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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Armoured Vehicle Market Size
The global armoured vehicle market stood at a value of nearly USD 33.87 billion in 2023. The industry is further projected to grow at a CAGR of 5.8% during the forecast period of 2024-2032 to reach a value of USD 56.3 billion by 2032.
| Global Armoured Vehicle Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 33.87 |
| Market Size 2032 | USD Billion | 56.3 |
| CAGR 2018-2023 | Percentage | 0.0% |
| CAGR 2024-2032 | Percentage | 5.8% |
| CAGR 2024-2032 - Market by Region | Middle East and Africa | 6.5% |
| CAGR 2024-2032 - Market by Country | India | 7.1% |
| CAGR 2024-2032 - Market by Country | France | 6.2% |
| CAGR 2024-2032 - Market by Mobility | Wheeled | 6.0% |
| CAGR 2024-2032 - Market by Application | Government Organization | 6.1% |
| Market Share by Country | UK | 3.4% |
Armoured Vehicle Market Report Snapshots
Armoured Vehicle Market Growth
Armoured Vehicle Market Trends
Armoured Vehicle Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global armoured vehicle market attained a value of nearly USD 33.87 billion.
The market is estimated to grow at a CAGR of 5.8% between 2024 and 2032.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major drivers of the market include the growing need to counter rising criminal activities, militarisation of law enforcement organisations, technological advancements in armoured cars, increase in insurgencies, increasing awareness regarding commercial security, and the commercial use of armoured vehicles.
The rising military and defence expenditure in the emerging economies and rising activities of cross-border terrorism are the key trends guiding the growth of the industry.
Main battle tanks (MBT), mine-resistant ambush-protected (MRAP), light protected vehicles (LPV), armoured personnel carriers (APC), amphibious armoured vehicles, and unmanned ground vehicles (UGV), among others are the major types of armoured vehicles included in the market.
Active protection systems, interoperable communication systems, modular ballistic armour system, electric armour, situational awareness, active mine protection systems, and vehicle information integration are the significant technologies used in the market.
The market can be bifurcated into wheeled and tracked based on mobility.
Engines, drive systems, ballistic armor, turrets drive, ammunition handling system, fire control system, armaments, countermeasure systems, command and control (C2) systems, power systems, navigation systems, observation and display systems, and hulls/frames are the different systems based on which the market is segmented.
Commercial organisation, government organisation, and military, among others are the major applications of armoured vehicle.
The major players in the industry are Oshkosh Defense, LLC, Textron Systems Corporation, Denel Vehicle Systems, Krauss-Maffei Wegmann GmbH and Co., FNSS Savunma Sistemleri A.S., General Dynamics Corporation, BAE Systems plc, Rheinmetall AG, Others.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 56.3 billion by 2032.
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