The armored vehicles market is projected to grow from USD 14.3 billion in 2018 to USD 16.8 billion by 2023, at a CAGR of 3.25% from 2018 to 2023. Growing demand for armored vehicles due to rise in the instances of cross-border conflicts and increasing incidences of asymmetric warfare across the globe are major factors driving the growth of the armored vehicles market. However, the absence of major OEMs of armored vehicles in the Middle East and Asia Pacific region and occurrence of mechanical, electrical, and other kinds of failure in armored vehicles are projected to hinder the growth of the market.

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The combat vehicles segment is projected to lead the armored vehicles market from 2018 to 2023.
Based on platform, the armored vehicles market has been segmented into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. The combat vehicles segment is projected to lead the armored vehicles market during the forecast period. Increasing demand for Armored Personnel Carriers (APCs) and Light Armored Vehicles (LAVs) across the globe is leading to the growth of the combat vehicles segment of the market.

The armaments segment is projected to lead the armored vehicles market during the forecast period.
Based on system, the armored vehicles 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 armaments segment is estimated to lead the armored vehicles market from 2018 to 2023. The growth of this segment can be attributed to the increased demand for remote weapon stations, Anti-tank Guided Missile (ATGM) launchers, and other armaments across the globe.

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The Asia Pacific armored vehicles market is projected to grow at the highest CAGR during the forecast period.
The Asia Pacific armored vehicles market is projected to grow at the highest CAGR from 2018 to 2023. The growth of the market in this region can be attributed to the rising number of terrorist activities in this region and increasing spending of emerging economies on defense operations. Countries such as India and China have increased their defense budgets and are procuring advanced armored vehicles for their military operations. This, in turn, is expected to drive the growth of the Asia Pacific armored vehicles market during the forecast period.

Key Market Players

Key players profiled in this report on the armored vehicles market include Oshkosh Corporation (US), UralVagonZavod (Russia), Ukroboronprom (Ukraine), General Dynamics Corporation (US), BAE Systems plc (UK), NORINCO (China), Rheinmetall AG (Germany), and Textron Inc. (US). Contracts and new product launches were key strategies adopted by the leading players to achieve growth in the armored vehicles market.
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Recent Developments

• BAE Systems received a contract worth USD 376.0 million from the US Government for the Engineering, Development, and Manufacture (EDM) of Mobile Protected Firepower (MPF) vehicles.
• Oshkosh Corporation received a contract worth USD 1.69 billion from the US Army to supply over 6,000 armored vehicles.
• KMW received a contract worth USD 832.0 million from the Government of Germany for upgrading its 104 Leopard 2 Battle Tanks.

Key Questions

• What are the drivers, restraints, challenges, and opportunities that affect the dynamics of the armored vehicles market, and what is the subsequent market analysis of the associated trends?
• What are the key sustainability strategies adopted by leading players operating in the armored vehicles market?
• What are the upcoming disrupters in this market that can be potential targets for partnerships/mergers?
• Who are the top players operating in this market?
• Which geographies can be the potential revenue-generating pockets for the armored vehicles market?