Market Insight - Armored Vehicles Set for Remarkable Growth by 2029

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(/TOP-MARKET-REPORTS.ASP) ? ARMORED VEHICLES
MARKET GLOBAL TOP 2000 STRATEGIST RELY ON US FOR
THEIR GROWTH STRATEGIES. AKNrOmW oMOreREd
V(/eKnhoiwcleldegesstoMre.aasrpkreeqtuebsty_frePe
_latriatlf)orm (Combat Vehicles, Combat Support
Vehicles, Unmanned Armored Vehicles), Mobility
(Wheeled, Tracked), Type, Systems, Mode of
Operation (Manned, Unmanned), Point of sale, and
Region - Global Forecast to 2029 FREE BROCHURE
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Code AS 2369May, 2024, by marketsandmarkets.com D
ESCRIPTION TABLE OF CONTENTS METHODOLOGY DOWNL
OAD PDF (/PDFDOWNLOADNEW.ASP?ID6322755) 326
Pages Report The armored vehicle market is
projected to grow from USD 51.6 billion in 2024
to USD 60.7 billion by 2029, at a CAGR of 3.3.
The volume of combat vehicles in armored vehicles
market is projected to grow from 3,15,266 (units)
in 2024 to 3,56,681(units) by 2029. The volume
for combat support vehicles in armored vehicles
market is projected to grow from 4,61,246 (units)
in 2024 to 5,19,252 (units) by 2029. The armored
vehicles market, defined by the demand for
military vehicles fortified with advanced
protective measures, is shaped by several
drivers. Geopolitical tensions, including
territorial disputes, fuel nations' investments
in defense capabilities, driving procurement to
fortify borders and prepare for potential
conflicts. Urban warfare and counter-terrorism
operations further stimulate demand for
maneuverable and well-protected armored vehicles,
particularly in regions prone to instability.
Additionally, peacekeeping and humanitarian
missions require specialized vehicles,
contributing to sustained market demand.
Furthermore, ongoing technological advancements
continuously enhance vehicle capabilities,
attracting investments and propelling market
growth.
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Armored Vehicles Market Forecast to 2029 To know
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Armored Vehicles Market Dynamics Driver
Increasing demand for armored vehicles to tackle
cross-border conflicts In recent years, global
conflicts, including intrastate and interstate
disputes like those in Iraq, Syria, North Korea,
and Afghanistan, have impacted the economy and
spurred the mobilization of military and law
enforcement agencies worldwide. Despite defense
budget cuts in major economies like the US, UK,
and France, demand for armored vehicles remains
steady, driven by civilian and law enforcement
use for protection against ballistic and blast
threats. Countries are investing in modernizing
their military fleets, leading to a recovery in
the US tank and armored vehicle industry.
Research and development efforts are underway
globally to enhance armored vehicle capabilities.
In March 2022, Hungary's military procured 40
tactical wheeled armored vehicles from Turkey,
marking a significant collaboration in the
European defense industry. Key players are
focused on RD to drive technological
advancements in armored vehicles. Restraints
Occurrence of mechanical and electrical failure
in armored vehicles Armored vehicles face
significant mechanical and logistical challenges
during operations, including strain from
traversing uneven terrain and potential
breakdowns of engines and transmission systems
due to high-speed movement. Power failures,
component breakdowns, and jamming further
compound these challenges, often requiring
complex rectification procedures by rescue teams.
Detecting faulty components can be difficult,
exacerbating critical situations during wartime.
