Armored Vehicles Market Size, Share, Growth Analysis, By Type(Electric and Conventional), By Mobility(Wheeled and Tracked) - Industry Forecast 2024-2031

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).

The collaboration of major players with businesses producing cutting-edge systems and components is stressed in order to give their products cutting-edge technology for improved combat capabilities. An international conglomerate of aerospace and technology formed a partnership to pool resources, knowledge, and expertise in order to create armored vehicles in India. Two leading manufacturing and technology businesses will work together in this partnership due to their similar synergies and complementary skill sets. 'BAE Systems plc (United Kingdom)', 'General Dynamics Corporation (United States)', 'Rheinmetall AG (Germany)', 'Oshkosh Corporation (United States)', 'Thales Group (France)', 'Navistar International Corporation (United States)', 'ST Engineering (Singapore)', 'Nexter Group (France)', 'IVECO S.p.A. (Italy)', 'Krauss-Maffei Wegmann GmbH & Co. KG (Germany)', 'Lockheed Martin Corporation (United States)', 'AM General LLC (United States)', 'Textron Inc. (United States)', 'Elbit Systems Ltd. (Israel)', 'KMW + Nexter Defense Systems (KNDS) (Germany/France)', 'Denel Land Systems (South Africa)', 'NORINCO International Cooperation Ltd. (China)', 'FNSS Savunma Sistemleri A.Ş. (Turkey)', 'Rostec State Corporation (Russia)', 'Tata Motors Limited (India)', 'Rosoboronexport (Russia)', 'UkrOboronProm (Ukraine)'

Armored vehicles play a crucial role in peacekeeping and humanitarian missions conducted by international organizations and coalitions. These vehicles provide protection to personnel involved in these missions and assist in maintaining stability and delivering aid in conflict-affected regions.

Armored vehicles are evolving towards modular and multirole platforms to enhance operational flexibility. These platforms can be quickly reconfigured with interchangeable mission-specific modules, allowing armored vehicles to adapt to various operational requirements. This trend enables cost savings by reducing the need for dedicated vehicle types for different roles.

Over 32% of revenue in 2022 came from the Asia Pacific region, which had the largest proportion. The government's initiatives to boost military capability to combat both internal and external terrorism are responsible for the region's development. Additionally, a number of government entities are making large investments to expand the defense industry. For instance, Otokar, a Turkish military vehicle manufacturer with headquarters in Sakarya, set out to increase its presence in the Asia Pacific region in March 2022. At the Defense Services Asia expo in Kuala Lumpur, Malaysia, the company showed COBRA II tactical armored vehicles as well as ARMA 66 wheeled armored vehicles. To fulfil present and future customer expectations, the company plans to grow its regional operations.