Armored Vehicle Market 2022 – 2030: Business Outlook, Growth, Revenue, Trends and Forecasts

Armored Vehicle Industry Overview

The global armored vehicle market size is expected to reach USD 29.87 billion by 2030, growing at a CAGR of 6.9% during the forecast period, according to a new study conducted by Grand View Research, Inc. A rise in internal and external terrorism and the increasing technological advancements worldwide are expected to drive market growth over the forecast period. In February 2021, ADASI, a reputed end-to-end solution provider in the autonomous systems industry of the MENA area, revealed an armored robotic vehicle and two unmanned ground vehicles at the International Defense Exhibition and Conference.

Armored Vehicle Market Segmentation

Grand View Research has segmented the global armored vehicle market based on product and region:

Based on the Product Insights, the market is segmented into Defense Armored Vehicle and Commercial Armored Vehicle.

• The Main Battle Tanks (MBTs) segment dominated the global market with a share of over 28% in 2021. Government initiatives for strengthening the armed forces across various countries fuel market growth. In March 2021, The Indian Defense Ministry signed an agreement of INR 1,056 Crore (USD 144 million) with Mahindra Emirates Vehicle Armouring FZ LLC, an innovative armored solutions provider for the military and paramilitary forces, to supply 1,300 Light Specialist Vehicles (LSVs) to the Army. The LSVs are incredibly agile and provide all-around defense against small arms fire.
• The rising need to protect military personnel from mine attacks is expected to increase the demand for the mine-resistant ambush-protected vehicle over the forecast period. Tactical military carriers and armored personnel carriers are used for safer deployment of infantry on battlefields or high threat areas. In July 2020, Mahindra Emirates Vehicle Armoring FZ LLC, a premium vehicle armoring firm, launched its latest high-tech Mine Resistant Ambush Protected Specialty (MRAPS) vehicle, which is equipped with interrogator arms capable of lifting roadside Improvised Explosive Devices (IEDs).

Armored Vehicle Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

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• Heavy Duty Road Filtration Aftermarket Industry: The global heavy duty road filtration aftermarket industry size to be valued at USD 1.01 billion by 2024 and is expected to grow at a compound annual growth rate (CAGR) of 6.8% during the forecast period.
• Road Haulage Market: The global road haulage market size to be valued at USD 4,071.7 billion by 2025 and is expected to grow at a compound annual growth rate (CAGR) of 5.5% during the forecast period.

Key Companies Profile & Market Share Insights

The key market players are investing in new product development to gain a competitive advantage. Prominent players are focusing on collaborating with companies engaged in manufacturing advanced systems and components to equip their products with cutting-edge technologies for better combat capabilities.

Some prominent players in the global armored vehicle market 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.
• Thales Group

Order a free sample PDF of the Armored Vehicle Market Intelligence Study, published by Grand View Research.