- Armored Personnel Carriers
- Armored Amphibious Vehicles
- Light Protected Vehicles
- Infantry Fighting Vehicles
- Buses and Coaches
- Main Battle Tank
- Mine-Resistant Ambush Protected
- Tactical Vehicle
- SUVs
- Others
Armoured Vehicle Market size is expected to be valued at USD 17.1 billion in 2022, growing at a 7.2% CAGR from 2022 to 2028. Armored vehicles are prepared to bear the impact of rockets, shrapnel, bullets, shells, and missiles, protecting the soldiers inside from enemy fire. These armored vehicles could be fitted in various vehicles like ships, tanks, and aircraft. The Armoured Vehicle Market is poised to witness the highest growth in upcoming years by the rising gaining of armored personnel carriers (APC) and mine-resistant ambush protected (MRAP) vehicles. This segment is accounting for the increasing demand for lighter, agile, and flexible vehicles that can provide a tactical advantage on battlefields which undoubtedly supports the vehicle armor market. Increasing day-by-day cross-border criminal activities and terrorism have prompted asymmetric warfare between countries, which is likely to increase the demand for armored vehicles. Technological and developmental progressions associated with active protection systems, active mine protection systems, and modular ballistic armor systems in the coming few years would expect to boost the growth of the vehicle armor market. The continuous development of armored vehicles having lightweight, highly efficient, robust, and compact suitable for defense operations is also expected to push the market's growth. As a result, acceptance of armored vehicles increases day by day will have a chance to expand the market globally. Companies also will have a chance to make huge investments to grow their market shares and to take advantage of the market's growth potential. Increasing awareness across globally for their homeland security are significant growth driver for the vehicle armor market. Due to the rising incidence of terrorism, internal disputes in countries have recently increased the vehicle armor market demand and are further expected to level up in the demand in coming years. Furthermore, the huge investment in the defense sector by both developed and developing nations would expect to drive the expansion of the vehicle armor market. Recent Market Developments: In July 2020, Mahindra Emirates Vehicle Armoring FZ LLC, a finest vehicle armoring firm, launched its latest high-tech Mine Resistant Ambush Protected Specialty (MRAPS) vehicle. In January 2022, Oshkosh Defense, LLC; military vehicles, mobility systems, and technology solutions designing company; launched its first hybrid-electric Joint Light Tactical Vehicle (JLTV). In February 2021, Arquus introduced Scarabee, a lightweight rugged vehicle to spot, lock, acquire, and hit for military services and internal security forces.
Study Period
Base Year
CAGR
Largest Market
Fastest Growing Market
Increasing terrorism and internal disputes worldwide will push the demand for the vehicle armor market. The rising attention toward protecting soldiers from external and internal threats is anticipated to increase the growth vehicle armor market. The rising awareness about commercial security will likely drive the demand for personnel armored vehicles. Furthermore, various government bodies are ready to opt for the latest instruments to counter-terrorism and military attacks, which is also boosting the demand for armored vehicles. The global military expenditure increased with time which will also drive the expansion of the vehicle armor market. The advancement of technology will create lucrative opportunities among key players in the vehicle armor market. Additionally, the high cost of raw components, machinery equipment, transportation, and some strict regulation will hamper the vehicle armor market growth.
