?

The Armored Vehicles is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:

By Platform

Combat Vehicles
- Main Battle Tanks
- Infantry Fighting Vehicles
- Armored Personal Carriers
- Armored Amphibious Vehicles
- Mine-Resistant Ambush Protected Vehicles
- Light Armored Vehicles
- Others (Self Propelled Howitzers, Air Defence Vehicles, etc.)
Combat Support Vehicles
- Armored Supply Trucks
- Armored Command and Control Vehicles
- Repair and Recovery Vehicles
- Others (Bridge laying Tanks, Mine Clearance Vehicles, etc.)
Unmanned Armored Ground Vehicles

Here, Combat Vehicles are expected to garner the highest market share in the forthcoming years following their high revenue contribution in the historical period.

By System

Engines
Turret Drives
Ammunition Handling Systems
Fire Control Systems
Armaments
Ballistic Armor
Countermeasure System
Command and Control System
Power System
Others (Navigation System, Observation and Display Systems, etc.)

Among others, Armaments acquired a significant market share in the historical period and are anticipated to follow the same flow in the forecast period, owing to the rising requirement for remote weapon stations, anti-tank guided missile (AGTM) launchers, and other armaments worldwide.

By Type

Electric
Conventional

By Mode of Operation

Manned
Unmanned

By Mobility

Wheeled
- 4X4
- 6X6
- 8X8
- Others (10X10, 12X12, etc.)
Tracked

By Sales Channel

OEM
Retrofit

How does geographical analysis highlight in the Armored Vehicles market?

By Region

North America
South America
Europe
The Middle East & Africa
Asia-Pacific.

North America dominated the market with the largest market share in the historical period owing to the highest military budget of the US government with ongoing modernization research programs, combined with the presence of significant defense and military equipment manufacturer companies.

Who are the Key Players in Armored Vehicles Market?

L3Harris Technologies, Inc.
Hanwha Group
General Dynamics Corporation
Lockheed Martin Corporation
Northrop Grumman
Oshkosh Defense, LLC
BAE Systems
Thales Group
ST Engineering
Mitsubishi Heavy Industries
Textron Systems
Denel Soc Ltd
FNSS
Arquus
Iveco Defence Vehicles
Others.

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Key pillars of the research methodology include:

Scope & Research Design – Clearly defined objectives with tailored qualitative and quantitative methods, backed by precise timelines and budgets.
Sample Selection & Data Collection – Representative samples achieved through proven techniques like random and stratified sampling, supported by reliable tools such as surveys, interviews, and observations.
Data Analysis & Validation – Rigorous cleaning, advanced statistical modeling, and thematic analysis ensure accuracy, reliability, and minimal bias.
Forecasting & Finalization – Predictive modeling and time-series analysis anticipate future market behaviors, presented through insightful reports with charts, graphs, and strategic recommendations.

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Why This MarkNtel Advisors Research Report:

In-depth Market Analysis: Understand trends and dynamics shaping growth.
Segmented Insights: Target specific segments for focused strategies.
Geographical Performance: Assess market opportunities by geographic area.
Emerging Technologies: Discover advancements like AI integration.
Risk Identification: Pinpoint challenges to inform strategic planning.
Future Forecasts: Prepare for market changes with actionable projections.

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