Armored Vehicle Market

Analysis by Platform (Combat Vehicles, Combat Support Vehicles, and Others); by Movement (Wheeled, and Tracked); by Role (Attack, Reconnaissance, and Support); by End-User (Military, and Civilian); and by Armor (Heavy, Medium, and Light Armor Vehicle) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Report ID: 4586 | Published On: Feb 20, 2023
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Global Armored Vehicle Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global armored vehicle market is estimated to garner a revenue of ~USD 30 billion by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 18 billion in the year 2022. The growth of the market can be attributed to the increasing spending on defense, which spends a large percentage of that amount on the manufacturing or importing of armored vehicles to make the defense system robust for any major or minor combat situation. Furthermore, the rising use of combat vehicles worldwide for suppressing military and civilian unrest is also estimated to flourish the market growth over the forecast period. According to the United States Government Accountability Office, defense spending amounted to ~USD 714 billion in 2020 and more than USD 730 billion in FY 2021.

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Global armored vehicle market trends such as, rising terrorism and anti-national activities have led to an increased demand for such vehicles, for protection from both domestic and international threats, and are estimated to influence the growth of the market over the forecast period. It is estimated that there are around 90,000 armored vehicles in use currently across the globe. The main armored vehicle for bigger military units is the tank, whereas further military kinds include amphibious landing vessels, infantry fighting vehicles, and others. As of 2021, Egypt became the country to have the highest number of military combat tanks, which sums up to around 4000.

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Global Armored Vehicle Market: Key Insights

Base Year


Forecast Year




Base Year Market Size (2022)

~ USD 18 Billion

Forecast Year Market Size (2033)

~ USD 30 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Global Armored Vehicle Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Threat of Terrorism - It is estimated that over 20,000 people died owing to the terrorist-related activities in 2019.

With the increasing audacity of terrorist groups, the use of armored vehicles is bound to increase and is expected to boost the armored vehicles market in the forecasted period. When a country owns a huge number of armored vehicles, it shows the power owned by the country to the world and escalates its reputation on a global scale.

  • Rising Spending on Global Military Across the Globe – There has been rising spending on military through installation of various equipment in armored vehicles, such as handheld imagers, that is further expected to drive the market’s growth over the forecast period. Furthermore, the high military spending across the globe in relation to different countries in order to provide more security to the citizens of those countries.  As per the estimated data, 62% of the world's military spending was made by the top 5 defense spenders—the United States, China, India, Russia, and the United Kingdom. The United States allotted USD ~780 billion for the defense industry in 2020, a ~4% increase from 2019.
  • Increment in Organized and Riot Crime – There has been an increase in the riot crime cases across the globe, and it is anticipated to boost the growth of the global armored vehicle market. For instance, it was observed that in India, ~51,500 cases of riots were registered in 2020, an increase of ~5,000 cases from 2019.

  • Growing Advancement and Advent of Unmanned Vehicles - According to data, over the course of the missions, more than 130 US Air Force, Army, Navy, and Marine Corps EOD soldiers were killed in Iraq.

  • Increased Use in Private Security – According to statistics, over 1 million people were employed in private security in the U.S.


  • High Costs of Acquisition and Maintenance – The most of the estimated acquisition costs are spent on remanufactured and upgraded versions of current vehicles, and it is expected to restrain the market’s growth. For instance, it is projected that the total acquisition costs for the Army’s ground combat vehicles in the United States will reach nearly 5 billion per year till 2050.
  • Delays in Production and Delivery
  • Geopolitical Restraints and Factors

 Market Segmentation

The global armored vehicle market is segmented and analyzed for demand and supply by end-user into military and civilian. Out of these sub-segments, the military segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the increasing geopolitical issues, acts of terrorism, and military spending, followed by the increasing global budget on defense. The military, also known as the armed forces, is described to be the largest group of international ambassadors since it has the highest responsibility to show. The military is a highly organized group that deals with multiple missions, whether they are national or international. For instance, the world military expenditure crossed over USD 2000 billion in 2022. Additionally, the military has the highest number of armored vehicles, backed by the escalated export/import volumes of tanks and other armored vehicles. For instance, in 2022, Ukraine imported 240 T-20 tanks from Poland and nearly 150 M133 armored personnel carriers from the United States.