The armoured vehicle market is projected to expand at a CAGR of 7.2% during the forecast period
BAE Systems, BMW AG, Daimler AG (Mercedes Benz), General Dynamics Corporation, Elbit Systems
North America is the fastest-growing region for the armoured vehicle market
1. Executive Summary |
2. Global Armoured Vehicle Market Introduction |
2.1. Global Armoured Vehicle Market – Taxonomy |
2.2. Global Armoured Vehicle Market –Definitions |
2.2.1. Vehicle Type |
2.2.2. Technology |
2.2.3. Mobility Type |
2.2.4. End User |
2.2.5. Geography |
3. Global Armoured Vehicle Market Dynamics |
3.1. Drivers |
3.2. Restraints |
3.3. Opportunities/Unmet Needs of the Market |
3.4. Trends |
3.5. Global Armoured Vehicle Market Dynamic Factors - Impact Analysis |
3.6. Global Armoured Vehicle Market – Competition Landscape |
4. Global Armoured Vehicle Market Analysis,2017 - 2021 and Forecast, 2022 - 2028 |
4.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
4.3. Market Opportunity Analysis |
5. Global Armoured Vehicle Market, By Vehicle Type, 2017–2021and Forecast, 2022–2028 (Revenue, USD Mn) |
5.1. Armored Personnel Carriers |
5.1.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.1.3. Market Opportunity Analysis |
5.2. Armored Amphibious Vehicles |
5.2.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.2.3. Market Opportunity Analysis |
5.3. Light Protected Vehicles |
5.3.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.3.3. Market Opportunity Analysis |
5.4. Infantry Fighting Vehicles |
5.4.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
5.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.4.3. Market Opportunity Analysis |
5.5. Buses and Coaches |
5.5.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
5.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.5.3. Market Opportunity Analysis |
5.6. Main Battle Tank |
5.6.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
5.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.6.3. Market Opportunity Analysis |
5.7. Mine-Resistant Ambush Protected |
5.7.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
5.7.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.7.3. Market Opportunity Analysis |
5.8. Tactical Vehicle |
5.8.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
5.8.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.8.3. Market Opportunity Analysis |
5.9. SUVs |
5.9.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
5.9.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.9.3. Market Opportunity Analysis |
5.10. Others |
5.10.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
5.10.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.10.3. Market Opportunity Analysis |
6. Global Armoured Vehicle Market Forecast, By Technology,2017–2021 and Forecast, 2022–2028 (Revenue, USD Mn) |
6.1. Active |
6.1.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.1.3. Market Opportunity Analysis |
6.2. Passive |
6.2.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.2.3. Market Opportunity Analysis |
7. Global Armoured Vehicle Market Forecast, By Mobility Type, 2017 – 2021 and Forecast, 2021 – 2027 (Revenue, USD Mn) |
7.1. Wheeled Armored Vehicle |
7.1.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.1.3. Market Opportunity Analysis |
7.2. Track Armored Vehicle |
7.2.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.2.3. Market Opportunity Analysis |
8. Global Armoured Vehicle Market, By End User, 2017 – 2021 and Forecast, 2021 – 2027 (Revenue, USD Mn) |
8.1. Defence |
8.1.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.1.3. Market Opportunity Analysis |
8.2. Commercials |
8.2.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.2.3. Market Opportunity Analysis |
8.3. Others |
8.3.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.3.3. Market Opportunity Analysis |
9. Global Armoured Vehicle Market Forecast, By Region, 2017–2021and Forecast, 2022–2028(Revenue, USD Mn) |
9.1. North America |
9.1.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
9.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.1.3. Market Opportunity Analysis |
