Armored Vehicles Market by Product Type, Distribution Channel, End User 2024-2032
                     Global Armored 
Vehicles Market 
Research and Forecast 
Report 2024-2032
Format: PDF+EXCEL
© 2023 IMARC All Rights Reserved 
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A cc o r d i ng  t o  t h e  l a t e s t  r e p o r t  b y  IM A R C  Gr o u p ,  t i t l e d  " A rm o re d  V e h i c le s  Ma r k e t :  
G l o b a l  I n d u s t r y  T r e n d s ,  S h a r e ,  S i z e ,  Gr o w th ,  O p p o r t u n i t y  a n d  F o r e c as t  2 0 2 4 -
20 3 2 , "  t h e  g l o b a l  a r m o re d  v e h i c l e s  ma r k e t  s i z e  re a c h ed  U S $  1 7 . 8  B i l l i o n  i n  2 02 3 .
Fac tors  A f fec t ing  the  Growth  o f  t he  Armored Veh ic les  Indus t ry :
Report Technolog ica l  Advancement s  in  Def ense  Syst ems:
T he  i n t e g r a t i o n  o f  a dv a n c e d  t e ch n o l o g i es  i n to  a r m o r e d  v e h i c l e s  i s  i mp e l l i n g  t he  m a r k e t  
g r o w t h .  M o d e r n  a r m o re d  v e h i c l es  a r e  n ow  eq u i p pe d  w i t h  so p h i s t i ca t e d  e l e c t r o n i c s ,  
Highlight and su c h  as  a dv a n c e d  t a rg e t i n g  s y s te m s ,  e n h a nc e d  c o mm u n i c a t i o n  t o o l s ,  a n d  i mp r o v e d  
na v i g a t i on  c a p a b i l i t i e s .  T h e s e  te c h n o l og i c a l  a d va n c e me n t s  i mp r o v e  t h e  op e r a t i on a l  
e f f i c i e n cy ,  s i t u a t i o n a l  a w a r e n es s ,  an d  c om b a t  r e a d i n es s  o f  a r m ed  f o rc e s .  
Description F u r t h e rm o r e ,  t h e  d e v e l o p m e n t  o f  a u t o n o mo u s  a nd  s e m i - a u t on o m o us  a r mo r e d  v e h i c l es  
i s  re s h a p i ng  b a t t l e f i e l d  s t r a t eg i e s ,  o f f e r i ng  n e w  p o s s i b i l i t i e s  f o r  r e mo t e  o p e r a t i on s  a n d  
r ed u c i n g  t h e  r i s k  t o  h u m an  l i f e .  T h i s  t r e n d  i s  f ue l e d  b y  co n t i n uo u s  re s e a rc h  a nd  
de v e l o p me n t  ( R & D )  e f fo r t s  w i th i n  t h e  de f e n se  s e c t o r ,  e m ph a s i z i ng  t h e  n ee d  f o r  s t a t e -
o f - t h e -a r t  d e f en s e  s y s t e m s  to  c o u n t e r  e m er g i n g  th r e a t s  an d  i mp r o v e  s u r v i va b i l i t y  o n  
t he  b a t t l e f i e l d .
Increasing Defense Budgets and Mi l i tary Modernizat ion:
Ris ing  de fense  budge ts  wor ldw ide  s ign i f i can t ly  d r i ve  the  demand fo r  a rmored  
veh ic les .  Na t ions  a re  p r io r i t i z ing  the  modern iza t ion  o f  t he i r  mi l i ta ry  fo rces  in  
response  to  g rowing  geopo l i t i ca l  t ens ions  and  secu r i t y  concerns .  The  
p rocurement  o f  new and  advanced  a rmored  veh ic les  i s  a  c r i t i ca l  componen t  o f  
Report these  modern iza t ion  p rograms.  
Th is  inc rease  in  de fense  spend ing  is  pa r t i cu la r ly  ev iden t  in  emerg ing  
Highlight and economies ,  wh ich  a re  inves t ing  heav i ly  i n  upgrad ing  the i r  de fense  capab i l i t ies .  
The  focus  on  rep lac ing  ou tda ted  equ ipmen t  w i th  advanced ,  h igh -per fo rmance  
a rmored  veh ic les  i s  d r i ven  by  the  necess i ty  t o  ma in ta in  mi l i ta ry  read iness  and  
Description super io r i t y .  These  inves tments  ensure  tha t  a rmed fo rces  a re  equ ipped  w i th  the  
la tes t  techno logy  to  address  cu r ren t  and  fu tu re  th rea ts  e f fec t i ve ly .