The global armored vehicle market is also segmented and analyzed for demand and supply by armor into heavy, medium, and light armor vehicle. Out of these, the heavy armor vehicle segment is anticipated to hold the largest market size over the forecast period owing to its highly utilization in the defense system. Moreover, heavy armor vehicles have the capacity to include multiple types of weapons in a single vehicle. Tanks are the most common example of heavy armor vehicles, and they are used in the military at a higher scale. Germany is known to produce and sell a higher number of the main battle tank (MBT), Hence, the country is very popular with foreign armies. In addition, these tanks provide protection from the artillery ammunition that is further anticipated to boost the segment’s growth in the market. Furthermore, these vehicles provide excellent protection against suspicious attackers. For instance, it has been observed that it takes only 6 seconds for attackers to complete their task. Hence, with the help of heavily armed vehicles, their users are provided with sufficient time to realize that they are under attack and can plan accordingly.

Our in-depth analysis of the global armored vehicle market includes the following segments:

               By Platform

  • Combat Vehicles
  • Combat Support Vehicles
  • Others

               By Movement

  • Wheeled
  • Tracked

                By Role

  • Attack
  • Reconnaissance
  • Support

                 By End-User

  • Military
  • Civilian

                    By Armor

  • Heavy
  • Medium
  • Light

Global Armored Vehicle Market Regional Synopsis

The North America armored vehicle market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed to the fact that the United States is the country with the highest spending on defense and military in the world. Furthermore, in the announced Defense Budget of 2023 by the United States Department of Defense, an estimated USD 773 billion will be spent on defense in total, with USD 12.6 billion to modernizing army and marine corps fighting vehicles. The United States is quite developed when it comes to its tank force since it has the world’s largest tank force. In 2020, the United States was observed to have around 5000 tanks in the active position and a stock of approximately 2000 in reserve. Additionally, it has the most advanced tanks in the world which are M1 Abrams Tanks. Hence, such factors are estimated to hike the market growth in the region over the forecast period.


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Top Featured Companies Dominating the Global Armored Vehicle Market

    • General Dynamics Corporation

      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis 
    • BAE Systems plc
    • Oshkosh Defense, LLC
    • Rheinmetall Group
    • Krauss-Maffei Wegmann GmbH & Co. KG
    • Hyundai Rotem Co., Ltd.
    • Nexter group KNDS
    • Craft Machine Inc.
    • Lenco Industries, Inc.
    • Lockheed Martin Corporation

In The News

  • April 2022: IBSRELA the first and only NHE3 inhibitor for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults, has been made available by the biopharmaceutical company Ardelyx. The first Ardelyx product to receive approval from the US Food and Drug Administration is IBSRELA.
  • March 2022: Indegene a provider of technology-driven healthcare solutions, & meta Me Health, a maker of Regulora and a Prescription Digital Therapeutics (PDT) business, teamed up to offer Regulora as a remedy for irritable bowel syndrome-related stomach pain (IBS).

Global Economic Impact

Request Insights
Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the armored vehicle market?

Ans: Rising spending on global military across the globe is the major factor driving the market growth.

2) What would be the CAGR of armored vehicle market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2033.

3) What are the challenges affecting the armored vehicle market growth?

Ans: High costs of acquisition and maintenance are estimated to be the growth-hindering factors for market expansion.

4) Which region will provide more business opportunities for growth of armored vehicle market in future?

Ans: The market in the North America region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the armored vehicle market?

Ans: The major players in the market are BAE Systems plc, Oshkosh Defense, LLC, Rheinmetall Group, Krauss-Maffei Wegmann GmbH & Co. KG, Hyundai Rotem Co., Ltd., Nexter group KNDS, Craft Machine Inc., Lenco Industries, Inc., Lockheed Martin Corporation, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the armored vehicle market?

Ans: The market is segmented by platform, movement, role, end-user, armor, and by region.

8) Which segment captures the largest market size in the end-user segment in the armored vehicle market?

Ans: The military segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

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