Armoured Vehicle Market: By Vehicle Type (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, and Others), By Technology (Active, and Passive), By Mobility (Wheeled Armored Vehicle, and Track Armored Vehicle), By End User (Defence, Commercials, and Others), and Geography  

Purchase Option

$ 4400
$ 6600
$ 8900

Armoured Vehicle Market size was valued at USD 17.1 billion in 2023, growing at a 7.2% CAGR from 2024 to 2030.  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 due to 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 are expected to boost the growth of the vehicle armor market. The continuous development of armored vehicles which are 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 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 is expected to drive the expansion of the vehicle armor market.  

Armoured Vehicle Market Key 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.

Armoured Vehicle Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

7.2%

Largest Market

Asia Pacific

Fastest Growing Market

North America
Armoured Vehicle Market Dynamics

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.

Armoured Vehicle Market Segmentation

By vehicle type
  • 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
By Technology
  • Active
  • Passive
By End User
  • Defence
  • Commercial
  • Others

Frequently Asked Questions

The armoured vehicle market size was valued at USD 17.1 billion in 2022

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

Key Features of the Reports

  • The report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
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,2019 - 2023 and Forecast, 2024 - 2030
4.1. Market Analysis, 2019 - - 2023 and Forecast, 2024 - 2030 (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, 2019 - 2023and Forecast, 2024 - 2030 (Revenue, USD Mn)
5.1. Armored Personnel Carriers
5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (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, 2019 - 2023 and Forecast, 2024 - 2030 (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, 2019 - 2023 and Forecast, 2024 - 2030 (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, 2019 - 2023 and Forecast, 2024 - 2030 (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, 2019 - 2023 and Forecast, 2024 - 2030 (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, 2019 - 2023 and Forecast, 2024 - 2030 (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, 2019 - 2023 and Forecast, 2024 - 2030 (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, 2019 - 2023 and Forecast, 2024 - 2030 (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, 2019 - 2023 and Forecast, 2024 - 2030 (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, 2019 - 2023 and Forecast, 2024 - 2030 (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,2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
6.1. Active
6.1.1. Market Analysis, 2019  - 2023 and Forecast, 2024 - 2030 (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, 2019  - 2023 and Forecast, 2024 - 2030 (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, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
7.1. Wheeled Armored Vehicle
7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (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, 2019 - 2023 and Forecast, 2024 - 2030 (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, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.1. Defence
8.1.1. Market Analysis, 2019 - - 2023 and Forecast, 2024 - 2030 (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, 2019 - - 2023 and Forecast, 2024 - 2030 (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, 2019 - - 2023 and Forecast, 2024 - 2030 (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, 2019 - 2023and Forecast, 2024 - 2030(Revenue, USD Mn)
9.1. North America
9.1.1. Market Analysis, 2019 - - 2023 and Forecast, 2024 - 2030 (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, 2019 - - 2023 and Forecast, 2024 - 2030 (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, 2019 - - 2023 and Forecast, 2024 - 2030 (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, 2019 - - 2023 and Forecast, 2024 - 2030 (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, 2019 - - 2023 and Forecast, 2024 - 2030 (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, 2024 - 2030
10. North America Armoured Vehicle Market Analysis,2019 - 2023and Forecast, 2024 - 2030(Revenue, USD Mn)
10.1. Vehicle Type Analysis 2019 - 2023and Forecast 2024 - 2030by 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 2019 - - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
10.2.1. Active
10.2.2. Passive
10.3. Mobility Analysis 2019 - - 2023 and Forecast 2024 - 2030 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 2019 - - 2023 and Forecast 2024 - 2030 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 2019 - - 2023 and Forecast 2024 - 2030by 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, 2024 - 2030
10.7. North America Armoured Vehicle Market Dynamics Trends
11. Europe Armoured Vehicle Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030(Revenue, USD Mn)
11.1. Vehicle Type Analysis 2019 - 2023and Forecast 2024 - 2030by 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 2019 - - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
11.2.1. Active
11.2.2. Passive
11.3. Mobility Analysis 2019 - - 2023 and Forecast 2024 - 2030 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 2019 - - 2023 and Forecast 2024 - 2030 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 2019 - 2023and Forecast 2024 - 2030 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, 2024 - 2030
11.7. Europe Armoured Vehicle Market Dynamics Trends
12. Asia-Pacific Armoured Vehicle Market Analysis, 2019 - - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
12.1. Vehicle Type Analysis 2019 - 2023and Forecast 2024 - 2030by 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 2019 - - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
12.2.1. Active
12.2.2. Passive
12.3. Mobility Analysis 2019 - - 2023 and Forecast 2024 - 2030 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 2019 - - 2023 and Forecast 2024 - 2030 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 Analysis2019 - 2023and Forecast 2024 - 2030 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, 2024 - 2030
12.7. Asia-Pacific Armoured Vehicle Market Dynamics Trends
13. Latin America Armoured Vehicle Market Analysis,2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
13.1. Vehicle Type Analysis 2019 - 2023and Forecast 2024 - 2030by 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 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
13.2.1. Active
13.2.2. Passive
13.3. Mobility Analysis 2019 - 2023 and Forecast 2024 - 2030 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 2019- 2023 and Forecast 2024 - 2030 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 2019 - 2023and Forecast 2024 - 2030 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, 2024 - 2030
13.7. Latin America Armoured Vehicle Market Dynamics Trends
14. Middle East and Africa Armoured Vehicle Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
14.1. Vehicle Type Analysis 2019 - 2023and Forecast 2024 - 2030by 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 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
14.2.1. Active
14.2.2. Passive
14.3. Mobility Analysis 2019 - 2023 and Forecast 2024 - 2030 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 2019 - 2023 and Forecast 2024 - 2030 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 2019 - - 2023 and Forecast 2024 - 2030 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, 2024 - 2030
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
  • BAE Systems
  • BMW AG
  • Daimler AG (Mercedes Benz)
  • General Dynamics Corporation
  • Elbit Systems
  • International Armored Group
  • Ford Motor Company
  • INKAS Armored Vehicle Manufacturing
  • Rheinmetall AG
  • IVECO
  • Krauss-Maffei Wegmann GmbH & Co. (KMW)
  • Lenco Industries, Inc.
  • Navistar, Inc.
  • Oshkosh Defense, LLC
  • Lockheed Martin Corporation
  • STAT, Inc.

Adjacent Markets