Aerospace and Defence Armored Vehicles Market

The Armored Vehicles Market is projected to grow at a CAGR 5.12% rate from 2021 to 2026. Growing demand for armored vehicles due to rise in the instances of cross-border conflicts and increasing incidences of asymmetric warfare across the globe. However, the absence of major OEMs of armored vehicles in the Middle East and Asia Pacific region and occurrence of mechanical, electrical, and other kinds of failure in armored vehicles are projected to hinder the growth of the market.

The combat vehicles segment is projected to lead the market during the forecast period. Increasing demand for Armored Personnel Carriers (APCs) and Light Armored Vehicles (LAVs) across the globe is leading to the growth of the combat vehicles segment of the market.

The armaments segment is estimated to lead the armored vehicle market during the forecast period. The growth of this segment can be attributed to the increased demand for remote weapon stations, Anti-tank Guided Missile (ATGM) launchers, and other armaments across the globe.

The Asia Pacific armored vehicles market is projected to grow at the highest CAGR from 2021 to 2026. The growth of the market in this region can be attributed to the rising number of terrorist activities in this region and increasing spending of emerging economies on defense operations. Countries such as India and China have increased their defense budgets and are procuring advanced armored vehicles for their military operations.

Key Market Players include Oshkosh Corporation (US), UralVagonZavod (Russia), Ukroboronprom (Ukraine), General Dynamics Corporation (US), BAE Systems plc (UK), NORINCO (China), Rheinmetall AG (Germany), and Textron Inc. (US).

Key Questions

  • What are the drivers, restraints, challenges, and opportunities that affect the dynamics of the armored vehicles market, and what is the subsequent market analysis of the associated trends?
  • What are the key sustainability strategies adopted by leading players operating in the market?
  • What are the upcoming disrupters in this market that can be potential targets for partnerships/mergers?
  • Who are the top players operating in this market?
  • Which geographies can be the potential revenue-generating pockets for the market?

1.     Introduction

1.1.  Market Definition

1.2.  Study Scope

1.3.  Study Period

1.4.  Market Stakeholders

2.     Research Methodology

2.1.  Secondary Research

2.2.  Primary Research

2.3.  Research Design

2.4.  Data Validation

2.5.  Limitations and Assumptions

3.     Executive Summary

4.     Market Dynamics

4.1.  Drivers

4.1.1. Increasing Demand for Armored Vehicles Due to Rise in the Instances of Cross-Border Conflicts

4.1.2.Rising Incidences of Asymmetric Warfare Across the Globe

4.2.  Opportunities

4.2.1.Military Modernization Plans Across the Globe

4.2.2.Increased Adoption of Unmanned Combat Ground Vehicles By Defense Forces of Different Countries

4.2.3.Development of Modular and Scalable Armored Vehicles

4.3.  Challenges

4.3.1.High Costs of Main Battle Tanks

4.3.2.Survivability Issues

5.     Armored Vehicles Market, By Platform

5.1.  Combat Vehicles

5.1.1.Main battle tanks (MBT)

5.1.2.Infantry fighting vehicles (IFVs)

5.1.3.Armored personnel carriers (APCs)

5.1.4.Armored amphibious vehicles (AAVs)

5.1.5.Mine-Resistant Ambush Protected (MRAP)

5.1.6.Light Armored Vehicles (LAVs)

5.1.7.Self-Propelled Howitzers (SPHs)

5.1.8.Air Defense Vehicles

5.1.9.Armored Mortar Carriers

5.2.  Combat Support Vehicles

5.2.1.Armored supply trucks           Armored fuel tanks           Armored ambulances

5.2.2.Armored command and control vehicles

5.2.3.Repair and recovery vehicles


5.3.  Unmanned Armored Ground Vehicles

6.     Armored Vehicles Market, By Mobility

6.1.  Wheeled


6.2.  Tracked

7.     Armored Vehicles Market, By System

7.1.  Engines

7.2.  Drive Systems

7.3.  Ballistic Armor

7.4.  Turret Drives

7.5.  Ammunition Handling Systems

7.6.  Fire Control Systems (FCS)

7.7.  Armaments

7.8.  Countermeasure Systems

7.9.  Command & Control (C2) Systems

7.10.                 Power Systems

7.11.                 Navigation Systems

7.12.                 Observation & Display Systems

7.13.                 Hulls/Frames

8.     Regional Analysis

8.1.  North America



8.2.  Europe



8.2.3. Germany

8.2.4. France



8.2.7.Rest of Europe

8.3.  Asia Pacific


8.3.2. India


8.3.4. Australia

8.3.5. South Korea

8.3.6.Rest of APAC

8.4.  Middle East


8.4.2.Saudi Arabia

8.4.3. Israel


8.4.5.Rest of Middle East

8.5.  Rest of the World

8.5.1.Latin America


9.     Company Profiles

9.1.  Oshkosh Corporation

9.2.  Textron Inc.

9.3.  Otokar Otomotive Ve Savunma Sanayi

9.4.  Denel Soc Ltd.

9.5.  Krauss-Maffei Wegmann

9.6.  Hanwha Corporation

9.7.  Fnss

9.8.  General Dynamics Corporation

9.9.  Bae Systems PLC

9.10.                 Rheinmetall AG

9.11.                 China North Industries Corporation (Norinco)

9.12.                 Arquus

9.13.                 Nexter Group

9.14.                 Ordnance Factory Board

9.15.                 Ukroboronprom

9.16.                 Uralvagonzavod

*Company introduction, financial information, recent developments, SWOT analysis

10. Conclusion and Recommendations

11. Appendix

11.1.                 About

11.2.                 Related Reports

11.3.                 Glossary

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