Armored Vehicle Market Size, Share, & Trends Analysis Report By Type (Conventional, Electric), By Product (Combat Support, Combat), By Mobility, By Mode Of Operation, By Point Of Sale, By System, By Region, And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the armored vehicle market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for armored vehicle market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of armored vehicle market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Armored Vehicle Market Categorization:

The armored vehicle market was categorized into four segments, namely product (Combat Vehicles, Combat Support Vehicles), type (Electric Armored Vehicles, Conventional Armored Vehicles), mobility (Wheeled, Tracked), mode of operation (Manned Armored Vehicles, Unmanned Armored Vehicles), point of sale (OEM,Retrofit), system (Engines, Drive Systems, Ballistic Armor, Fire Control Systems (FCS), Navigation Systems), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The armored vehicle market was segmented into product, type, mobility, mode of operation, system, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The armored vehicle market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fifteen countries, namely, the U.S.; Canada; UK; Germany; France; China; Japan; India; South Korea; Australia; Brazil; Mexico; Kingdom of Saudi Arabia (KSA); UAE; South Africa

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Armored vehicle market companies & financials:

The armored vehicle market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• BAE Systems BAE Systems is an international defense, security, and aerospace company. It designs, manufactures, develops, and produces equipment related to defense administration and technical support systems. The company has five operating business segments: Electronic Systems, Cyber and intelligence, Platforms and services (US), Air, and Maritime. Its service segment offers repair services for ships and yachts, radar integration test services, grit blast, and spray paint services, and component and material assessment services. The company operates in over 40 countries across four major regions, North America, Europe, the Middle East, and the Asia Pacific. BAE Systems Saudi Arabia has invested in many Saudi Arabian companies, such as International Systems Engineering, Advanced Electronics Company, and Saudi Maintenance and Supply Chain Management Company Ltd

• Elbit Systems Ltd. Elbit Systems Ltd. is primarily engaged in designing and manufacturing security solutions for homeland security, commercial aviation applications, and airborne, naval, and land systems for defense. The company operates across ten segments, including commercial aviation systems and aerostructures; land vehicle systems; munitions; command, control, communication, computer, intelligence, surveillance and reconnaissance (C4ISR) and cyber systems; military aircraft and helicopter systems; electro-optic, night vision and countermeasures systems; unmanned aircraft systems; and electronic warfare and signal intelligence systems; among others. Its land vehicle systems include a range of combat vehicles, modernization, supply, maintenance, and life cycle support services. These land vehicles are operational on track and wheels, including battle tanks, medium and light tanks, Light Armored Vehicles (LAVs), artillery platforms, and Armored Personnel Carriers (APCs). The company caters to five regions: the Middle East, North America, Latin America, Europe, and the Asia Pacific. It is a public corporation listed on NASDAQ and the Tel Aviv Stock Exchange as ESLT

• General Dynamics Corporation General Dynamics Corporation primarily designs and manufactures defense and aerospace solutions. General Dynamics Corporation has four operating business segments: combat systems, aerospace, technologies, and marine systems. The combat system segment comprises European Land Systems, Land Systems, and Ordnance & Tactical Systems. The land systems segment delivers various products, such as MBTs, LAVs, Armored Fighting Vehicles, Tracked Vehicles, and Weapon Systems. The company has a presence in over 65 countries spread across five regions, namely the Middle East, North America, Latin America, Europe, and the Asia Pacific. It is listed on the New York Stock Exchange as GD. It supports R&D activities and researches customer funding and government sponsorships as well as investing in company revenue.

• INKAS Armored Vehicle Manufacturing INKAS Armored Vehicle Manufacturing is a company that develops security solutions and provides financial services. The company also manufactures and provides armored vehicles for corporate clients, law enforcement agencies, banks, and individuals worldwide. The company has eight business divisions such as Inkas Armored Vehicles, Inkas Cyber, Intelligence & Defense, Inkas Safe Manufacturing, Inkas Professional Vehicles, Inkas Payments, Inkastrans Canada Inc., Metaline, and Appgear Ltd. Its safe manufacturing division develops safes and vaults for residential and commercial applications. Its armored vehicle manufacturing division is primarily engaged in designing and manufacturing armored vehicle solutions for commercial and defense sectors. The company’s product portfolio includes armored SUVs, armored sedans, cash-in-transit vehicles, armored Limos, and special-purpose vehicles. The company offers spare parts such as bulletproof windows, armored door crevices, secondary fuel tanks, modified suspension systems, fuel systems, reinforced bumpers, heavy-duty wheels, tires, and run-flats.

