Armored Vehicles Market size reached USD 20.4 billion in 2021 & to reach USD 28.1 billion in 2029, exhibiting at a CAGR of 4.1% | Size & Trends
Research Reports
Aug 18, 2023
Armored Vehicles Market size was valued at USD 20.4 billion in 2021, and is estimated to touch USD 28.1 billion in 2029, expanding at a CAGR of 4.1% over the forecast period 2022-2029 attributed to growing demand for military unmanned armored ground vehicles and increasing cross-border disputes across the globe.
Key Armored Vehicle Market Drivers
Global armored vehicles market is majorly driven by on-going military modernization drives worldwide, development of scalable armored vehicles and growing focus of governments on improving target acquisition capabilities of defense forces. Terrorism incidences have increased significantly in recent years. As per Global Terrorism Index 2023 report, the lethality of terrorist attacks has increased by 26% and 4% increase in deaths caused by terrorist attacks was observed worldwide (excluding Afghanistan) in 2022. Border security plays a critical role in preventing terrorist attacks. In some situation militaries find difficulty in responding to terrorist attacks as the reaction time for detecting terrorist threats is less. In such cases, military robots can be deployed to improve cross-border surveillance and provide real time data about situation in borders to the ground stations. Thus, governments in various countries are investing in autonomous robots, as these robots can carry out target acquisition and surveillance activities for defense forces, which is accelerating the growth of armored vehicles market.
Growing need to replace the ageing armored vehicles fleet, increasing focus on developing local defense manufacturing capabilities primarily in Asia-Pacific and Middle Eastern region is driving the armored fighting vehicles market. Additionally, growing demand for armored SUVs, Sedans and special purpose vehicles by law enforcement agencies and high net worth individuals and private security firms, is projected to have a positive impact on commercial armored vehicle market Growing need for personal security in high-risk situations, emerging political instability in some countries and growing demand for armored vehicles in oil and gas industry, are boosting the civilian armored vehicle market. However, armored vehicles often face mechanical strains as they move on uneven terrain. These vehicles also suffer from power failures and sometimes its components breakdown coupled with challenges faced by engineers in creating autonomous robots, as these robots are in nascent stage, are hampering the growth of armored vehicle market.
Based on Platform, Combat Vehicles segment is projected to hold the largest armored vehicle market share.
Global armored combat vehicle market is driven by surge in the demand for amored personnel carriers and light armored vehicles around the world coupled with government initiatives to strengthen military to combat terrorism activities.
Based on Region, North American region is anticipated to dominate the market.
North American armored vehicles market is propelled by increase in governments spending on military modernization programs and procurement of advanced armored combat vehicles. North American region is home to some of the leading armored vehicle manufacturing companies like General Dynamics Corporation, Textron Inc., and Oshkosh Corporation.
Top Market Players
Some of the leading players operating in the armored vehicles market are Sistemleri AS, BAE Systems PLC, Oshkosh Corporation, Denel SOC Ltd., Arquus, Otokar Otomotive Ve Savunma Sanayi, Rheinmetall AG, General Dynamics Corporation, Hanwha Corporation, and Textron Inc., among others.
Key Developments:
- In February 2021, Bharat Forge partnered with Paramount Group to introduce armored vehicles in the Indian market.
Market Segmentation
Segmentation by Type
• Liquid
o Technology
o Pressure Filtration
o Centrifugal Filtration
oGravy Filtration
o Vacuum Filtration
o Others
• Air
o Technology
o Mechanical
o Electronic
o Gas Phase
Segmentation by Product Type
o Pressure Filtration
o Centrifugal Filtration
o Gravity Filtration
o Vacuum Filtration
o HEPA
o ULPA
o Electrostatic Precipitator
o Others
Segmentation by Filter Media
o Metal
o Activated Carbon/Charcoal
o Fiber Glass
o Filter Paper
o Non-Woven & Synthetic Fabric
Segmentation by Industry
o Manufacturing
o Power Generation
o Oil & Gas
o Pharmaceuticals
o Metals & Mining
o Process Industry
Segmentation by Region
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• North America
o United States of America
o Canada
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
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