Armored Vehicles Market
Armored Vehicles Market Size, Share & Trends Analysis Report by Vehicle Type (Armored Personnel Carrier, Infantry Fighting Vehicle, Mine-resistant Ambush Protected, Main Battle Tank, and Others), by Propulsion Type (IC Engine and Electric), by Drive Type (Wheel, and Track), and by Application (Defense, and Commercial), Forecast Period (2025-2035)
Industry Overview
Armored vehicles market, is estimated at $48,745 million in 2024 and is projected to reach $81,675 million in 2035, growing at a CAGR of 4.8% during the forecast period (2025–2035). One of the major factors that are contributing to market growth is the growing demand for tensions between nations in recent years. Countries such as China, India, the US, Russia, and others have been continuously raising the demand for armored vehicles for safety. These armored vehicles provide the necessary protection of personnel, gear, and freight and are crucial in defense, law, and order, as well as security operations. The need for these types of vehicles increased with the kinds of challenges dense urban areas posed. Urban war in the form of terrorism, as well as civilian unrest, has emerged more frequently as a necessity demanding the use of armored vehicles in effective response as well as cover. These vehicles play a pivotal role in crowd management, securing vital urban infrastructure, hostage rescue missions, the protection of law enforcement officers, and anti-insurgent operations that tend to have a strong base in urban areas. Therefore, increasing urbanization highlights the important position of armored vehicles in ensuring security and maintaining order globally.
Market Dynamics
Increasing Global Defense Expenditures Driving Market Growth
The continuously increasing expenditure on defense globally for leading defense powers provides large budgets for armored vehicle acquisitions and upgrades. World military spending hit record highs in 2024, with the United States alone spending $61.1 billion on aircraft systems and large sums on ground combat systems, reports SIPRI data. China, the world's second-highest military spender, spent an estimated $314 billion on its military in 2024, up 7.0% from 2023. This is China's 30th year of increasing military, the longest uninterrupted series of growth on record for any nation in the SIPRI database. These rising defense budgets have a direct impact on the market for armored vehicles as nations invest to upgrade the capabilities of their ground forces.
Growing Demand for Mine-Resistant Ambush Protected (MRAP) Vehicles
The growing adoption of MRAP vehicles to protect military personnel from improvised explosive devices and ambushes. The U.S. Department of Defense still sees MRAP technology as a relevant investment. According to the US Department of Defense, BAE Systems Land and Armaments LP, York, Pennsylvania, received an $184,351,382 modification (P00015) to contract W56HZV-23-C-0024 for Armored Multi-Purpose Vehicles. The work is to be performed in York, Pennsylvania, with an estimated completion date of May 31, 2027. Fiscal 2024 weapons and tracked combat vehicle procurement, Army funding in the amount of $184,351,382 was obligated at the time of the award. Army Contracting Command, Detroit Arsenal, Michigan, is the contracting activity. DOD invested in September 2024 with a disbursement of $184,351,382 of fiscal year 2024 weapons and procurements of tracked combat vehicles funding into new contract armor vehicles. This trend will continue as military forces worldwide put more emphasis on personnel protection in all conflict scenarios.
Market Segmentation
- Based on the vehicle type, the market is segmented into armored personnel carriers, infantry fighting vehicles, mine-resistant ambush protected, main battle tanks, and others.
- Based on the propulsion type, the market is segmented into IC engines and electric.
- Based on the drive type, the market is segmented into wheel, and track.
- Based on the application, the market is segmented into defense and commercial.
Defense Segment Holds the Major Share in the Global Armored Vehicles Market
Based on Application, the defense segment holds the major share in the global armored vehicle market and is projected to dominate the market during the forecast period. National defense systems are the biggest users of armored vehicles. They need a highly armed vehicle for defense and for an attack on rival countries that costs a lot, while armored vehicles in commercial use are mostly used for protection, such as bulletproof cars. Highly armed vehicles are not allowed for commercial use in most countries since they can be used to harm others.
