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Armored Vehicles Market Worth $60.7 billion by 2029 - Exclusive Report by MarketsandMarkets™

CHICAGO, May 3, 2024 -- The Armored Vehicle Market is valued at USD 51.6 billion in 2024 and is projected to reach USD 60.7 billion by 2029, at a CAGR of 3.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. The market experiences growth and evolution driven by various factors. Rising geopolitical tensions and terrorism prompt nations to enhance defense capabilities, fueling demand for armored vehicles. Global military modernization programs, aiming to replace aging fleets with advanced technology-equipped vehicles, boost market demand. Innovations in armor materials, vehicle design, and weapon systems attract investments and propel market growth.

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Browse in-depth TOC on "Ammunition Market

325 – Tables
78 – Figures
326 – Pages

Ammunition Market Report Scope:

Report Coverage


Market Revenue in 2024

$ 51.6 billion

Estimated Value by 2029

$ 60.7 billion

Growth Rate

Poised to grow at a CAGR of 3.3%

Market Size Available for


Forecast Period


Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Platform, Type, Systems, Mode of Operation, Point of sale and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Hardware and software malfunctions

Key Market Opportunities

Rising technology integration and upgrades in military vehicles

Key Market Drivers

Increasing demand for armored vehicles to tackle cross-border conflicts

Based on the platform, the combat vehicles segment is estimated to hold the highest market share during the forecast period

Based on the platform, the combat vehicles segment is estimated to lead the armored vehicles market from 2024 to 2029. This growth is fueled by increasing global security concerns, geopolitical tensions, and military modernization initiatives across various regions. Combat vehicles, equipped with advanced technology, enhanced firepower, and superior mobility, are vital assets for modern military operations, driving their prominence in defense procurement programs. Additionally, ongoing conflicts and evolving battlefield scenarios necessitate the continuous development and deployment of combat vehicles, further contributing to their significant market share and growth potential.

Based on mobility, the wheeled segment is estimated to hold the highest market share during the forecast period.

Based on mobility, the wheeled segment is estimated to hold the highest market share during the forecast period. Wheeled armored vehicles (WAVs) offer advantages in terms of cost-effectiveness, as they are generally more affordable to acquire and maintain compared to tracked vehicles. Additionally, WAVs provide superior mobility and deployment flexibility, as they can be easily transported over long distances by road or air and offer better maneuverability on various terrains, especially in urban environments. Their modular design allows for customization to suit different mission requirements, making WAVs versatile for a range of applications, including law enforcement, internal security, and emerging market needs. While tracked vehicles still hold certain advantages in off-road capability and armor protection, the rise of WAVs reflects a shift towards more agile, cost-effective solutions in modern military operations.

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Based on regions, the Asia Pacific accounts for the largest market share in Armored Vehicles market.

Based on region, the Asia Pacific market is estimated to account for largest market share during the forecast period.  The Asia Pacific region's dominance in the armored vehicle industry is bolstered by several factors, including geopolitical tensions, robust economic growth, evolving warfare dynamics, internal security challenges, and significant contracts secured by key players. Territorial disputes and nuclear threats, coupled with increasing defense budgets, drive nations to procure advanced armored vehicles to strengthen their military capabilities. Furthermore, key players in the market, such as General Dynamics, BAE Systems, and Hanwha Defense, have secured substantial contracts in the region, contributing to the proliferation of armored vehicles. These contracts not only enhance regional security but also stimulate market growth by fostering innovation and technological advancements. Collectively, these factors position the Asia Pacific region as a pivotal player in the global armored vehicle market.

Key Players

The Armored Vehicles companies is dominated by a few globally established players such as Rheinmetall AG (Germany), General Dynamics Corporation (US), Oshkosh Corporation (US), BAE Systems (UK), and Hanwha Defense (South Korea).

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