• International Armored Group International Armored Group is engaged in designing, manufacturing, engineering, and prototyping armored and tactical vehicles, ballistic glass, and framing systems. In addition to commercial armored cars, 4x4s, and armored sedans, the company also manufactures custom-designed special-purpose vehicles for specific applications. It offers armored trucks, cash-in-transit vehicles, tactical vehicles, and APCs, as well as armored cargo and armored passenger buses/vans, transport trucks, and armored ambulances. The company has offices located in Canada, the United Arab Emirates, the U.S., Turkey, Bulgaria, Pakistan, Iraq, and the U.K. to provide its client base located worldwide. The company operates three manufacturing facilities located in Turkey, United Arab Emirates, and the United States. It is a member of various international organizations such as The United Nations Global Compact, The Association of the United States Army (AUSA), the Florida Defense Contractors Association, and The National Defense Industrial Association (NDIA).

• Iveco Iveco is a company engaged in vehicle manufacturing for several commercial purposes. It is a fully-owned subsidiary operating under the parent company, CNH Industrial Company. The former offers its products and solutions through five brands: Iveco, Iveco Defense Vehicles, Iveco Bus, Astra, and Magirus. Its defense division offers special-purpose vehicles for civil protection and defense applications. The Magirus brand includes turntable ladders, fire engines, airport fire engines, unique cars, logistics rescue vehicles, and components. The Astra range offers heavy off-road trucks. The company has nearly 5,000 service points globally. It has its production facilities in Europe, Latin America, the Middle East & Africa, and Asia Pacific regions.

• Krauss-Maffei Wegmann GmbH & Co. Krauss-Maffei Wegmann GmbH & Co. (KMW) is a company that manufactures wheeled and tracked protection vehicles for security purposes. The company operates through nine business segments: tracked, wheeled, training & simulation, armament systems, services, mission solutions, and additional services. The product portfolio for the armored vehicles segment includes MBTs, infantry vehicles, howitzers, and transport containers. The company provides tactical system solutions to more than 30 countries. Its support system solutions include reconnaissance systems, command post systems, logistics systems, NBC reconnaissance systems, ambulance systems, combat bridges & engineer equipment, and armored transport vehicles. The company also offers camp defense solutions, remote-controlled weapon stations, mechanical gun mounts, and non-lethal protection systems. Its training & simulation offerings include driver training simulation, gunnery & combat simulators, live training solutions, software for simulation, and military diver training simulators.

• Lenco Industries, Inc. Lenco Industries, Inc. is primarily engaged in the design and manufacturing of armored vehicles and tactical systems. The company offers models in four business segments: police & government, fire & EMS, and military & international. Lenco Industries, Inc. serves Law Enforcement Agencies and state police including SWAT teams. It manufactures armored vehicles for the Army, Air Force, Navy, and Marine Corps of the U.S. Additionally, it supplies armored cars to the U.S. Department of Defense, Department of State Department of Energy, and other government agencies. The company’s tactical, response, armored, and rescue vehicles are used for mortar frag, assault weapons, grenades, and IED attacks. In addition, it offers MRAP vehicles and tactical SWAT, MRAP All-Terrain Vehicles (M-ATVs) used for countering terrorism and ensuring homeland security and private security in Iran and Afghanistan. The company developed a core line of a tactical armored vehicle to meet the customer requirements for commercial alternatives to underperforming armored SUVs, up-armored Humvees, and military surplus armored vehicles. The company has production units in over 40 countries.

• Lockheed Martin Corporation Lockheed Martin Corporation is an aerospace company that engages in the research, development, design, integration, manufacture, and sustainment of products, technology services, and systems. The company’s main business areas are intelligence, defense, space, information technology, and homeland security which includes cybersecurity. Moreover, it also provides management, technical, engineering, logistics, scientific, and information services. The company operates through four business segments, namely Rotary and Mission Systems (RMT), Aeronautics, Missiles & Fire Control (MFC), and Space. It operates globally in several countries across five major regions: North America, Latin America, the Middle East, Europe, and the Asia Pacific. It is listed on the New York Stock Exchange as LMT. It supports R&D activities and researches customer funding and government sponsorships as well as investing in company revenue.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Armored Vehicle Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2017 - 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Armored Vehicle Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.