9.2. Europe |
9.2.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
9.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.2.3. Market Opportunity Analysis |
9.3. Asia-Pacific |
9.3.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
9.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.3.3. Market Opportunity Analysis |
9.4. Latin America |
9.4.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
9.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.4.3. Market Opportunity Analysis |
9.5. Middle East and Africa |
9.5.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
9.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.5.3. Market Opportunity Analysis |
9.6. Global Armoured Vehicle Market - Opportunity Analysis Index, By Vehicle Type, Technology, Mobility Type, End User, and Region, 2022 - 2028 |
10. North America Armoured Vehicle Market Analysis,2017–2021and Forecast, 2022–2028(Revenue, USD Mn) |
10.1. Vehicle Type Analysis 2017–2021and Forecast 2022 - 2028by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
10.1.1. Armored Personnel Carriers |
10.1.2. Armored Amphibious Vehicles |
10.1.3. Light Protected Vehicles |
10.1.4. Infantry Fighting Vehicles |
10.1.5. Buses and Coaches |
10.1.6. Main Battle Tank |
10.1.7. Mine-Resistant Ambush Protected |
10.1.8. Tactical Vehicle |
10.1.9. SUVs |
10.1.10. Others |
10.2. Technology Type Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
10.2.1. Active |
10.2.2. Passive |
10.3. Mobility Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
10.3.1. Wheeled Armored Vehicle |
10.3.2. Track Armored Vehicle |
10.4. End User Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
10.4.1. Defence |
10.4.2. Commercial |
10.4.3. Others |
10.5. Country Analysis 2017 - 2021 and Forecast 2022 - 2028by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
10.5.1. USA |
10.5.2. Canada |
10.6. North America Armoured Vehicle Market - Opportunity Analysis Index, By Vehicle Type, Technology, Mobility Type, End User, and Region, 2022 - 2028 |
10.7. North America Armoured Vehicle Market Dynamics – Trends |
11. Europe Armoured Vehicle Market Analysis, 2017–2021 and Forecast, 2022–2028(Revenue, USD Mn) |
11.1. Vehicle Type Analysis 2017–2021and Forecast 2022 - 2028by Revenue (USD Mn),Y-o-Y Growth (%), and Market Share (%) |
11.1.1. Armored Personnel Carriers |
11.1.2. Armored Amphibious Vehicles |
11.1.3. Light Protected Vehicles |
11.1.4. Infantry Fighting Vehicles |
11.1.5. Buses and Coaches |
11.1.6. Main Battle Tank |
11.1.7. Mine-Resistant Ambush Protected |
11.1.8. Tactical Vehicle |
11.1.9. SUVs |
11.1.10. Others |
11.2. Technology Type Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
11.2.1. Active |
11.2.2. Passive |
11.3. Mobility Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
11.3.1. Wheeled Armored Vehicle |
11.3.2. Track Armored Vehicle |
11.4. End User Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
11.4.1. Defence |
11.4.2. Commercial |
11.4.3. Others |
11.5. Country Analysis 2017–2021and Forecast 2022 - 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
11.5.1. Germany |
11.5.2. UK |
11.5.3. France |
11.5.4. Spain |
11.5.5. Italy |
11.5.6. Russia |
11.5.7. Poland |
11.5.8. Rest of Europe |
11.6. Europe Armoured Vehicle Market - Opportunity Analysis Index, By Vehicle Type, Technology, Mobility Type, End User, and Region, 2022 - 2028 |
11.7. Europe Armoured Vehicle Market Dynamics – Trends |
12. Asia-Pacific Armoured Vehicle Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
12.1. Vehicle Type Analysis 2017–2021and Forecast 2022 - 2028by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
12.1.1. Armored Personnel Carriers |
12.1.2. Armored Amphibious Vehicles |
12.1.3. Light Protected Vehicles |
12.1.4. Infantry Fighting Vehicles |
12.1.5. Buses and Coaches |
12.1.6. Main Battle Tank |
12.1.7. Mine-Resistant Ambush Protected |
12.1.8. Tactical Vehicle |
12.1.9. SUVs |
12.1.10. Others |
12.2. Technology Type Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
12.2.1. Active |
12.2.2. Passive |
