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Armored Vehicles Global Market Report 2022: Military Modernization Plans Across the Globe Present Opportunities

DUBLIN, Nov. 21, 2022 -- The "Armored Vehicles Market by Platform (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles), Type (Electric, Conventional), Mobility (Wheeled, Tracked), Systems, Mode of Operation, Point of sale, Region - Forecast to 2027" report has been added to's offering.

The armored vehicle's market is projected to grow from USD 29.3 billion in 2022 to USD 34.1 billion by 2027, at a CAGR of 3.1% from 2022 to 2027. The market is driven by some key factors such as growing demand for technologically advanced armored vehicles from across the globe to tackle cross-border conflicts, to improvise the ISR and target acquisition capabilities of military forces of countries, etc.

Key players in the armored vehicles market include Oshkosh Corporation (US), Hanwha Defense (South Korea), Northrop Grumman Corporation (US), BAE Systems (UK), Lockheed Martin Corporation (US), Rheinmetall AG (Germany), among others. The report covers various industry trends and new technological innovations in the armored vehicles market for the period, 2019-2027.

Combat vehicles: The dominating segment of the armored vehicles market, by the platform

Based on the platform, the armored vehicles market has been segmented into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. The combat support vehicles segment is projected to grow at the highest CAGR during the forecast period.

Wheeled: The fastest-growing segment of the armored vehicles market, by mobility

Based on mobility, the market has been segmented into wheeled and tracked. The wheeled segment is projected to grow at a higher CAGR as compared to the tracked segment during the forecast period owing to its wide applicability and ease of operation on all tough terrains.

Armaments: The fastest-growing and leading segment of the armored vehicles market, by system

Based on system, the market has been segmented into engines, drive systems, ballistic armor, turret drives, fire control systems, armaments, countermeasure systems, Command & Control (C2) systems, power systems, navigation systems, ammunition handling systems, observation & display systems, and hulls/frames. The C2 systems segment is projected to lead the armored vehicles market during the forecast period. The growth of this segment can be attributed to the increasing focus of military organizations on the deployment of vehicles that can function as command posts and provide necessary voice and data connectivity for intelligence inputs, fire support, and maneuvering in battlefields.

North America: The largest contributing region in the armored vehicles market

The North American armored vehicles market is projected to witness remarkable growth during the forecast period till 2027. The region is increasingly focusing on the procurement of technologically advanced armored vehicles, owing to their growing deployment in overseas operations undertaken by the country like US. The presence of a large number of manufacturers in the country will further fuel the growth of the market. The US is one of the largest developers, operators, and exporters of armored vehicles, globally, thereby making the North American region one of the largest consumers of armored vehicles across the globe.

Market Dynamics

  • Improving ISR and Target Acquisition Capabilities of Defense Forces
  • Increasing Demand for Armored Vehicles to Tackle Cross-Border Conflicts
  • Rising Incidence of Asymmetric Warfare Across the Globe


  • Absence of Major Armored Vehicle OEMs in Middle East and Asia-Pacific
  • Occurrence of Mechanical and Electrical Failure in Armored Vehicles


  • Military Modernization Plans Across the Globe
  • Increased Adoption of Unmanned Combat Ground Vehicles by Defense Forces
  • Development of Modular and Scalable Armored Vehicles


  • Hardware and Software Malfunctions
  • High Costs of Main Battle Tanks
  • Survivability Issues

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Industry Trends

7 Armored Vehicles Market, by Platform

8 Armored Vehicles Market, by Type

9 Armored Vehicles Market, by System

10 Armored Vehicles Market, by Mobility

11 Armored Vehicles Market, by Mode of Operation

12 Armored Vehicles Market, by Point of Sale

13 Regional Analysis

14 Competitive Landscape

15 Company Profiles

16 Appendix

Companies Mentioned

  • AM General
  • Arquus
  • BAE Systems
  • China North Industries Corporation (Norinco)
  • Denel Soc Ltd.
  • Elbit Systems
  • Fnss
  • General Dynamics Corporation
  • Hanwha Corporation
  • Hyundai Motor Company
  • Imi Systems
  • Iveco
  • Krauss-Maffei Wegmann
  • LHarris Technologies
  • Lockheed Martin Corporation
  • Mahindra Defence System Ltd
  • Mitsubishi Heavy Industries
  • Nexter Group
  • Northrop Grumman Corporation
  • Oshkosh Corp.
  • Otokar Otomotiv Ve Savunma Sanayi
  • Paramount Group
  • Rheinmetall Ag
  • St Engineering
  • Tatra Trucks As.
  • Textron Inc.
  • Thales Group
  • The Kalyani Group
  • Ukroboronprom
  • Uralvagonzavod

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SOURCE Research and Markets