(MENAFN- GlobeNewsWire - Nasdaq) Vancouver, Oct. 30, 2023 (GLOBE NEWSWIRE) -- The global armored vehicle market size was USD 24.92 Billion in 2022 and is expected to register a revenue CAGR of 5.2% during the forecast period. A comprehensive market research report highlights that the market is expected to register a revenue CAGR during the forecast period, driven by several key factors. Geopolitical Tensions: Increasing geopolitical tensions and conflicts worldwide have boosted the demand for armored vehicles for security and military operations.
Counterterrorism: The ongoing fight against terrorism has contributed to the rising demand for armored vehicles.
Technological Advancements: Recent upgrades and developments in military equipment, including technologies like reactive armor and advanced autoloaders, have significantly impacted the market.
Global Investments: Commercial and technological advancements, coupled with increased investments in research and development activities, have transformed the defense vehicle industry.
Demand for Active Protection Systems: Despite a trend toward mobility with lighter protection, investments in cost-effective and precise active protection systems for Main Battle Tanks (MBTs) continue to drive market growth.
The conflict between Russia and Ukraine in 2022 had a significant impact on the European defense sector. Several countries joined forces to support Ukraine, resulting in an increased demand for armored vehicles. The United States provided Ukraine with security assistance, including T-72B tanks, in collaboration with the Netherlands and the Czech Republic. This situation has led to a surge in armored vehicle usage across Europe, particularly among NATO countries. Hybrid technology is progressively reducing the military's dependence on fossil fuels, improving silent mobility, and offering operational advantages. The development of hybrid-electric engine technology has gained momentum, with the U.S. Army and academic institutions collaborating on research. The transition to complete electrification is on the horizon, with vehicles like the electric Joint Light Tactical Vehicle (eJLTV) making their debut in the market.
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The market faces challenges such as the high cost of designing and producing large-scale armored vehicles, mechanical and electrical malfunctions, and political instability. Routine maintenance is crucial for these vehicles, but it comes at a substantial cost, ranging from USD 300,000 to USD 1 million, impacting market growth.
North America: The United States and Canada led the market in 2022, with the United States' significant defense expenditures driving growth. The region is also shifting its focus toward unmanned ground vehicles.
Asia Pacific: Escalating terrorism, global disagreements, and political turmoil have led to increased defense spending in countries like China, South Korea, and Japan, driving market growth.
Europe: Ongoing hostilities between Russia and Ukraine have generated demand for armored vehicles, with upgrades of existing vehicles also contributing to market growth.
The global armored vehicle market displayed significant growth in 2022, driven by geopolitical tensions, counterterrorism efforts, technological advancements, and global investments. Challenges such as high costs and maintenance requirements are present but have not deterred the market's positive trajectory. Market segments, including platform, system, and operation, each play a vital role in shaping the market landscape. Regional dynamics vary, with North America leading the way, followed by Asia Pacific and Europe. As the world continues to evolve, the armored vehicle market is set to maintain its growth momentum in the coming years.
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Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 24.92 Billion |
| CAGR (2023–2032) | 5.2% |
| Revenue forecast to 2032 | USD 41.27 Billion |
| Base year for estimation | 2022 |
| Historical data | 2019–2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Platform, system, operation, engine type, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | BAE System, BMW AG, Elbit Systems, Ford Motor Company, General Dynamic Corporation, INKAS Armored Vehicle Manufacturing, IVECO, Lenco Industries, STAT Inc., Textron Inc., and AM General |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global armored vehicle market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective armored vehicles. Some of the major companies included in the global armored vehicle market report are:
BAE Systems BMW AG Elbit Systems Ford Motor Company General Dynamic Corporation INKAS Armored Vehicle Manufacturing International Armored Group IVECO Defense Vehicles Lenco Industries, Inc Lockheed Matin Corporation Thales Group Navistar, Inc STAT, Inc Rheinmetall AG Textron Inc AM General
Strategic Development
On 09 February 2023, The U.S. Army Contracting Command Detroit Arsenal granted a contract to AM General, a leading global provider of military mobility solutions, for 5 years, with an optional extension of another 5 years. This contract encompasses the production of an estimated 20,000 Joint Light Tactical Vehicles (JLTV) in addition to around 10,000 trailers. AM General is strongly positioned to advance the next generation of JLTVs to align with the demands of missions across the entire spectrum of military operations. On 10 January 2023, Iveco Defense Vehicles (IDV) secured a contract to supply the Italian Navy with a total of 36 Amphibious Armored Vehicles (VBA) designed for personnel transport. The agreement was formalized between IDV and the Directorate of Land Armaments, an entity within the Italian Ministry of Defense. This contract is a component of the Ministry's ongoing initiative to modernize and expand the vehicle fleet, increasing national defense capabilities. In March 2020, BAE Systems was awarded a contract by the U.S. Army for the manufacturing of 48 vehicle sets comprising the M109A7 Self-Propelled Howitzer (SPH) and its companion, the M992A3 carrier for ammunition. This tracked vehicle contract encompasses post-delivery support and the provision of spare parts.
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For the purpose of this report, Emergen Research has segmented the global armored vehicle market on the basis of platform, system, operation, engine type, and region:
Platform Outlook (Revenue, USD Billion; 2019-2032)
Combat Vehicle Main Battle Tanks (MBTs) Armored Fighting Vehicles (AAV) Light Protected Vehicles (LPV) Self-Propelled Howitzers (SPH)
Combat Support Vehicle Armored Supply Trucks Armored Command and Control Vehicles Repair and Recovery vehicles
System Outlook (Revenue, USD Billion; 2019-2032)
Engines Drive Systems Turret Drives Armaments Power Systems Navigation Systems Observation and Display Systems Fire Control Systems
Operation Outlook (Revenue, USD Billion; 2019-2032)
Engine Type Outlook (Revenue, USD Billion; 2019-2032)
Regional Outlook (Revenue, USD Billion; 2019–2032)
Canada
Mexico
Europe Germany France U.K. Italy Spain Benelux Rest of Europe Asia Pacific China India Japan South Korea Rest of APAC Latin America Brazil Rest of LATAM Middle East & Africa Saudi Arabia UAE South Africa Turkey Rest of MEA
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