According to the report by Expert Market Research (EMR), the global armoured vehicle market size is projected to grow at a CAGR of 5.8% between 2024 and 2032. Aided by the escalating geopolitical tensions and the heightened need for advanced security and defence mechanisms, the market is expected to grow significantly by 2032.
Armoured vehicles, essential in defence and security operations, are designed to provide protection against ballistic threats, improvised explosive devices (IEDs), and other forms of attack. These vehicles range from light-armoured tactical vehicles to heavily fortified tanks, each serving a unique role in military and law enforcement operations. The growing demand for these vehicles is driven by the increasing instances of armed conflicts, terrorism, and the need for advanced border security solutions.
One of the primary factors fuelling the global armoured vehicle market growth is the rising global military expenditure. Nations are investing heavily in defence capabilities to safeguard their territories and maintain geopolitical stability. This investment includes the procurement of new armoured vehicles and the upgrading of existing fleets with advanced technologies, such as enhanced armour, improved mobility, and sophisticated weapon systems.
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As per the armoured vehicle market analysis, the evolving nature of warfare and the increasing frequency of asymmetric warfare tactics, such as guerrilla attacks and urban combat, necessitate the deployment of versatile and robust armoured vehicles. These vehicles need to be adaptable to various terrains and capable of providing superior protection to personnel in high-threat environments.
The technological advancements in armoured vehicle manufacturing are another significant factor contributing to the armoured vehicle market size. The integration of artificial intelligence (AI), unmanned systems, and advanced communication and surveillance equipment is transforming the capabilities of these vehicles. Such advancements not only enhance operational efficiency but also increase the survivability of forces in hostile situations.
Additionally, the heightened focus on homeland security and the increasing use of armoured vehicles by law enforcement agencies is propelling armoured vehicle market demand. In the face of rising internal security challenges, such as civil unrest and domestic terrorism, police and security forces are increasingly adopting armoured vehicles for patrolling, riot control, and counter-terrorism operations.
Armoured Vehicle Market Segmentation
The market can be divided based on type, technology used, mobility, system, application, and region.
Market Breakup by Type
- Main Battle Tanks (MBT)
- Mine-Resistant Ambush-Protected (MRAP)
Light Protected Vehicles (LPV) - Armoured Personnel Carriers (APC)
- Amphibious Armoured Vehicles
- Unmanned Ground Vehicles (UGV)
- Others
Market Breakup by Technology Used
- Active Protection Systems
- Interoperable Communication Systems
- Modular Ballistic Armour Systems
- Electric Armour
- Situational Awareness
- Active Mine Protection Systems
- Vehicle Information Integration
Market Breakup by Mobility
- Wheeled
- Tracked
Market Breakup by System
- Engines
- Drive System
- Ballistic Armour
- Turrets Drive
- Ammunition Handling System
- Fire Control System
- Armaments
- Countermeasure Systems
- Command and Control (C2) Systems
- Power Systems
- Navigation Systems
- Observation and Display Systems
- Hulls/Frames
Market Breakup by Application
- Commercial Organisation
- Government Organisation
- Military
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Armoured Vehicle Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global armoured vehicle market. Some of the major players explored in the report by Expert Market Research are as follows:
- Oshkosh Defense, LLC
- Textron Systems Corporation
- Denel Vehicle Systems
- Krauss-Maffei Wegmann GmbH & Co.
- FNSS Savunma Sistemleri A.S
- General Dynamics Corporation
- BAE Systems Plc
- Rheinmetall AG
- Others
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