Manufacturers are actively addressing these
issues by developing innovative designs using
composites and integrating advanced systems to
enhance the reliability and performance of
armored vehicles. Opportunities Rising
technology integration and upgrades in military
vehicles The armored vehicles market is
experiencing significant transformation due to
the integration and upgrades of advanced
technology in military vehicles
(https//www.marketsandmarkets.com/Market-Reports/
military-vehicle-sustainment-market-155479010.html
). Modernization of existing platforms is
essential for maintaining competitiveness on the
battlefield. Key drivers of demand include the
integration of advanced sensors, communication
systems, and AI-driven analytics to enhance
vehicle performance, efficiency, and
survivability. Additionally, integrating unmanned
aerial systems (UAS) with ground vehicles
improves reconnaissance and surveillance
capabilities while reducing risks to human
operators. These advancements offer benefits
such as improved reliability, reduced repair
costs, enhanced safety, increased readiness, and
heightened mission effectiveness, shaping the
future landscape of armored vehicle
operations. Challenges Hardware and software
malfunctions Despite being engineered for rugged
environments, robots remain susceptible to
hardware and software malfunctions. Challenges
such as extreme temperatures, component
breakdowns, and software jams persist, hindering
their reliability. Unmanned Ground Vehicles
(UGVs) (https//www.marketsandmarkets.com/Market-
Reports/unmanned-ground-vehicles-market-72041795.h
tml) are typically controlled by human operators
either via tethered connections or remote
systems. However, instances of operators losing
control or robots misinterpreting commands lead
to mission failures. Engineers encounter
difficulties in developing fully autonomous
robots, as this technology is still in its
nascent stages of development. Achieving
autonomy requires overcoming technical
complexities and refining systems to ensure
seamless operation in diverse environments.
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Armored Vehicles Market Ecosystem
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Based on the mobility, wheeled segment is
estimated to account for the largest market share
during the forecast period. Based on the
mobility, Wheeled armored vehicles are projected
to hold the largest market share in the global
armored vehicle market. This dominance is fueled
by several factors, including their
cost-effectiveness in acquisition and operation,
strategic deployment capabilities, and
versatility in various missions. Additionally,
wheeled armored vehicles offer superior mobility
on paved roads and hard terrain, making them
ideal for urban environments and tactical
maneuverability. Their modular design allows for
customization based on specific mission
requirements, further enhancing their appeal.
Overall, the prevalence of wheeled armored
vehicles reflects a shift towards more agile and
adaptable platforms in response to evolving
security threats and operational needs. Based
on the platform, the combat vehicles segment is
anticipated to dominate the market. Based
platform , the combat vehicles segment holds the
largest market share. This dominance is driven by
their crucial role in modern warfare scenarios,
offering superior firepower, protection, and
mobility. Combat vehicles encompass a wide range
of platforms, including main battle tanks
(MBTs), infantry fighting vehicles (IFVs), and
armored personnel carriers (APCs), catering to
diverse mission requirements across land, air,
and sea. Their significance in offensive and
defensive operations, coupled with ongoing
military modernization programs worldwide,
positions combat vehicles as the leading segment
in the armored vehicle market, driving
substantial growth and investment in the
sector. The Asia Pacific market is projected to
account largest share for the Armored Vehicles
market. In the global armored vehicle market, the
Asia Pacific region is poised to claim the
highest market share. This dominance can be
attributed to a multitude of factors, including
increasing geopolitical tensions, rising defense
budgets, and a focus on modernization
initiatives. Additionally, the region's rapid
urbanization and evolving warfare tactics
necessitate investments in agile and robust
armored vehicles. Furthermore, internal security
concerns, such as terrorism and organized crime,
drive demand for specialized vehicles tailored to
law enforcement and border security needs.
Overall, the Asia Pacific region stands as a key
driver in shaping the trajectory of the armored
vehicle market on a global scale.
Armored Vehicles Market by Region
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Key Market Players
(/)
The Armored Vehicles Companies (https//www.market
sandmarkets.com/ResearchInsight/armored-vehicle-ma
rket.asp) is dominated by a few
globally HeOsMtaEb(/l)ishAeBOdUpTlUaSye(/ArsBOsUuT
cUhS-a8.sHTRMhL)einLmEAeDtEaRlSl
HAIPGTE(hAtMtp(/sLE/A/wDEwRwSH.rIhPTeEinAMm.AeSta
P)ll.cRoEmSE/AeRnC/)H (EGXPeErRmSTigaSnn(/IRnyE)(,
hStEGtpAseR/nC/weHwLrawE.AlmDDaEyrRkneStaHsmaIPn.
