Armored Vehicles Global Market Report 2022

Major players in the armored vehicles market are BAE Systems, Oshkosh Corp, International Armored Group, General Dynamics Land Systems, Textron, Rheinmetall, Lockheed Martin, Krauss-Maffei Wegmann, INKAS Armored Vehicle, Elbit Systems, IVECO, Lenco Industries, Navistar, Thales Group, STREIT Group, UralVagonZavod, Ukroboronprom, NORINCO, BMW, Ford Motor Company, The Raytheon and Mitsubishi Heavy Industries and Hyundai.

The global armored vehicles market is expected to grow from $10.62 billion in 2021 to $11.22 billion in 2022 at a compound annual growth rate (CAGR) of 5.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $13.01 billion in 2026 at a CAGR of 3.8%.

The armored vehicle’s market consists of sales of armored vehicles by entities (organizations, sole traders, and partnerships) that produce armored vehicles. The armored fighting vehicle is a self-propelled, weaponized military vehicle used for combat operations.

The main vehicle types of armored vehicles are armored personnel carrier, infantry fighting vehicle, main battle tanks, tactical truck, bus, and others.An armored personnel carrier is a type of armored military vehicle used to transport personnel and equipment in combat zones.

The various platform includes combat vehicles, combat support vehicles, unmanned armored ground vehicles and the different systems involved are engine, drive system, ballistic armor, fire control system (FCS), armaments, ammunition handling system, countermeasure system, command, and control system, others. By mobility, the armored vehicles are classified into tracked, wheeled, 4x4, 6x6, 8x8, others.

Asia Pacific was the largest region in the armored vehicles market in 2021.Western Europe is expected to be the fastest growing region in the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Increased military spending is expected to fuel the growth of the armored vehicles market over the coming years.Countries around the world are investing in the military because of their conflicts and rivalry with other nations.

Military expenditure covers operations, maintenance, arms acquisition, armored vehicles, and military research and development. For instance, on December 20, 2019, the Japanese government signed off on its highest-ever defense budget of $48.5 billion for the next financial year, amidst the increasing conflicts with Asia-Pacific. According to current results from the Stockholm International Peace Research Institute (SIPRI), the overall global military budget increased to $1,917 billion in 2019. Therefore, the increased military spending drives the growth of the armored vehicles market.

The high cost of armored vehicles is expected to limit the growth of the armored vehicles market in the coming years.The cost of armored vehicles is high because armored vehicles are fitted with strict attention to quality for providing uncompromising protection while being on the route.

For example, Inkas Sentry Civilian is an armed personnel carrier that starts at a base price of $350,000. Therefore, the high cost of armored vehicles hinders the growth of the armored vehicles market.

The unmanned armored vehicle is a key trend gaining popularity in the armored vehicles market.The use of unmanned armored vehicles in the defense sector is increasingly evolving and military organizations around the globe are experimenting with their use in an attempt to understand what actually such systems can bring and how they can best be incorporated into existing power structures.

For instance, in March 2020, the first unmanned armored vehicle from SOORAN, capable of fighting on battlefields and operating from a distance, grabbed the attention of the Indian Army. SOORAN is an artificial intelligence multi-terrain vehicle fitted with a petrol engine and can be controlled in three modes, including remote teleoperation, mobile control station teleoperation, and autonomous mode.

In May 2020, BAE Systems, a USA-based Aerospace company acquired Raytheon Company for an undisclosed amount.This acquisition augments BAE Systems’ portfolio in airborne communications with broad-spectrum, multi-band, multi-channel radios that feature robust anti-jamming and encryption capabilities.

Raytheon Company is a USA defense contractor and industrial corporation with core manufacturing concentrations in weapons and military and commercial electronics.

The countries covered in the armored vehicles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.