Armored Vehicle Market Size Will Increase at USD 32.53 BN by 2032

According to study by Precedence Research, the global armored vehicle market size is estimated to increase at USD 32.53 billion by 2032 from valued at USD 18.1 billion in 2022.

/EIN News/ -- Tokyo, March 13, 2023 (GLOBE NEWSWIRE) -- The armored vehicle market growth is anticipated to register at a CAGR of 6.04% from 2023 to 2032. The growth of the global armored vehicle market is driven by the rising development of fuel-efficient armored vehicles globally.

Market overview:

Armored vehicles are designed to offer additional protection with robust safety features. Such vehicles are widely used for personalities that are vulnerable to a threat. Apart from enhancing the survivability of a person travelling in the vehicle, armored vehicles are used to carry valuables within borders and even weapons on the battlefield or other operations. Conventional and electric are two significant types of armored vehicles, and the electric armored vehicle type is projected to lead the market over conventional armored vehicles during the forecast period.

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The sudden increase in military modernization programs in various countries has supplied lucrative opportunities for market players in the global armored vehicle market to develop advanced vehicles for the defense sector. Furthermore, factors such as rising government spending on the military, emerging economies, increasing demand for luxurious SUV vehicles in European countries and growing numbers of original equipment manufacturers (OEMs) to develop components of armored vehicles are supplementing the growth of armored vehicle market.

Regional snapshot:

Asia Pacific is expected to hold the largest share 32% of the global armored vehicle market during the projected timeframe. The availability of raw materials in China with low-cost labor supports the market’s growth. Moreover, rising military budgets in Asian countries due to increasing national security concerns are observed to boost the demand for armored vehicles in the region. For instance, according to the Indian annual budget, the Indian government has enhanced the allocation of India’s defense budget by 13% for the fiscal year 2023-24. At the same time, the approved annual budget of Japan states that the country has boosted the defense budget by approximately 30% in 2023. The presence of local original equipment manufacturers (OEM) is observed to support the development of the market in Asia Pacific by reducing its dependency on other countries/regions for armored vehicles or their components. For instance, in July 2022, a leading manufacturer in India, Tata Advanced System Limited, delivered QRFV fighting vehicles to Indian Army. These armored vehicles are expected to enhance the operational capabilities of the Indian Army. The country is continuing its investments to bolster the Army’s capabilities with local firms. The presence of multiple OEMs in China drives the growth of the armored vehicle market in Asia Pacific. Norinco is one of the largest corporations in China that develops parts for armored vehicles and equipment for the military.

North America holds the largest share of the global armored vehicle market, with significant revenue. The demand for armored vehicles in North America is projected to grow at a CAGR of 3.2% annually during the forecast period. The U.S. Army focuses on replacement initiatives to replace aging armored vehicles with advanced ones, and this factor is propelling the market’s growth. Furthermore, rising terrorist activities, military modernization and the defense sector's purchasing capacity have supplemented the market’s growth. North America is focused on the innovation of advanced armored vehicles; this factor has provided lucrative opportunities for regional firms in the North American armored vehicle market to grow. For instance, in October 2022, the U.S. Army and BAE Systems collectively started focusing on accelerating the production of multi-purpose armored vehicles. These efforts aim to replace the aging troop carriers to boost the operational capabilities of the U.S. Army.

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Report Coverage	Details
Market Size in 2032	USD 32.53 Billion
CAGR	6.04% from 2023 to 2032
Fastest Growing Region	North America
Combat Vehicle Segment CAGR	2.7% from 2023 to 2032
Wheeled Segment CAGR	3.3% from 2023 to 2032
Key Players	Oshkosh Corp, BAE Systems, Northrop Grumman Corporation, Hanwha Defense, Lockheed Martin Corporation, General Dynamics Corporation and Others

Report Highlights:

• By platform, the combat vehicle is projected to dominate the global armored vehicle market during the forecast period. The rising development of improvised fighting vehicles in the market is observed to boost the growth of the combat vehicle segment. Furthermore, the importance of combat support vehicles to cover troops and soldiers on the battlefield is considered to fuel the growth of combat support vehicles in the upcoming years.
• By application, the defense segment is projected to lead the market during the projected period. Manufacturers in countries such as China, India and the U.S. are focused on developing advanced armored vehicles for the military. The growing number of terrorist attacks, national security concerns, and cross-border conflicts have boosted the demand for armored defense vehicles from the defense sector. The commercial armored vehicle segment is growing with the increasing demand for additional security for government officials and high-profile personalities within the country’s borders.
• By mobility, the wheeled segment leads the market; the segment is projected to maintain growth. The growth of the wheeled segment is attributed to better mobility and lower maintenance requirements for wheeled armored vehicles. The tracked vehicle segment is growing at a significant rate due to rising demand from the defense sector.
• By sales, the OEM segment is growing at a robust pace due to the rising number of contracts for original equipment manufacturers. Moreover, the increasing number of OEMs in the armored vehicle market produce advanced components for armored vehicles. At the same time, the retrofit segment is likely to hold a significant share of the global market owing to the rising electric retrofitting activities.

