Global Armored Vehicle Market demand was valued at US$ 16.7 Bn in 2021 and is expected to reach US$ 34.6 Bn by 2032, finds Future Market Insights (FMI) in a recent market survey. As per the findings of the report defense armored vehicles will remain pivotal for the market as the bulk of revenue is being generated through this category. It is projected that revenue through this category will account for a CAGR of 6.2% in 2032. The growing geopolitical tensions worldwide are the key factor in the high demand for defense armored vehicle market.
The US to Command the Larger Proportion of the Armored Vehicle Market throughout the Analysis Period
The US commands 36.8% of the global market share and is expected to remain the dominant force with an absolute opportunity growth of US$ 5.1 Bn to reach a valuation of US$ 11.6 Bn by 2032. Owing to the diversified needs of the US army, due to the emerging threats against the country, the demand for armored vehicles in the country is expected to increase. Nearly US$ 3.7 Bn was spent on the acquisition of tracked combat vehicles and weapons in 2021 in the U.S.
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“The asymmetrical warfare and increased inter-border insurgencies have significant potential to emerge as a key market driver in the forecast period for the Armored Vehicles Market” comments an analyst at Future Market Insights.
Armored Vehicles Market: Competition Insights
Armored vehicle manufacturers are largely aiming at tenders, acquisitions, contracts, and new product launches. They are working towards finding a balance between tapping on new product investments and capitalizing on the growing market demand.
The key companies operating in the Armored Vehicle market include BAE Systems, Lenco Industries Inc., Navistar Inc., Rheinmetall AG., Textron Inc., International Armored Group, STAT Inc., Oshkosh Defence LL, Elbit Systems Ltd., General Dynamics Corporation, INKAS Armoured Vehicle Manufacturing, International Armoured Group, Ford Motor Company, IVECO, Krauss-Maffei Wegmann GmbH & Co., and Daimler AG (Mercedes Benz), among others. The key recent developments of Armored Vehicle manufacturers are as follows:
- In February 2022, Patria PLC was allocated the contract of providing a mid-life upgrade for XA-202 and XA-203 6by6 Swedish Armed Forces wheeled armored personnel. Under the terms of the contract, it has to upgrade 168 vehicles having enhanced engines, chassis, and electrical and hydraulic systems. This contract is valued at approximately SEK 300 million (US$ 32.7 million) and is anticipated to end by 2025.
- In December 2021, the Dutch Defence Ministry announced its programs for a mid-life reorganization of the Thales Bushmaster armored vehicles. The country owns approximately 102 Bushmaster armored vehicles, in service since 2006, under the Royal Army of Netherlands. This upgrade is envisioned to increase the life expectancy of these vehicles till the mid-2030s.
- In October 2021, 60 state-of-the-art VP-1 Type Tracked Armoured Personnel Carriers, assembled in China, were shipped by the Nigerian Army for reinforcing themselves for the ongoing war against the Boko Haram insurgency along with controlling local crimes including extortion and robbery in both North-East and North-West Nigeria. A one-person cupola is included in the baseline VP1 APC which is armed with a 12.7 mm machine gun (MG).
- In September 2021, three offers in its tender for acquiring 210 infantry fighting vehicles (IFVs) for its land forces, were sanctioned by the Czech Defence Ministry. UK’s BAE Systems with its Swedish-made CV90, Europe-based General Dynamics European Land Systems with its ASCOD, and German Rheinmetall with its Lynx were among the established bidders.
- In August 2021, a contract for the acquisition of over 200 6by6 armored vehicle systems (under Latvia and Finland’s joint development program) was signed between Latvia and Patria Plc. The delivery of the same is equitable in 2021-2029.
- In June 2021, a contract was allocated to PSM GmbH (a 50/50 joint venture between Rheinmetall and Krauss-Maffei Wegmann) by the Federal Office for Bundeswehr Equipment, Information Technology and In-Service Support (BAAINBw) for the upgrade of the first lot of its PUMA IFVs. It was allocated as a detail of the German-Bundeswehr plan for maintaining a combat-proof, completely digitized lineup of IFVs and as a part of the contract, it is required the company to reconstitute 154 vehicles with the option of modernizing additional 143 PUMA IFVs. It is estimated to be finished by 2029.
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More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Armored Vehicle Market, presenting the historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Armored Vehicle Market in terms of Product Type (Defence, Commercial), By Drive Type (Wheel, Track) across five regions (North America, Latin America, Europe, Asia Pacific and the Middle East & Africa).
Key Segments Profiled in the Armored Vehicle Market Survey
By Technology:
- Active
- Passive
By Mobility:
- Wheeled Armored Vehicle
- Track Armored Vehicle
By Vehicle Type:
- Armored Amphibious Vehicles
- Armored Personnel Carriers
- Infantry Fighting Vehicles
- Light Protected Vehicles
- Main Battle Tank
- Mine-Resistant Ambush Protected
- Tactical Vehicle
- SUVs
- Buses and Coaches
- Others
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By End User:
- Defense
- Commercial
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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