The global armored vehicle market size is expected to reach USD 36.4 billion by 2025, registering a CAGR of 5.4% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. Growing internal and external terrorist activities across the globe are expected to drive market demand over the forecast period. Technological advancements such as unmanned vehicles are expected to further fuel market growth.
Armored vehicles are protected by layers of depleted uranium or stainless-steel and are equipped with robust weapons that combine defensive, tactical offensive, and operational mobility capabilities. Development of advanced vehicles and technologies such as unmanned armored vehicle and AI-based smart object recognition and tracking technology to be used in the military sector is expected to propel the market over the next few years.
Growing need to protect military recruits from land mines and fire is expected to drive demand for armored vehicles over the forecast period. Furthermore, demand for these vehicles is increasing in the Asia Pacific and Middle East and Africa regions owing to constant tension among neighboring countries and internal threats from rebels.
Major market players are making massive investments in research and development programs to develop new technologies and products. Enhanced protection and fuel efficiency are key aspects considered for future developments in armored vehicles. For instance, in April 2018, BAE Systems developed a new version of the Armored Multi-Purpose Vehicle (AMPV), which was equipped with mine roller systems. The vehicle is widely used for protection against improvised explosive devices.
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Further key findings from the report suggest:
By product, the Main Battle Tanks (MBT) segment is anticipated to exhibit the highest CAGR of 5.9% from 2019 to 2025 owing to improved firing abilities of MBTs even while moving at high speeds
On the basis of application, the commercial segment is anticipated to register the highest CAGR of 5.8% from 2019 to 2025. This growth can be attributed to increasing adoption of commercial armored vehicle by banks to transfer money
The Asia Pacific region is expected to continue to dominate the market over the forecast period and is anticipated to reach USD 11.9 billion by 2025 owing to increase in border or terrorism threats and expanding defense budgets of countries such as India, China, and Russia
Key industry participants include BAE Systems; BMW AG; Daimler AG (Mercedes Benz); Elbit Systems; Ford Motor Company; General Dynamics Corporation; INKAS Armored Vehicle Manufacturing; International Armored Group; IVECO; Krauss-Maffei Wegmann GmbH & Co. (KMW); Lenco Industries, Inc.; Lockheed Martin Corporation; Navistar, Inc.; Oshkosh Defense, LLC; Rheinmetall AG; STAT, Inc.; Textron, Inc.; and Thales Group.
Grand View Research has segmented the global armored vehicle market on the basis of product, application, and region:
Armored Vehicle Application Outlook (Volume, Thousand Units; Revenue, USD Million, 2014 - 2025)
Armored Vehicle Product Outlook (Volume, Thousand Units; Revenue, USD Million, 2014 - 2025)
Defense Armored Vehicle
Armored Personnel Carrier (APC)
Infantry Fighting Vehicles (IFV)
Light Protected Vehicles (LPV)
Main Battle Tanks (MBT)
Mine-resistant Ambush Protected (MRAP)
Commercial Armored Vehicle
Armored Vehicle Regional Outlook (Volume, Thousand Units; Revenue, USD Million, 2014 - 2025)
Middle East & Africa (MEA)
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