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Market Research Report

Armored Vehicles Market - Growth, Trends, and Forecast (2019 - 2024)

Published by Mordor Intelligence LLP Product code 635912
Published Content info 112 Pages
Delivery time: 2-3 business days
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Armored Vehicles Market - Growth, Trends, and Forecast (2019 - 2024)
Published: March 1, 2019 Content info: 112 Pages

Market Overview

The armored vehicles market is anticipated to register a CAGR of over 3% during the forecast period, owing to demand from the armed forces, law enforcement agencies (police), and potential private owners.

The increasing political tension, terrorism, and hostile activities that are happening around the world are some of the major reasons generating the demand for the armored vehicles market.

Increasing defense spending to fight the aforementioned factors is likely to support the growth of the armored vehicles market.

Scope of the Report

An armored vehicle is a land vehicle protected by armor, generally combining operational mobility with offensive and defensive capabilities. Armored vehicles can be wheeled or tracked, depending on the type. Armored personnel carrier (APC), infantry fighting vehicle (IFV), mine-resistant ambush protected (MRAP), main battle tank (MBT), armored cars, vehicles carrying armored self-propelled artillery, light armored vehicles, armored ambulance, armored recovery vehicles, assault amphibious vehicle, armored vehicle-launched bridge (AVLB), armored utility vehicles, and other support vehicles are some of the examples of vehicles that are included in the study.

Key Market Trends

Main Battle Tank Segment is Projected to Lead the Armored Vehicles Market from 2019 to 2024

Currently, the main battle tank (MBT) segment dominates the market and is expected to continue its domination during the forecast period. This is propelled by the increasing procurements of tanks by various countries, like Hungary, Russia, Thailand, France, and Germany, among others. For instance, in August 2018, the Russian Ministry of Defense signed a contract with Uralvagonzavod (UVZ) for the production of 132 third-generation T-14 Armata main battle tanks (MBT) and T-15 heavy infantry fighting vehicles (IFV). The Russian Ground Forces are expected to receive a total of 100 T-14 MBTs by 2020.

Armored Vehicles Market in Asia-Pacific Region to Register Highest CAGR During the Forecast Period

The Asia-Pacific region currently dominates the market and is expected to register the highest CAGR during the forecast period. The increasing political tensions between Pakistan, India, China, and Japan, and increasing terrorist activities are forcing these countries to increase and modernize their ground forces. These factors are expected to drive the procurement of armored vehicles, thereby, helping the growth of the Asia-Pacific armored vehicles market.

Competitive Landscape

The major players in the market are BAE Systems PLC, Oshkosh Corp., Rheinmetall AG, General Dynamics Corporation, and Textron Inc. The major players are facing a slowdown in revenue, due to decreasing orders for procuring armored vehicles. However, local manufacturing companies of all developing countries are filled with orders and backlogs worth at least five years of production. The increasing presence of local firms is shifting the market dynamics from a concentrated market to a fragmented market.

Reasons to Purchase this report:

  • The market estimate (ME) sheet in Excel format
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  • 3 months of analyst support
Table of Contents
Product Code: 52315

Table of Contents


  • 1.1 Study Deliverable
  • 1.2 Study Assumptions
  • 1.3 Scope of the Study




  • 4.1 Market Overview
  • 4.2 Market Drivers
  • 4.3 Market Restraints
  • 4.4 Porter's Five Forces Analysis
    • 4.4.1 Bargaining Power of Buyers/Consumers
    • 4.4.2 Bargaining Power of Suppliers
    • 4.4.3 Threat of New Entrants
    • 4.4.4 Threat of Substitute Products
    • 4.4.5 Intensity of Competitive Rivalry



  • 6.1 Type
    • 6.1.1 Armored Personnel Carrier (APC)
    • 6.1.2 Infantry Fighting Vehicle (IFV)
    • 6.1.3 Mine-resistant Ambush Protected (MRAP)
    • 6.1.4 Main Battle Tank (MBT)
    • 6.1.5 Other Types
  • 6.2 Geography
    • 6.2.1 North America
      • US
      • Canada
    • 6.2.2 Europe
      • UK
      • France
      • Germany
      • Rest of Europe
    • 6.2.3 Asia-Pacific
      • China
      • India
      • Japan
      • Rest of Asia-Pacific
    • 6.2.4 Latin America
      • Mexico
      • Brazil
      • Rest of Latin America
    • 6.2.5 Middle East & Africa
      • UAE
      • Nigeria
      • Saudi Arabia
      • Rest of Middle East & Africa


  • 7.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 7.2 Vendor Market Share
  • 7.3 Strategies Adopted by Leading Players
  • 7.4 Company Profiles
    • 7.4.1 General Dynamics Corporation
    • 7.4.2 Rheinmetall AG
    • 7.4.3 BAE Systems PLC
    • 7.4.4 Textron Inc.
    • 7.4.5 Elbit Systems Ltd
    • 7.4.6 Krauss-Maffei Wegmann GmbH & Co. KG
    • 7.4.7 Nexter Systems
    • 7.4.8 Oshkosh Corp.
    • 7.4.9 FNSS Savunma Sistemleri
    • 7.4.10 IVECO SPA
    • 7.4.11 BMC
    • 7.4.12 STREIT Group


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