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Armored Fighting Vehicles Market Size (2024 - 2029)

The armored vehicle market is projected to experience growth over the forecast period, driven by increasing geopolitical tensions and cross-border conflicts in various regions. Despite challenges such as supply chain disruptions, the market has shown resilience, with steady sales and revenue growth for manufacturers. The demand for new armored vehicles is largely fueled by the need to replace aging fleets and enhance combat capabilities. Additionally, there is a significant focus on developing local manufacturing capabilities, particularly in the Asia-Pacific and Middle East and Africa regions, which is expected to strengthen their market presence.

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Market Size of Armored Fighting Vehicles Industry

Armored Fighting Vehicles Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 25.25 Billion
Market Size (2029) USD 32.21 Billion
CAGR (2024 - 2029) 4.99 %
Fastest Growing Market Asia-Pacific
Largest Market North America

Major Players

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*Disclaimer: Major Players sorted in no particular order

Armored Fighting Vehicles Market Analysis

The Armored Fighting Vehicles Market size is estimated at USD 25.25 billion in 2024, and is expected to reach USD 32.21 billion by 2029, growing at a CAGR of 4.99% during the forecast period (2024-2029).

  • Despite the significant impact of the COVID-19 pandemic on the global economy, the market for armored fighting vehicles remained unaffected, as the procurement projects were on track and the sales and revenues of armored vehicles increased steadily for the manufacturing companies. However, there were some supply chain disruptions pocketed for certain vehicle models owing to the complexity and critical component requirements of the integrated subsystems.
  • The widening of geopolitical rifts and rising instances of cross-border conflicts in regions such as Asia-Pacific, Europe, the Middle East, and Africa has been the primary demand driver for the procurement of new armored vehicles to enhance the combat capabilities of the ground forces. Currently, the majority of the armed forces globally are operating old and aging armored vehicles. To replace the aging armored vehicles fleet, the armed forces are investing in the procurement of new-generation armed vehicle programs with enhanced efficiency, lethality, and surveillance capabilities. There is a growing emphasis on developing local manufacturing capabilities in the Asia-Pacific and the Middle East and African regions. The development of new armored vehicle models by local armored vehicle manufacturers is anticipated to increase their presence in the regional market.

Armored Fighting Vehicles Industry Segmentation

An armored vehicle is a technologically advanced vehicle that is fitted with partial or complete armor plating for protection against bullets, shell fragments, and other projectiles. Armored vehicles are majorly used by armed forces and move either on wheels or on continuous tracks.

The armored fighting vehicles market is segmented based on type and geography. By type, the market is segmented into armored personnel carrier (APC), infantry fighting vehicle (IFV), mine-resistant ambush protected (MRAP), main battle tank (MBT), and other types. The other types consist of self-propelled artillery, light armored vehicles, reconnaissance vehicles, light utility vehicles, bridge vehicles, engineering vehicles, recovery vehicles, military trucks, and heavy equipment transport (HET) military vehicles. By geography, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East, and Africa. The report also covers the market sizes and forecasts across the major regions. 

For each segment, the market sizing and forecasts have been done based on value (USD).

Type
Armored Personnel Carrier (APC)
Infantry Fighting Vehicle (IFV)
Mine-resistant Ambush Protected (MRAP)
Main Battle Tank (MBT)
Other Types
Geography
North America
United States
Canada
Europe
United Kingdom
France
Germany
Russia
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Rest of Latin America
Middle East and Africa
Saudi Arabia
United Arab Emirates
Turkey
Rest of Middle East and Africa
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Armored Fighting Vehicles Market Size Summary

The armored vehicle market is poised for steady growth over the forecast period, driven by increasing geopolitical tensions and the need to modernize aging military fleets globally. Despite the challenges posed by the COVID-19 pandemic, the market for armored fighting vehicles remained resilient, with procurement projects continuing as planned and manufacturers experiencing consistent sales and revenue growth. The demand for new armored vehicles is primarily fueled by the need to enhance combat capabilities in regions such as Asia-Pacific, Europe, the Middle East, and Africa. This has led to significant investments in new-generation armored vehicle programs, which offer improved efficiency, lethality, and surveillance capabilities. The emphasis on developing local manufacturing capabilities, particularly in the Asia-Pacific and Middle Eastern regions, is expected to further bolster market growth, as local manufacturers increase their presence and compete with established international players.

The infantry fighting vehicle segment is anticipated to dominate the market, supported by rising defense expenditures and the increasing procurement of these vehicles. The segment's growth is attributed to the effective role of infantry fighting vehicles in supporting mechanized infantry units and providing direct-fire support. The market is moderately fragmented, with both international and regional players vying for market share. Prominent international companies like General Dynamics Corporation, Oshkosh Corporation, BAE Systems plc, Rheinmetall AG, and Nexter Group continue to invest in next-generation armored vehicle models with advanced capabilities. Meanwhile, local players in the Asia-Pacific and Middle Eastern regions are expanding their footprint through strategic partnerships and long-term contracts with regional armed forces. This competitive landscape is driving innovation and development in the market, as companies strive to enhance the capabilities and survivability of armored vehicles on the battlefield.

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Armored Fighting Vehicles Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Armored Personnel Carrier (APC)

      2. 2.1.2 Infantry Fighting Vehicle (IFV)

      3. 2.1.3 Mine-resistant Ambush Protected (MRAP)

      4. 2.1.4 Main Battle Tank (MBT)

      5. 2.1.5 Other Types

    2. 2.2 Geography

      1. 2.2.1 North America

        1. 2.2.1.1 United States

        2. 2.2.1.2 Canada

      2. 2.2.2 Europe

        1. 2.2.2.1 United Kingdom

        2. 2.2.2.2 France

        3. 2.2.2.3 Germany

        4. 2.2.2.4 Russia

        5. 2.2.2.5 Rest of Europe

      3. 2.2.3 Asia-Pacific

        1. 2.2.3.1 China

        2. 2.2.3.2 India

        3. 2.2.3.3 Japan

        4. 2.2.3.4 South Korea

        5. 2.2.3.5 Rest of Asia-Pacific

      4. 2.2.4 Latin America

        1. 2.2.4.1 Brazil

        2. 2.2.4.2 Rest of Latin America

      5. 2.2.5 Middle East and Africa

        1. 2.2.5.1 Saudi Arabia

        2. 2.2.5.2 United Arab Emirates

        3. 2.2.5.3 Turkey

        4. 2.2.5.4 Rest of Middle East and Africa

Armored Fighting Vehicles Market Size FAQs

The Armored Fighting Vehicles Market size is expected to reach USD 25.25 billion in 2024 and grow at a CAGR of 4.99% to reach USD 32.21 billion by 2029.

In 2024, the Armored Fighting Vehicles Market size is expected to reach USD 25.25 billion.

Armored Fighting Vehicle Market Report Snapshots

Armored Vehicle Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)