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North America Armored Fighting Vehicles Market Size (2024 - 2029)

The North America Armored Fighting Vehicles Market is projected to experience growth driven by increased defense budgets and the demand for upgraded and low-cost armor solutions. The need to modernize aging fleets and incorporate advanced technologies due to rising hostile activities is fueling investments in upgrade programs. Additionally, the United States' focus on robotic ground vehicles and unmanned armored systems is expected to further enhance the market's expansion. However, challenges such as a workforce shortage for vehicle upgrades could potentially impede long-term market growth.

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Market Size of North America Armored Fighting Vehicles Industry

North America Armored Fighting Vehicles Market Summary
Study Period 2019-2029
Base Year For Estimation 2023
Market Size (2024) USD 6.51 Billion
Market Size (2029) USD 8.95 Billion
CAGR (2024 - 2029) 5.18 %
Market Concentration High

Major Players

North America Armored Fighting Vehicles Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Armored Fighting Vehicles Market Analysis

The North America Armored Fighting Vehicles Market size is estimated at USD 6.51 billion in 2024, and is expected to reach USD 8.95 billion by 2029, growing at a CAGR of 5.18% during the forecast period (2024-2029).

  • The main factors that are driving this market can be attributed to the increasing defense budget of various countries, leading to frequent upgradation of armored vehicles to make them more compliant with the changing battlefield scenario and the increasing demand for low-cost armor for military vehicles. Moreover, the rise in hostile activities has been increasing the demand for incorporating the latest technologies into land vehicles coupled with the aging fleet of armored vehicles, which has been forcing various countries to invest in upgrade programs to increase efficiency, lethality, and connectivity.
  • Furthermore, the aging armored vehicle fleet in the region has necessitated frequent upgrades and modernization, which also supports the market's growth. The United States is also shifting its research and development focus toward robotic ground vehicles. It is expected to procure several unmanned armored trucks and cargo vehicles in the coming years, which may further propel the market's growth. However, a scarcity of workforce, which is needed to upgrade the armored vehicle, can hamper the market growth in the long run.

North America Armored Fighting Vehicles Industry Segmentation

An armored vehicle is an armed land vehicle protected by armor, generally combining operational mobility with offensive and defensive capabilities. Armored vehicles can be wheeled or tracked, depending on the type.

The North American armored fighting vehicles market is segmented by vehicle type and geography. By vehicle type, the market is segmented into armored personnel carriers (APC), infantry fighting vehicles (IFV), main battle tanks (MBT), and other vehicles. The other vehicles include mine-resistant ambush-protected (MRAP) vehicles, armored cars and armored self-propelled guns, anti-aircraft, self-propelled artillery, light armored vehicles, and light utility vehicles. The report also offers the market size and forecasts for two countries across the region. 

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

Vehicle Type
Armored Personnel Carrier (APC)
Infantry Fighting Vehicle (IFV)
Main Battle Tank (MBT)
Other Vehicle Types
Geography
United States
Canada
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North America Armored Fighting Vehicles Market Size Summary

The North American armored fighting vehicles market is poised for significant growth, driven by increasing defense budgets and the need for modernization of aging fleets. The demand for advanced technologies in military vehicles is rising due to escalating hostile activities and the necessity to enhance efficiency, lethality, and connectivity. The United States is particularly focused on upgrading its vehicle fleet, with a shift towards robotic ground vehicles and significant investments in unmanned armored trucks and cargo vehicles. However, challenges such as a shortage of skilled workforce for vehicle upgrades could impact long-term market growth. The market is characterized by a few key players, including BAE Systems, Rheinmetall AG, Oshkosh Corporation, General Dynamics Corporation, and Textron Inc., who are heavily investing in research and development to maintain a competitive edge through technological innovation.

The market's expansion is further supported by ongoing upgrade contracts and the development of next-generation main battle tanks (MBTs). The United States and Canada are actively procuring and upgrading their armored vehicle fleets, with the U.S. Army planning significant modernization efforts for its Abrams tanks and other vehicles. The Canadian Army is also working on maintaining and supporting its aging MBT fleet while exploring replacement options. The focus on enhancing vehicle protection and reducing weight through advanced materials and situational awareness systems is expected to drive market growth. As countries in North America continue to prioritize military advancements, the intersection of technological innovation and armored vehicle development will play a crucial role in shaping the market's future landscape.

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North America 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 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 Vehicle Type

      1. 2.1.1 Armored Personnel Carrier (APC)

      2. 2.1.2 Infantry Fighting Vehicle (IFV)

      3. 2.1.3 Main Battle Tank (MBT)

      4. 2.1.4 Other Vehicle Types

    2. 2.2 Geography

      1. 2.2.1 United States

      2. 2.2.2 Canada

North America Armored Fighting Vehicles Market Size FAQs

The North America Armored Fighting Vehicles Market size is expected to reach USD 6.51 billion in 2024 and grow at a CAGR of 5.18% to reach USD 8.95 billion by 2029.

In 2024, the North America Armored Fighting Vehicles Market size is expected to reach USD 6.51 billion.

North America Armored Fighting Vehicles Market Report Snapshots

North America Armored Fighting Vehicles Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)