Global Armored Vehicles Market Size, Share, Growth Analysis, By Type(Electric and Conventional), By Mobility(Wheeled and Tracked) - Industry Forecast 2023-2030

Global Armored Vehicles Market size was valued at USD 27.91 billion in 2021 and is poised to grow from USD 29.44 billion in 2022 to USD 45.18 billion by 2030, at a CAGR of 5.5% during the forecast period (2023-2030).

Advancements in military vehicle technology, weaponry, automotive, electronics, and material science are poised to facilitate market expansion. The introduction of new vehicles incorporating active protection systems, reactive armor technology, programmable ammunition, and sophisticated autoloaders is transforming the landscape. Nations worldwide are undertaking extensive programs to modernize their Infantry Fighting Vehicle (IFV) fleets, enhancing offensive and troop support capabilities. The Spanish Ministry of Defence has awarded a EUR 1.74 billion (USD 2.06 billion) contract to General Dynamics European Land Systems-Santa Barbara Sistemas (GDELS-SBS) for 348 88 Dragon Wheeled Combat Vehicles (VCR), replacing the aging Pegaso 3560 BMR armored personnel carriers and Pegaso VEC-M1 reconnaissance vehicles. Initial delivery is expected in the second half of 2022, with plans to expand the program to 1,000 VCRs in the coming years. The armoured vehicle market stands to benefit from increased government spending on defense and the militarization of law enforcement, offering lucrative expansion opportunities. Additionally, the global rise in crime, riots, and terrorism fuels a growing demand for advanced security measures, further contributing to the growth of the armoured vehicle market.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Armored Vehicles Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Armored Vehicles Market Segmental Analysis

Global Armored Vehicles Market is segmented on the basis of type, mobility, mode of operation and region. By type, the market is segmented into electrical and conventional. By mobility, the market is segmented into wheeled and tracked. By mode of operation, the segmented into manned and unmanned. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Armored Vehicles Market

The expansion of the market for armored vehicles is driven by their essential role in peacekeeping and humanitarian endeavors led by international organizations and coalitions. Beyond military applications, these vehicles are instrumental in safeguarding personnel involved in missions aimed at maintaining stability and providing aid in conflict zones. Additionally, law enforcement agencies utilize specialized armored vehicles for internal security tasks, including high-risk operations like hostage rescues, riot control, and VIP protection.

Restraints in the Global Armored Vehicles Market

Armored vehicles, known for their high acquisition and maintenance expenses, pose a considerable financial challenge for many nations. The substantial costs related to procuring, training, and sustaining these vehicles can be a major impediment, particularly for countries grappling with restricted financial capabilities.

Market Trends of the Global Armored Vehicles Market

Armored vehicles are undergoing a transformation towards modular and multirole platforms, enhancing their operational flexibility. These adaptable platforms can swiftly reconfigure with interchangeable mission-specific modules, enabling armored vehicles to effectively meet diverse operational demands. This evolution not only fosters operational versatility but also results in cost savings by minimizing the necessity for dedicated vehicle types tailored to specific roles.