Armored Vehicles Market

Armored Vehicles Market



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The armored vehicles market is projected to grow at a CAGR 4.87% rate during the forecast period. 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 2018 to 2023. 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 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?


Market Definition

Study Scope

Study Period


2. Research Methodology

Secondary Research

Primary Research

Research Design

Data Validation

Limitation and Assumptions

3. Executive Overview

4. Market Overview





5. Armored Vehicles Market, By System

Drive Systems

Turret Drives

Fire Control Systems (FCS)

Countermeasure Systems

Power Systems

Observation & Display Systems


Ballistic Armor

Ammunition Handling Systems


Command & Control (C2) Systems

Navigation Systems


6. Armored Vehicles Market, By Platform

Combat Vehicles

Combat Support Vehicles

Unmanned Armored Ground Vehicles

7. Armored Vehicles Market, By Mobility



8. Armored Vehicles Market,  By Region

North America









     Rest of Europe

Asia Pacific



     South Korea



     Rest of APAC

Middle East


     Saudi Arabia

     Rest of Middle East

Rest of the World

     Latin America


9. Company Profiles

Textron Inc.

Denel Soc Ltd.

Hanwha Corporation

General Dynamics Corporation

Rheinmetall AG


Ordnance Factory Board


Oshkosh Corporation

Otokar Otomotive Ve Savunma Sanayi

Krauss-Maffei Wegmann


10. Appendix



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