Global Armored Vehicles Market

Armored Vehicles Market Size, Share, Growth Analysis, By Platform(Combat Vehicles [Main Battle Tanks, Infantry Fighting Vehicles, Armored Personnel Carriers, Armored Amphibious Vehicles), By Mobility(Wheeled [4X4, 6X6, 8X8, 10X10), By Type(Electric, Conventional), By Systems(Engines [Diesel Engines, Turbine Engines], Drive Systems [Power Transmission Drives, Suspension & Braking Systems), By Mode of Operation(Manned and Unmanned), By Point of Sale(OEM and Retrofit), By Region - Industry Forecast 2024-2031


Report ID: SQMIG20A2235 | Region: Global | Published Date: September, 2024
Pages: 202 | Tables: 59 | Figures: 77

Armored Vehicles Market News

  • In March 2024, the German Bundeswehr (Armed forces of the Federal Republic of Germany) announced a significant procurement from Rheinmetall for the “Schwerer Waffenträger Infanterie,” a heavy weapon carrier for infantry units1. This contract, valued at approximately €2.7 billion, includes up to 123 vehicles and encompasses service and maintenance, with deliveries commencing in 2025. 

  • In November 2023, Oshkosh Defense, LLC announced a significant order from the U.S. Army Contracting Command – Detroit Arsenal for their Joint Light Tactical Vehicles (JLTV), trailers, and associated kits, valued at $208 million. 

  • In March 2023, Oshkosh Defense announced that it had received a $1.2 billion contract from the U.S. Army for the production of the Joint Light Tactical Vehicle (JLTV). The JLTV is a new armored vehicle that is designed to replace the Humvee. 

  • In February 2023, BAE Systems announced that it had received a $2.5 billion contract from the U.S. Army for the production of the Armored Multi-Purpose Vehicle (AMPV). The AMPV is a new armored vehicle that is designed to replace the M113. 

  • In January 2023, Rheinmetall announced that it had received a $1 billion contract from the German government for the production of the Lynx KF41 armored fighting vehicle. The Lynx KF41 is a new armored vehicle that is designed to replace the Leopard 2. 

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FAQs

Global Armored Vehicles Market size was valued at USD 29.45 Billion in 2022 and is poised to grow from USD 31.06 Billion in 2023 to USD 47.67 Billion by 2031, at a CAGR of 5.5% during the forecast period (2024-2031).

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) ', 'ST Engineering (Singapore) ', 'IVECO S.p.A. (Italy) ', 'Krauss-Maffei Wegmann GmbH & Co. KG (Germany) ', 'Lockheed Martin Corporation (United States) ', 'Textron Inc. (United States) ', 'Elbit Systems Ltd. (Israel) ', '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) ', 'Patria Group (Finland) ', 'Paramount Group (South Africa) ', 'GAZ Group (Russia) ', 'Mahindra Defence Systems (India) ', 'Otokar Otomotiv ve Savunma Sanayi A.Ş. (Turkey) ', 'International Armored Group (UAE)'

Armored vehicles are typically expensive to acquire, operate, and maintain. The high costs associated with purchasing, training, and maintaining armored vehicles can be a significant deterrent for some countries, especially those with limited financial resources.

Over 32% of global 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.

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Global Armored Vehicles Market

Report ID: SQMIG20A2235

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