Regional Outlook
The global armored vehicles are further divided by region, including North America (the US and Canada), Europe (the UK, Germany, France, Italy, Spain, Russia, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, Australia and New Zealand, ASEAN Countries, and the Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
SHARE OF WORLD MILITARY EXPENDITURE OF THE TOP COUNTRIES, 2024
Key Facts
- World military expenditure rose by 9.4%in real terms to $2718 billion in 2024, the highest global total ever recorded by SIPRI and the 10th year of successive increases.
- The five biggest spenders in 2024 were the United States, China, Russia, Germany, and India, which together accounted for 60% of world military spending.
- The USA’s military spending was $997 billion in 2024, while China’s was an estimated $314 billion.
- In 2024, total military expenditure by NATO members amounted to $1506 billion, or 55% of global spending. European NATO members spent $454 billion in total. Of the 32 NATO members, 18 spent at least 2.0% of GDP on their militaries in 2024, up from 11 in 2023.
North America to Dominate the Global Armored Vehicles Market
North America, with a strong emphasis on the United States, will continue to dominate the global armored vehicles market with the largest chunk during the forecasting period. A major investment of the U.S. Department of Defense in modernizing ground systems is the pillar of this region's dominance. For instance, under the FY 2025 budget, the Department of Defense (DOD) invested major funds for such programs as the Amphibious Combat Vehicle (ACV), a replacement for the Amphibious Assault Vehicle (AAV), and the Joint Light Tactical Vehicle (JLTV) program, as listed below.
Department of Defense Budget 2025
Asia-Pacific is Anticipated to Grow Fastest in the Global Armored Vehicles Market
Asia-Pacific is anticipated to grow fastest during the forecast period, owing to the growing geopolitical tension between countries such as China, India, Australia, South Korea, Japan, Singapore, and others. These countries have been investing significantly in the procurement of new armored vehicles to increase border security and replace an aging fleet that has been in operation for several decades. For instance, in March 2021, the Indian Ministry of Defense granted Mahindra Defence Systems (MDS) an agreement worth $146 million to supply Light Specialist Vehicles (LSVs). Moreover, in March 2021, the Acquisition, Technology & Logistics Agency (ATLA) of Japan planned to replace the Light Armoured Vehicles (LAV) owing to their issue of lower cabin space and high emissions from engines.
Market Players Outlook
The major companies operating in the global armored vehicles market include BAE Systems plc, General Dynamics Corp., KNDS N.V., Oshkosh Defense, LLC (Oshkosh Corp.), and Rheinmetall AG, among others. Market players are leveraging partnerships, collaborations, mergers, and acquisition strategies for business expansion and innovative product development to maintain their market positioning.
Recent Developments
- In April 2025, Retia announced a partnership with Axon Vision. As part of this collaboration, Retia has selected Axon Vision’s EdgeSA AI-based situational awareness system to enhance the capabilities of the PANDUR 8x8 EVO and offer it to the Czech Armed Forces, as well as other potential customers. This strategic agreement follows an extensive competitive evaluation process, during which Axon Vision’s technology demonstrated superior performance in every aspect.
- In February 2025, EDGE Group and FNSS signed a Memorandum of Understanding (MoU). The partnership seeks to update the United Arab Emirates (UAE) Armed Forces’ fleet of BMP-3 Infantry Fighting Vehicles (IFVs) to boost their operational readiness and battlefield performance.
- In January 2025, Rheinmetall partnered with Leonardo to meet the challenge of providing advanced military solutions tailored to the requirements of the Italian armed forces. As part of this collaboration, Rheinmetall will contribute its expertise in proven military platforms, such as the Panther main battle tank and the Lynx infantry fighting vehicle.
- In January 2025, Patria and Babcock International Group announced the signing of a strategic partnership to deliver a customized version of the Patria 6x6 armored personnel carrier (APC) to the British Army. This agreement, formalized through a Memorandum of Understanding, aims to develop an advanced vehicle platform tailored to the operational requirements of the British Army.
- In April 2023, Inkas Armored announced a collaboration with Force Development Services (FDS) to combine FDS’ heavy-capacity tactical intervention system with Inkas’ armored vehicles to create a lineup of highly capable armored tactical intervention vehicles. The vehicles’ rapidly deployable intervention capability aims to deliver high performance in mission-critical operations across a multitude of scenarios.
