https://www.fortunebusinessinsights.com/industry-reports/armored-vehicle-market-101817

Armored Vehicle Market Size,
Investment Insights and
Forecast 2024–2032
The armored vehicle market size was valued at USD 22.28 billion in
2023 and is projected to reach a valuation of USD 23.73 billion in
2024. The market is expected to reach USD 37.85 billion by 2032
with a CAGR of 6.0 % during the forecast period. Introduction of
reactive armor technology, programmable ammunition,
sophisticated autoloaders, and other features in the military
technology is set to drive market growth. Growing demand for next
generation military vehicles which have advanced weaponry systems
is set to propel market development. Fortune Business
Insights™ shares this information in its report titled “Armored
Vehicle Market Size, Share, Trends and Forecast 2023–
2030.”
List of Key Players Profiled in the Report: -
 BAE Systems (U.K.)
 General Dynamics Corporation (U.S.)
 Rheinmetall AG (Germany)
 Krauss-Maffei Wegmann GmbH (Germany)
 Denel SOC ltd (South Africa)
 IVECO DEFENCE VEHICLES (Italy)
 com Inc. (China)
 Oshkosh Defense, LLC An Oshkosh Corporation Company (U.S.)
 Otokar, a KOC Group Company (Turkey)

https://www.fortunebusinessinsights.com/industry-reports/armored-vehicle-market-101817


https://www.fortunebusinessinsights.com/industry-reports/armored-vehicle-market-101817

 Textron Systems (U.S.)
List of Key Players Profiled in the Report: -
https://www.fortunebusinessinsights.com/industry-
reports/armored-vehicle-market-101817
Segments
Combat Vehicles to Lead Due to Demand for Infantry
Mechanization
On the basis of platform, the market is divided into combat vehicles,
combat support vehicles, and unmanned armored ground vehicles.
Combat vehicles segment is set to lead due to demand for infantry
mechanization and infantry modernization programs in developing
and developed economies globally.
Conventional Propulsion Led in 2022 Due to Various
Military Programs
On the basis of propulsion, the market is divided into conventional
and electric. Conventional segment dominated the market in 2022
due to rising military modernization programs, Russia-Ukraine war,
and attaining priorities amid burgeoning skirmishes, war, and civil
unrest globally.
Wheeled Segment to Lead with High Adoption Rate
On the basis of mobility, the market is classified into wheeled and
tracked. Wheeled segment to lead as it held largest share in 2022
and will have the fastest CAGR due to high adoption rate owing to its
utility in special operations, troop deployment, border patrol
operations, combat support operations, such as command and
control, and medical support for armed forces.
Drive Systems SegmentLed in 2022 Owing to High Usage
of Advanced Driving Systems
On the basis of system, the market is classified into drive systems,
structures & mechanisms, weapons & ammunition control systems,
countermeasure systems, command & control systems, navigation
systems, observation & display systems, and others. The drive
systems segment dominated in 2022 and is expected to be the
fastest growing from 2023 to 2030 due to rising demand for
advanced driving systems by various countries’ military forces.
Retrofit to Lead Due to License Production
On the basis of solution, the market is classified into line fit and
retrofit. Retrofit is the fastest growing segment due to increasing
demand for license production by various nations.
Based on geography, the market is segmented into North America,
Europe, Asia Pacific, the Middle East, Africa, and Latin America.
Report Coverage
The report provides a detailed analysis of the top segments and the
latest trends in the market. It comprehensively discusses the driving
and restraining factors and the impact of COVID-19 on the market.
Additionally, it examines the regional developments and the
strategies undertaken by the market’s key players.
Drivers and Restraints
Increasing Instances of Asymmetric Warfare to Propel the
Demand for the Product
Increasing instances of asymmetric warfare is anticipated to drive
the armored vehicle market growth. Asymmetric warfare refers to
the conflict where opposing parties have unequal military resources.
In addition, weaker opponents deploy unorthodox weaponry and
tactics to exploit their adversaries’ vulnerabilities. With growing
cases of asymmetric warfare, it is set to have higher number of
purchase of vehicles globally.
However, mechanical failure and occurrence of electrical system in
armored vehicles are expected to hamper the market growth.
Regional Insights
North America to Lead Market Share Due to High
Spending by the U.S. Government on Military
North America is expected to have a high part in the armored vehicle
market share due to high spending by the U.S. government on
military vehicle purchases and upgrades. Presence of key market
players such as General Dynamics Corporation, Textron Systems,
Oshkosh Defense, and others is also set to drive the market share.
After North America, Europe to be the second-highest region of the
market as demand for battle tank is increasing with the ongoing
Russia-Ukraine war.
Competitive Landscape
OEMs have been Focusing on the Development of
Technologically Advanced Products
The global market has numerous companies such as General
Dynamics Corporation, BAE Systems, Oshkosh Corporation, and
Rheinmetall AG. The market has various manufacturers, which are
participating in military vehicle development and design. OEMs
have been focusing on the development of technologically products
and fostering strong relationships with governments in developed
and developing countries.
Key Industry Development
 In February 2023, the U.S. Army Contracting Command at
Detroit Arsenal awarded a contract to A.M. General to produce
20,000 Joint Tactical Vehicles and approximately 10,000 trailers
for the U.S. Armed Forces. The total value of the contract was not
disclosed.