Armored Vehicles Market Size, Share, Growth Analysis, By Mobility (Wheeled, Tracked), By Type (Conventional, Electric), By Mode of Operation (Manned, Unmanned), By Point of Sale (OEM, Retrofit), By Region - Industry Forecast 2024-2031

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).

Market expansion will be aided by advancements in military vehicle technology as well as in weaponry, automotive, electronics, and material science. The market is currently seeing the introduction of new vehicles with active protection systems, reactive armour technology, programmable ammunition, sophisticated autoloaders, and other features. To improve their offensive and troop support capabilities, several nations throughout the world are implementing a variety of programmes to thoroughly modernise their IFV fleet. To a group led by General Dynamics European Land Systems-Santa Barbara Sistemas (GDELS-SBS), the Spanish Ministry of Defence awarded a contract worth EUR 1.74 billion (USD 2.06 billion) to provide 348 88 Dragon Wheeled Combat Vehicles (VCR). The Pegaso 3560 BMR armoured personnel carriers and Pegaso VEC-M1 reconnaissance vehicles, both in use since the 1970s and the 1980s, respectively, will be replaced by the Dragón VCR. In the second half of 2022, delivery of the armoured vehicles is anticipated to start. In the upcoming years, the programme is anticipated to expand to up to 1,000 VCRs. The government's increased emphasis on spending money to bolster the defence industry along with the militarization of law enforcement organisations will lead to profitable expansion chances for the armoured vehicle market. The rise of the armoured vehicle market is also being aided by an increase in crime, riots, and terrorism around the globe. desire for armoured vehicles will increase since there is a growing desire from the general public for sophisticated security and safety measures.