AidcmSsPa)rCkeotsr.pcoomra/stiigonnin.asp)
B(RhItEtpFIsNG//Sw(/wANwA.LbYiSnTgB.RcIoEmFIN/sGe
S.aHrTcMhL?) CAREERS (/CAREER.ASP) CONTACT US
(/CONTACTUS.ASP) qgeneraldynamicscvid645da4097
ed54a25af38c1d0493cbfc1gs_lcrpEgZjaHJvbWUyBggAEE
UYOTIGCAEQLhhAMgYIAhBFGDsyBggDEAAYQDIG (US),
Oshkosh Corporation (https//www.oshkoshcorp.com/)
(US), BAE Systems (https//www.baesystems.com/en/
home) (UK), and Hanwha Defense
(https//www.hanwhasystems.com/en/business/defense
/land.do) (South Korea) are some of the leading
players operating in the Armored Vehicles market
they are the key manufacturers and solution
providers that secured Armored Vehicles contracts
in the last few years. Major focus was given to
the contracts and new product development due to
the changing requirements in defense and
commercial industries.
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Scope of the Report
Report Metric
Details
Market size available for years
20212029
Base year considered
2023
Forecast period
2024-2029
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Value (USD Million/Billion) By platform, type,
mobility, mode of operation, point of sale and
Region
Forecast units Segments Covered
(/) Geographies covered North America, Europe,
Asia Pacific, Middle East, and the Rest of the
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Rheinmetall AG (Germany), General Dynamics
Corporation (US), Oshkosh Corporation (US), BAE
Systems (UK), and Hanwha Defense (South Korea)
are some of the major players in the Armored
Vehicles market.
Companies covered
Armored Vehicles Market Highlights The study
categorizes the Armored Vehicles market based on
platform, type, mobility, mode of operation,
point of sale and Region. Segment Subsegment
Combat Vehicles Combat Support Vehicles Unmanned
Armored Vehicles
By Platform
Wheeled Tracked
By Mobility
Electric Conventional
By Type
Engines Drive Systems Ballistic Armor Turrect
Drives Fire Control Systems Armaments Ammunition
Handling Systems Countermeasure Systems Command
Control Systems Power Systems Navigation
Systems Observation Display Systems
Hulls/Frames
By Systems
Manned Unmanned
By Mode of Operation
Non-electric Electric
By AUV-Propulsion
OEM Retrofit
By Point of Sale
North America Europe Asia Pacific Middle
East Rest of the World
By Region
Recent Developments In March 2024, Rheinmetall -
Rheinmetall has secured a contract to supply the
German Army with 123 "Heavy Weapon Carriers for
the Infantry." The contract, worth around USD 3
billion, includes service and maintenance.
Delivery starts in 2025, enhancing the Army's
firepower and mobility.. In November 2023,
Oshkosh Defense- Oshkosh Defense, LLC received a
USD 208 million contract from the U.S. Army for
Joint Light Tactical Vehicles (JLTV) and
trailers.
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anwha Defence Australia - Hanwha Aerospace's
subsidiary, Hanwha Defence Australia (HDA),
secured a USD 2.4 billion stralian government to
supply 129 Redback Infantry Fighting Vehicles
(IFVs), along with training and support
systems.. F(/)requently Asked Questions (FAQs)
Addressed by the Report
In December 2023, H contract with the Au
Which are the major companies in the Armored
Vehicles market? What are their
presence?
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are the drivers and opportunities for the Armored
Vehicles market? Which region is expected to hold
the largest share in the next five years? What
is the CAGR of the Armored Vehicles
Market? Which segment shows the highest CAGR of
the Armored Vehicles Market by platform? To
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