Market dynamics:

Driver:

Rising national security concerns

Aggression from neighboring countries, social issues, political tensions, shifting global economic trends, and infiltration from terrorist groups have raised national security concerns. Governments are focused on protecting citizens from such threats by working autonomously. The government relies on numerous measures to safeguard the country, and the deployment of armored vehicles for diplomats, the defense sector and politicians is one of the measures. Superior engineering and armored methodologies in armored vehicles allow them to be employed for arm escorts, internal security and even battlefield tasks. Thus, rising national security concerns are observed to boost the growth of armored vehicle market.

Restraint:

Software malfunctions in the armored vehicles

Armored vehicles (defense and commercial) comprise various systems, including G.P.S., navigation, command and control, and observation systems. Inevitable glitches in the software of such automated systems can result in the failure of functionality. Software malfunctions are prone to occur due to the integrated electrical component (I.E.C.) failure, software defect, disrupted wiring or software integration failure. Such glitches adversely affect the market’s growth by acting as a restraint. However, the rising risks of such malfunctions have forced the end-users to invest in OEMs that provide dealerships for servicing in case of such glitches.

Opportunity:

Technological advancements through the development of unmanned armored vehicles

Unmanned or uncrewed armored vehicles are controlled by an operator using a sophisticated ground control system. The integration of unmanned armored vehicles is considered to reduce the loss of life during battlefield tasks. Countries such as the U.S., Russia, the UK and Israel are focused on developing unmanned armored vehicles intended to offer surplus opportunities for players in the global armored vehicle market. The deployment of unmanned armored vehicles will also bring tremendous growth in the armored vehicle market. Moreover, deploying machine learning, artificial intelligence and robotics in armored vehicles is prone to bring advent in the military sector. For instance, the Russian Defense Ministry has started working through the concepts to develop more unmanned armored vehicles to come up with a fully autonomous system for military operations in the upcoming years.

Challenge:

Obstacles for the underdeveloped countries

Lack of technological catch-up and skilled professionals in underdeveloped or economically weaker countries create an obstacle for the armored vehicle market. Moreover, lesser manufacturers or OEMs and the high initial investment cost in armored vehicles are a challenge to the market’s growth. The manufacturing of main battle tanks is complicated both technically and mechanically. Newer models, deployed technology, expensive raw materials, encrypted systems, and armaments collectively increase the price of main battle tanks. Due to the prohibitive cost, underdeveloped or economically weaker countries fail to invest in battle tanks, which hampers the growth of the armored vehicle market. Such countries invest less in research and development due to a lack of capital. Such prohibitive obstacles for underdeveloped countries limit the growth of the armored vehicle market.

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Recent developments in the global armored vehicle market:

• In September 2022, Lativa, a European country, unveiled a new light military vehicle prototype VR-1 FOX to support ground operations. The domestically developed armored vehicle can be operated by a two-five-person crew. This vehicle is fitted with special equipment to support soldiers on the battlefield.
• In November 2022, China launched VN20 most protected armored tank based on the modified structure of VN4. This battle tank has additional mounted armored at the front and sides of the hull. The VN20 was displayed at AirShow China 2022 and developed by a prominent Chinese company NORINCO.
• In November 2022, the Canadian military ordered 39 light armored vehicles worth $165 million from General Dynamics. This investment aims to replace the equipment that Canada donated to Ukraine. The country has planned to buy a new-generation Carl Gustaf anti-tank system along with this order.
• In November 2022, Sweden contracted BAE Systems to develop forward maintenance and combat-engineered armored vehicles as a variant of CV90. The contract is worth $90 million, which is added to the Swedish CV90 Reno Upgrade program. The new variants of armored vehicles are scheduled to be delivered between 2023-2027.

Market Segmentation

By Platform

• Combat Vehicle
• Combat Support Vehicle
• Unmanned Vehicle
  
  

By Application

• Defense
• Commercial

By Mobility

• Wheeled
• Tracked

By Sales

• OEM
• Retrofit

By Geographys

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa
  
  

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