The Report Covers
- Market value data analysis of 2024 and forecast to 2035.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global armored vehicles market. Based on the availability of data, information related to new products and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
• Global Armored Vehicles Market Sales Analysis – Vehicle Type | Propulsion Type | Drive Type | Application ($ Million)
• Armored Vehicles Market Sales Performance of Top Countries
1.1. Research Methodology
• Primary Research Approach
• Secondary Research Approach
1.2. Market Snapshot
2. Market Overview and Insights
2.1. Scope of the Study
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Armored Vehicles Industry Trends
2.2.2. Market Recommendations
3. Market Determinants
3.1. Market Drivers
3.1.1. Drivers For Global Armored Vehicles Market: Impact Analysis
3.2. Market Pain Points and Challenges
3.2.1. Restraints For Global Armored Vehicles Market: Impact Analysis
3.3. Market Opportunities
4. Competitive Landscape
4.1. Competitive Dashboard – Armored Vehicles Market Revenue and Share by Manufacturers
• Armored Vehicles Product Comparison Analysis
• Top Market Player Ranking Matrix
4.2. Key Company Analysis
4.2.1. BAE Systems plc
4.2.1.1. Overview
4.2.1.2. Product Portfolio
4.2.1.3. Financial Analysis (Subject to Data Availability)
4.2.1.4. SWOT Analysis
4.2.1.5. Business Strategy
4.2.2. General Dynamics European Land Systems Group
4.2.2.1. Overview
4.2.2.2. Product Portfolio
4.2.2.3. Financial Analysis (Subject to Data Availability)
4.2.2.4. SWOT Analysis
4.2.2.5. Business Strategy
4.2.3. KNDS N.V.
4.2.3.1. Overview
4.2.3.2. Product Portfolio
4.2.3.3. Financial Analysis (Subject to Data Availability)
4.2.3.4. SWOT Analysis
4.2.3.5. Business Strategy
4.2.4. Oshkosh Defense, LLC (Oshkosh Corp.)
4.2.4.1. Overview
4.2.4.2. Product Portfolio
4.2.4.3. Financial Analysis (Subject to Data Availability)
4.2.4.4. SWOT Analysis
4.2.4.5. Business Strategy
4.2.5. Rheinmetall AG
4.2.5.1. Overview
4.2.5.2. Product Portfolio
4.2.5.3. Financial Analysis (Subject to Data Availability)
4.2.5.4. SWOT Analysis
4.2.5.5. Business Strategy
4.3. Top Winning Strategies by Market Players
4.3.1. Merger and Acquisition
4.3.2. Product Launch
4.3.3. Partnership And Collaboration
5. Global Armored Vehicles Market Sales Analysis By Vehicle Type ($ Million)
5.1. Armored Personnel Carrier
5.2. Infantry Fighting Vehicle
5.3. Mine-Resistant Ambush Protected
5.4. Main Battle Tank
5.5. Others
6. Global Armored Vehicles Market Sales Analysis By Propulsion Type ($ Million)
6.1. IC Engine
6.2. Electric
7. Global Armored Vehicles Market Sales Analysis By Drive Type ($ Million)
7.1. Wheel
7.2. Track
8. Global Armored Vehicles Market Sales Analysis By Application ($ Million)
8.1. Defense
8.2. Commercial
9. Regional Analysis
9.1. North American Armored Vehicles Market Sales Analysis – Vehicle Type | Propulsion Type | Drive Type | Application ($ Million)
• Macroeconomic Factors for North America
9.1.1. United States
9.1.2. Canada
9.2. European Armored Vehicles Market Sales Analysis – Vehicle Type | Propulsion Type | Drive Type | Application ($ Million)
• Macroeconomic Factors for Europe
9.2.1. UK
9.2.2. Germany
9.2.3. Italy
9.2.4. Spain
9.2.5. France
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Asia-Pacific Armored Vehicles Market Sales Analysis – Vehicle Type | Propulsion Type | Drive Type | Application ($ Million)
• Macroeconomic Factors for Asia-Pacific
9.3.1. China
9.3.2. Japan
9.3.3. South Korea
9.3.4. India
9.3.5. Australia & New Zealand
9.3.6. ASEAN Countries (Thailand, Indonesia, Vietnam, Singapore, And Other)
9.3.7. Rest of Asia-Pacific
9.4. Rest of the World Armored Vehicles Market Sales Analysis – Vehicle Type | Propulsion Type | Drive Type | Application ($ Million)
