Armored Vehicles Market Size Worth $ 66.62 Billion by 2032 | CAGR: 3.3%

The armored vehicles market size is expected to reach USD 66.62 billion by 2032, according to a new study by Polaris Market Research. The report “Armored Vehicles Market, Size, Share, Trends, Industry Analysis Report – By Platform (Combat Vehicles, Combat Support Vehicles, and Unmanned Armored Vehicles), Mobility, System, Mode of Operation, Type, Point of Sale, and Region; Market Forecast, 2024–2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The armored vehicles market is driven by rising defense expenditures, geopolitical tensions, and increasing demand for advanced military capabilities. These vehicles, which include tanks, personnel carriers, and infantry fighting vehicles, are crucial for enhancing military mobility and protection in combat scenarios. The integration of advanced technologies such as autonomous systems, AI, and advanced weaponry, enhancing vehicle performance and survivability, is further fueling the market growth. Additionally, the modernization of defense forces and counter-terrorism efforts are contributing to the global demand for armored vehicles, particularly in regions facing security challenges.

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The armored vehicles market is primarily driven by the increasing partnerships by key players to develop autonomous vehicles. In May 2024, Kodiak Robotics & Textron Systems partnered to introduce a new autonomous military vehicle. A new vehicle prototype from Textron will integrate the “Kodiak Driver” developed by Kodiak Robotics, recognized for its self-driving trucking technology.

The increasing need for common tactical trucks, owing to their advantages, such as support in a wide range of missions and operational needs, boosts the armored vehicles market growth. In January 2023, the US Army selected four companies, including Mack Defense, Navistar Defense, Oshkosh Defense, and a partnership between American Rheinmetall Vehicles and GM Defense, to create prototypes for the Common Tactical Truck (CTT). Each was awarded part of a USD 24.3 million contract to develop three prototypes each for a total of 12 vehicles across different types, including the M915 line haul tractor, M1088 medium tractor, palletized load system, and heavy expanded mobility tactical truck.

Market players are expanding their product offerings to provide a range of armored vehicle systems such as ballistic armor, ammunition handling systems, and armaments to cater to customer’s need and stay ahead of the market competition. In February 2024, Rheinmetall displayed a range of defense products during Enforce Tac. A few of the high-rated products include a comprehensive range of ballistic armor, fresh laser-light modules, the Caracal special operation vehicle, Survivor-R, and SSW40 grenade launcher. This will also show off the high visibility vests made for traffic stops and a modular ballistic vest for the SWAT teams.

Armored Vehicles Market Report Highlights

• By platform, the unmanned armored vehicles segment is anticipated to witness the highest growth during the forecast period due to continuous technological advancements and operational efficiency.
• The combat vehicles segment accounted for the largest market share in 2023, owing to their widespread use in military forces globally for defensive and offensive operations.
• The wheeled segment, based on mobility, is projected to experience a larger revenue share in 2023 due to speed, mobility, and cost-effectiveness.
• North America dominated the global armored vehicles market share in 2023, attributable to significant defense spending and continuous military modernization efforts in the region.
• BAE Systems plc., General Dynamics Corporation, Rheinmetall AG, Oshkosh Corporation, Lockheed Martin Corporation, Thales Group, Navistar International Corporation, ST Engineering, Textron Inc. and Leonardo S.p.A. are among the global players.

Polaris Market Research has segmented the armored vehicles market report on the basis of, platform, mobility, system, mode of operation, type, point of sale, and region:

By Platform Outlook (Revenue – USD Billion, 2019–2032)

• Combat Vehicles
• Combat Support Vehicles
• Unmanned Armored Vehicles

By Mobility Outlook (Revenue – USD Billion, 2019–2032)

• Wheeled
• Tracked

By System Outlook (Revenue – USD Billion, 2019–2032)

• Engines
• Drive Systems
• Ballistic Armor
• Turret Drives
• Fire Control Systems
• Armaments
• Ammunition Handling Systems
• Countermeasure Systems
• Command & Control Systems
• Power Systems
• Navigation Systems
• Observation & Display Systems
• Hulls/Frames

By Mode of Operation Outlook (Revenue – USD Billion, 2019–2032)

• Manned
• Unmanned

By Type Outlook (Revenue – USD Billion, 2019–2032)

• Electric
• Conventional

By Point of Sale Outlook (Revenue – USD Billion, 2019–2032)

• OEM
• Retrofit

    By Regional Outlook (Revenue – USD Billion, 2019–2032)

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Rest of APAC
• Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of LA
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of ME

Armored Vehicles Market Report Scope