Rising Threat  of  Asymmetr ic  Warfare and Terror ism:
The g row ing  th rea t  o f  asymmet r i c  war fa re  and  te r ro r ism i s  ano ther  c ruc ia l  
fac to r  p rope l l ing  the  marke t  g rowth .  A rmored  veh ic les  p lay  a  v i t a l  ro le  in  
p rov id ing  p ro tec t ion  and  opera t iona l  e f fec t i veness  in  hos t i le  env i ronmen ts  
charac te r ized  by  i r regu la r  combat  tac t ics ,  such  as  gue r r i l l a  war fa re  and  
insu rgenc ies .
The need  to  sa feguard  mi l i ta ry  pe rsonne l  and  c iv i l ians  f rom improv ised  
exp los ive  dev ices  ( IEDs) ,  sma l l  a rms f i re ,  and  o the r  unconven t iona l  t h rea ts  i s  
ca ta lyz ing  the  demand fo r  a rmored  veh ic les  w i th  enhanced  p ro tec t ive  fea tu res .  
Add i t iona l l y ,  u rban  war fa re  scenar ios ,  o f ten  invo lv ing  c lose-quar te r  comba t ,  
necess i ta te  the  use  o f  ag i le  and  we l l -p ro tec ted  a rmored  veh ic les  to  nav iga te  
th rough  comp lex  and  dense ly  popu la ted  a reas .
Report 
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Description
Report Description
Global  Armored Vehicles Market  Trends:
The increas ing focus on homeland secur i ty  is  dr iv ing the demand for  armored vehic les .  Governments  
wor ldwide are enhancing the i r  in terna l  secur i ty  measures to  address threats ,  such as ter ror ism,  organized 
cr ime,  and c iv i l  unrest .  Armored vehic les are in tegra l  to  law enforcement  agenc ies  and spec ia l  response 
un i ts ,  prov id ing them wi th  the necessary  protect ion and mobi l i ty  to  handle  h igh-r isk  s i tuat ions.  
Th is  inc ludes r io t  cont ro l ,  counter - ter ror ism operat ions,  and cr i t ica l  in f ras t ruc ture protect ion.  The 
deployment  o f  armored vehic les  in  domest ic  secur i ty  operat ions he lps  ensure  the safety  o f  law 
enforcement  personnel  and the publ ic ,  demonst ra t ing the i r  c ruc ia l  ro le  beyond t rad i t iona l  mi l i tary  
appl icat ions.  The t rend of  for t i f ied in terna l  secur i ty  f rameworks is  expected to  cont inue,  cont r ibut ing to  the 
susta ined demand for  armored vehic les.
View Report  TOC,  F igures and Tables :  ht tps: / /www.imarcgroup.com/armored-vehicles-market
Breakup by Product:
• Defense
o Armored Personnel Carrier (APC)
o Infantry Fight ing Vehicles ( IFVs)
o Light Protected Vehicles (LPVs)
o Main Batt le Tanks (MBTs)
Report o Mine-resistant Ambush Protected (MRAP)
o
Segmentation Tact ical  Vehicle
o Others
• Commercial
o Bus/Van
o Limousine
o Sedan
o SUV
o Others
Breakup by System:
• Engine
• Drive System
• Bal l ist ic Armor
• Turret Drives
• Ammunition Handl ing System
Report • Fire Control  Systems (FCS)
Segmentation • Armaments
• Countermeasure System
• Command and Control  (C2) System
• Power System
• Navigation System
• Observation and Display System
• Hulls/Frames
Breakup by Drive Type:
• Wheeled
• Tracked
Breakup by Region:
• North America
Report 
• Asia-Pacifi c
Segmentation • Europe
• Latin America
• Middle East and Afr ica
• BAE Systems plc
• Elbit  Systems Ltd.
• General Dynamics Corporat ion
• INKAS Armored Vehicle Manufactur ing
Competitive • International Armored Group
Landscape • IVECO
• Krauss-Maff ei Wegmann GmbH & Co. KG 
with Key (KMW+Nexter Defense Systems N.V.)
•
Players Lenco Armored Vehicles Inc
• Lockheed Mart in Corporation
• Oshkosh Defense, LLC (Oshkosh Corporation)
• Rheinmetal l  AG
• Textron Inc.
What was the size of the global armored vehicles 
market in 2023?
What is the expected growth rate of the global 
armored vehicles market during 2024-2032?
What are the key factors driving the global armored 
Key vehicles market?
Questions What has been the impact of COVID-19 on the 
global armored vehicles market?
Answered in 
What is the breakup of the global armored vehicles 
the Report market based on product?