12.3. Mobility Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
12.3.1. Wheeled Armored Vehicle |
12.3.2. Track Armored Vehicle |
12.4. End User Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
12.4.1. Defence |
12.4.2. Commercial |
12.4.3. Others |
12.5. Country Analysis2017–2021and Forecast 2022 - 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
12.5.1. Japan |
12.5.2. China |
12.5.3. India |
12.5.4. ASEAN |
12.5.5. Australia & New Zealand |
12.5.6. Rest of Asia-Pacific |
12.6. Asia-Pacific Armoured Vehicle Market - Opportunity Analysis Index, By Vehicle Type, Technology, Mobility Type, End User, and Region, 2022 - 2028 |
12.7. Asia-Pacific Armoured Vehicle Market Dynamics – Trends |
13. Latin America Armoured Vehicle Market Analysis,2017 - 2021 and Forecast, 2022–2028 (Revenue, USD Mn) |
13.1. Vehicle Type Analysis 2017–2021and Forecast 2022 - 2028by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
13.1.1. Armored Personnel Carriers |
13.1.2. Armored Amphibious Vehicles |
13.1.3. Light Protected Vehicles |
13.1.4. Infantry Fighting Vehicles |
13.1.5. Buses and Coaches |
13.1.6. Main Battle Tank |
13.1.7. Mine-Resistant Ambush Protected |
13.1.8. Tactical Vehicle |
13.1.9. SUVs |
13.1.10. Others |
13.2. Technology Type Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
13.2.1. Active |
13.2.2. Passive |
13.3. Mobility Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
13.3.1. Wheeled Armored Vehicle |
13.3.2. Track Armored Vehicle |
13.4. End User Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
13.4.1. Defence |
13.4.2. Commercial |
13.4.3. Others |
13.5. Country Analysis 2017–2021and Forecast 2022 - 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
13.5.1. Brazil |
13.5.2. Mexico |
13.5.3. Argentina |
13.5.4. Rest of Latin America |
13.6. Latin America Armoured Vehicle Market - Opportunity Analysis Index, By Vehicle Type, Technology, Mobility Type, End User, and Region, 2022 - 2028 |
13.7. Latin America Armoured Vehicle Market Dynamics – Trends |
14. Middle East and Africa Armoured Vehicle Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) |
14.1. Vehicle Type Analysis 2017–2021and Forecast 2022 - 2028by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
14.1.1. Armored Personnel Carriers |
14.1.2. Armored Amphibious Vehicles |
14.1.3. Light Protected Vehicles |
14.1.4. Infantry Fighting Vehicles |
14.1.5. Buses and Coaches |
14.1.6. Main Battle Tank |
14.1.7. Mine-Resistant Ambush Protected |
14.1.8. Tactical Vehicle |
14.1.9. SUVs |
14.1.10. Others |
14.2. Technology Type Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
14.2.1. Active |
14.2.2. Passive |
14.3. Mobility Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
14.3.1. Wheeled Armored Vehicle |
14.3.2. Track Armored Vehicle |
14.4. End User Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
14.4.1. Defence |
14.4.2. Commercial |
14.4.3. Others |
14.5. Country Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
14.5.1. Gulf Cooperation Council (GCC) Countries |
14.5.2. Israel |
14.5.3. South Africa |
14.5.4. Rest of MEA |
14.6. MEA Armoured Vehicle Market - Opportunity Analysis Index, By Vehicle Type, Technology, Mobility Type, End User, and Region, 2022 - 2028 |
14.7. MEA Armoured Vehicle Market Dynamics – Trends |
15. Competition Landscape |
15.1. Strategic Dashboard of Top Market Players |
15.2. Company Profiles (Introduction, Financial Analysis, Product Type& Service Testing Types, Key Developments, Strategies, and SWOT Analysis) |
15.2.1. BAE Systems |
15.2.2. BMW AG |
15.2.3. Daimler AG (Mercedes Benz) |
15.2.4. General Dynamics Corporation |
15.2.5. Elbit Systems |
15.2.6. International Armored Group |
15.2.7. Ford Motor Company |
15.2.8. INKAS Armored Vehicle Manufacturing |
15.2.9. Rheinmetall AG |
15.2.10. IVECO |
15.2.11. Krauss-Maffei Wegmann GmbH & Co. (KMW) |
15.2.12. Lenco Industries, Inc. |
15.2.13. Navistar, Inc. |
15.2.14. Oshkosh Defense, LLC |
15.2.15. Lockheed Martin Corporation |
15.2.16. STAT, Inc. |
16. Research Methodology |
17. Key Assumptions and Acronyms |