• Macroeconomic Factors for the Rest of the World
9.4.1. Latin America
9.4.2. Middle East and Africa
10. Company Profiles
10.1. BAE Systems plc
10.1.1. Quick Facts
10.1.2. Company Overview
10.1.3. Product Portfolio
10.1.4. Business Strategies
10.2. Denel Vehicle Systems
10.2.1. Quick Facts
10.2.2. Company Overview
10.2.3. Product Portfolio
10.2.4. Business Strategies
10.3. Elbit Systems Ltd.
10.3.1. Quick Facts
10.3.2. Company Overview
10.3.3. Product Portfolio
10.3.4. Business Strategies
10.4. FNSS Savunma Sistemleri A.?.
10.4.1. Quick Facts
10.4.2. Company Overview
10.4.3. Product Portfolio
10.4.4. Business Strategies
10.5. General Dynamics European Land Systems Group
10.5.1. Quick Facts
10.5.2. Company Overview
10.5.3. Product Portfolio
10.5.4. Business Strategies
10.6. Hanwha Systems Co., Ltd.
10.6.1. Quick Facts
10.6.2. Company Overview
10.6.3. Product Portfolio
10.6.4. Business Strategies
10.7. Hayzek Co.
10.7.1. Quick Facts
10.7.2. Company Overview
10.7.3. Product Portfolio
10.7.4. Business Strategies
10.8. HYUNDAI ROTEM COMPANY.
10.8.1. Quick Facts
10.8.2. Company Overview
10.8.3. Product Portfolio
10.8.4. Business Strategies
10.9. Hensoldt AG
10.9.1. Quick Facts
10.9.2. Company Overview
10.9.3. Product Portfolio
10.9.4. Business Strategies
10.10. INKAS Armored Vehicle Manufacturing
10.10.1. Quick Facts
10.10.2. Company Overview
10.10.3. Product Portfolio
10.10.4. Business Strategies
10.11. International Armored Group
10.11.1. Quick Facts
10.11.2. Company Overview
10.11.3. Product Portfolio
10.11.4. Business Strategies
10.12. Iveco Defence Vehicles
10.12.1. Quick Facts
10.12.2. Company Overview
10.12.3. Product Portfolio
10.12.4. Business Strategies
10.13. KNDS N.V.
10.13.1. Quick Facts
10.13.2. Company Overview
10.13.3. Product Portfolio
10.13.4. Business Strategies
10.14. L3Harris Technologies, Inc.
10.14.1. Quick Facts
10.14.2. Company Overview
10.14.3. Product Portfolio
10.14.4. Business Strategies
10.15. Lenco Industries, Inc.
10.15.1. Quick Facts
10.15.2. Company Overview
10.15.3. Product Portfolio
10.15.4. Business Strategies
10.16. Lockheed Martin Corp.
10.16.1. Quick Facts
10.16.2. Company Overview
10.16.3. Product Portfolio
10.16.4. Business Strategies
10.17. Mahindra Emirates Vehicle Armouring Fz LLC
10.17.1. Quick Facts
10.17.2. Company Overview
10.17.3. Product Portfolio
10.17.4. Business Strategies
10.18. Oshkosh Defense, LLC (Oshkosh Corp.)
10.18.1. Quick Facts
10.18.2. Company Overview
10.18.3. Product Portfolio
10.18.4. Business Strategies
10.19. Paramount Group.
10.19.1. Quick Facts
10.19.2. Company Overview
10.19.3. Product Portfolio
10.19.4. Business Strategies
10.20. Patria Group
10.20.1. Quick Facts
10.20.2. Company Overview
10.20.3. Product Portfolio
10.20.4. Business Strategies
10.21. Plasan Sasa Ltd
10.21.1. Quick Facts
10.21.2. Company Overview
10.21.3. Product Portfolio
10.21.4. Business Strategies
10.22. Rheinmetall AG
10.22.1. Quick Facts
10.22.2. Company Overview
10.22.3. Product Portfolio
10.22.4. Business Strategies
10.23. STREIT Group
10.23.1. Quick Facts
10.23.2. Company Overview
10.23.3. Product Portfolio
10.23.4. Business Strategies
10.24. Tata Advanced Systems Ltd.
10.24.1. Quick Facts
10.24.2. Company Overview
10.24.3. Product Portfolio
10.24.4. Business Strategies
10.25. Textron Systems Corp.
10.25.1. Quick Facts
10.25.2. Company Overview