What is the breakup of the global armored vehicles 
market based on the drive type?
What are the key regions in the global armored 
vehicles market?
Who are the key players/companies in the global 
armored vehicles market?
1     P r e f a c e
2     S c o p e  a n d  M e t h o d o l o g y
    2 . 1     O b j e c t i v e s  o f  t h e  S t u d y
    2 . 2     S t a k e h o l d e r s
    2 . 3     D a t a  S o u r c e s
        2 . 3 . 1     P r i m a r y  S o u r c e s
        2 . 3 . 2     S e c o n d a r y  S o u r c e s
    2 . 4     M a r k e t  E s t i m a t i o n
        2 . 4 . 1     B o t t o m - U p  A p p r o a c h
Table of         2 . 4 . 2     T o p - D o w n  A p p r o a c h    2 . 5     F o r e c a s t i n g  M e t h o d o l o g y
3     E x e c u t i v e  S u m m a r y
4     I n t r o d u c t i o n
    4 . 1     O v e r v i e w
Contents     4 . 2     K e y  I n d u s t r y  T r e n d s5     G l o b a l  A r m o r e d  V e h i c l e s  M a r k e t    5 . 1     M a r k e t  O v e r v i e w
    5 . 2     M a r k e t  P e r f o r m a n c e
    5 . 3     I m p a c t  o f  C O V I D - 1 9
    5 . 4     M a r k e t  F o r e c a s t
6      M a r k e t  B r e a k u p  b y  P r o d u c t
    6 . 1     D e f e n s e
        6 . 1 . 1  M a r k e t  T r e n d s
        6 . 1 . 2  K e y  S e g m e n t s
           6 . 1 . 2 . 1  A r m o r e d  P e r s o n n e l  C a r r i e r  ( A P C )
           6 . 1 . 2 . 2  I n f a n t r y  F i g h t i n g  V e h i c l e s  ( I F V s )
           6 . 1 . 2 . 3  L i g h t  P r o t e c t e d  V e h i c l e s  ( L P V s )
           6 . 1 . 2 . 4  M a i n  B a t t l e  T a n k s  ( M B T s )
           6 . 1 . 2 . 5  M i n e - r e s i s t a n t  A m b u s h  P r o t e c t e d  ( M R A P )
           6 . 1 . 2 . 6  T a c t i c a l  V e h i c l e
           6 . 1 . 2 . 7  O t h e r s
        6 . 1 . 3  M a r k e t  F o r e c a s t
       
   6 . 2     C o m m e r c i a l
        6 . 2 . 1  M a r k e t  T r e n d s
        6 . 2 . 2  K e y  S e g m e n t s
           6 . 2 . 2 . 1  B u s / V a n
           6 . 2 . 2 . 2  L i m o u s i n e
           6 . 2 . 2 . 3  S e d a n
           6 . 2 . 2 . 4  S U V
           6 . 2 . 2 . 5  O t h e r s
        6 . 2 . 3  M a r k e t  F o r e c a s t
7     M a r k e t  B r e a k u p  b y  S y s t e m
    7 . 1     E n g i n e
        7 . 1 . 1  M a r k e t  T r e n d s
Table of         7 . 1 . 2  M a r k e t  F o r e c a s t    7 . 2     D r i v e  S y s t e m
        7 . 2 . 1  M a r k e t  T r e n d s
        7 . 2 . 2  M a r k e t  F o r e c a s t
Contents     7 . 3     B a l l i s t i c  A r m o r        7 . 3 . 1  M a r k e t  T r e n d s
        7 . 3 . 2  M a r k e t  F o r e c a s t
    7 . 4     T u r r e t  D r i v e s
        7 . 4 . 1  M a r k e t  T r e n d s
        7 . 4 . 2  M a r k e t  F o r e c a s t
    7 . 5     A m m u n i t i o n  H a n d l i n g  S y s t e m
        7 . 5 . 1  M a r k e t  T r e n d s
        7 . 5 . 2  M a r k e t  F o r e c a s t
    7 . 6     F i r e  C o n t r o l  S y s t e m s  ( F C S )
        7 . 6 . 1  M a r k e t  T r e n d s
        7 . 6 . 2  M a r k e t  F o r e c a s t
    7 . 7     A r m a m e n t s
        7 . 7 . 1  M a r k e t  T r e n d s
        7 . 7 . 2  M a r k e t  F o r e c a s t
F o r  m o r e  i n f o r m a t i o n ,  v i s i t :  
h t t p s : / / w w w. im a rcg ro u p . co m / a rm o red -v eh i c l e s - m a r ke t / t o c
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