10.25.3. Product Portfolio
10.25.4. Business Strategies
1. Global Armored Vehicles Market Research and Analysis By Vehicle Type, 2024-2035 ($ Million)
2. Global Armored Personnel Carrier Market Research and Analysis By Region, 2024-2035 ($ Million)
3. Global Infantry Fighting Vehicle Market Research and Analysis By Region, 2024-2035 ($ Million)
4. Global Mine-Resistant Ambush Protected Market Research and Analysis By Region, 2024-2035 ($ Million)
5. Global Main Battle Tank Market Research and Analysis By Region, 2024-2035 ($ Million)
6. Global Others Market Research and Analysis By Region, 2024-2035 ($ Million)
7. Global Armored Vehicles Market Research and Analysis By Propulsion Type, 2024-2035 ($ Million)
8. Global IC Engine Armored Vehicles Market Research and Analysis By Region, 2024-2035 ($ Million)
9. Global Electric Armored Vehicles Market Research and Analysis By Region, 2024-2035 ($ Million)
10. Global Armored Vehicles Market Research and Analysis By Drive Type, 2024-2035 ($ Million)
11. Global Wheel Armored Vehicles Market Research and Analysis By Region, 2024-2035 ($ Million)
12. Global Track Armored Vehicles Market Research and Analysis By Region, 2024-2035 ($ Million)
13. Global Armored Vehicles Market Research and Analysis By Application, 2024-2035 ($ Million)
14. Global Defense Armored Vehicles Market Research and Analysis By Region, 2024-2035 ($ Million)
15. Global Commercial Armored Vehicles Market Research and Analysis By Region, 2024-2035 ($ Million)
16. Global Armored Vehicles Market Research and Analysis By Region, 2024-2035 ($ Million)
17. North American Armored Vehicles Market Research and Analysis By Country, 2024-2035 ($ Million)
18. North American Armored Vehicles Market Research and Analysis By Vehicle Type, 2024-2035 ($ Million)
19. North American Armored Vehicles Market Research and Analysis By Propulsion Type, 2024-2035 ($ Million)
20. North American Armored Vehicles Market Research and Analysis By Drive Type, 2024-2035 ($ Million)
21. North American Armored Vehicles Market Research and Analysis By Application, 2024-2035 ($ Million)
22. European Armored Vehicles Market Research and Analysis By Country, 2024-2035 ($ Million)
23. European Armored Vehicles Market Research and Analysis By Vehicle Type, 2024-2035 ($ Million)
24. European Armored Vehicles Market Research and Analysis By Propulsion Type, 2024-2035 ($ Million)
25. European Armored Vehicles Market Research and Analysis By Drive Type, 2024-2035 ($ Million)
26. European Armored Vehicles Market Research and Analysis By Application, 2024-2035 ($ Million)
27. Asia-Pacific Armored Vehicles Market Research and Analysis By Country, 2024-2035 ($ Million)
28. Asia-Pacific Armored Vehicles Market Research and Analysis By Vehicle Type, 2024-2035 ($ Million)
29. Asia-Pacific Armored Vehicles Market Research and Analysis By Propulsion Type, 2024-2035 ($ Million)
30. Asia-Pacific Armored Vehicles Market Research and Analysis By Drive Type, 2024-2035 ($ Million)
31. Asia-Pacific Armored Vehicles Market Research and Analysis By Application, 2024-2035 ($ Million)
32. Rest of the World Armored Vehicles Market Research and Analysis By Region, 2024-2035 ($ Million)
33. Rest of the World Armored Vehicles Market Research and Analysis By Vehicle Type, 2024-2035 ($ Million)
34. Rest of the World Armored Vehicles Market Research and Analysis By Propulsion Type, 2024-2035 ($ Million)
35. Rest of the World Armored Vehicles Market Research and Analysis By Drive Type, 2024-2035 ($ Million)
36. Rest of the World Armored Vehicles Market Research and Analysis By Application, 2024-2035 ($ Million)
1. Global Armored Vehicles Market Share By Vehicle Type, 2024 Vs 2035 (%)
2. Global Armored Personnel Carrier Market Share By Region, 2024 Vs 2035 (%)
3. Global Infantry Fighting Vehicle Market Share By Region, 2024 Vs 2035 (%)
4. Global Mine-Resistant Ambush Protected Market Share By Region, 2024 Vs 2035 (%)
5. Global Main Battle Tank Market Share By Region, 2024 Vs 2035 (%)
6. Global Others Market Share By Region, 2024 Vs 2035 (%)
7. Global Armored Vehicles Market Share By Propulsion Type, 2024 Vs 2035 (%)
8. Global IC Engine Armored Vehicles Market Share By Region, 2024 Vs 2035 (%)
9. Global Electric Armored Vehicles Market Share By Region, 2024 Vs 2035 (%)
10. Global Armored Vehicles Market Share By Drive Type, 2024 Vs 2035 (%)
11. Global Wheel Armored Vehicles Market Share By Region, 2024 Vs 2035 (%)
12. Global Track Armored Vehicles Market Share By Region, 2024 Vs 2035 (%)
13. Global Armored Vehicles Market Share By Application, 2024 Vs 2035 (%)
14. Global Defense Armored Vehicles Market Share By Region, 2024 Vs 2035 (%)
15. Global Commercial Armored Vehicles Market Share By Region, 2024 Vs 2035 (%)
16. Global Armored Vehicles Market Share By Region, 2024 Vs 2035 (%)
17. US Armored Vehicles Market Size, 2024-2035 ($ Million)
18. Canada Armored Vehicles Market Size, 2024-2035 ($ Million)
19. UK Armored Vehicles Market Size, 2024-2035 ($ Million)
20. France Armored Vehicles Market Size, 2024-2035 ($ Million)
21. Germany Armored Vehicles Market Size, 2024-2035 ($ Million)
22. Italy Armored Vehicles Market Size, 2024-2035 ($ Million)
23. Spain Armored Vehicles Market Size, 2024-2035 ($ Million)
24. Russia Armored Vehicles Market Size, 2024-2035 ($ Million)
25. Rest of Europe Armored Vehicles Market Size, 2024-2035 ($ Million)
26. India Armored Vehicles Market Size, 2024-2035 ($ Million)
27. China Armored Vehicles Market Size, 2024-2035 ($ Million)
28. Japan Armored Vehicles Market Size, 2024-2035 ($ Million)
29. South Korea Armored Vehicles Market Size, 2024-2035 ($ Million)
30. Australia and New Zealand Armored Vehicles Market Size, 2024-2035 ($ Million)
31. ASEAN Economies Armored Vehicles Market Size, 2024-2035 ($ Million)
32. Rest Of Asia-Pacific Armored Vehicles Market Size, 2024-2035 ($ Million)
33. Latin America Armored Vehicles Market Size, 2024-2035 ($ Million)
34. Middle East and Africa Armored Vehicles Market Size, 2024-2035 ($ Million)
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FAQS
The size of the Armored Vehicles market in 2024 is estimated to be around $48,745 million.
North America holds the largest share in the Armored Vehicles market.
Leading players in the Armored Vehicles market include BAE Systems plc, General Dynamics Corp., KNDS N.V., Oshkosh Defense, LLC (Oshkosh Corp.), and Rheinmetall AG, among others.
Armored Vehicles market is expected to grow at a CAGR of 4.8% from 2025 to 2035.
Surging global security concerns, rising defense budgets, and increasing demand for personnel and cargo protection are driving the growth of the Armored Vehicles market.
