Latest News- Armored Vehicles Market: Wheeled is expected to lead the Mobility Type segment during 2025-2029

The Armored Vehicles Market is being driven by Rising incidences of asymmetric warfare globally

The Armored Vehicles Market is expected to grow at a CAGR of 6.8% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 8316.8 million. The global market for armored vehicles has experienced notable growth due to the increasing adoption of unmanned systems by military forces for ISR and combat operations. This trend is particularly prevalent in advanced economies such as the UK, Italy, Spain, Germany, and France, where defense budgets have been constrained, leading to a heightened demand for unmanned combat ground vehicles as cost-effective alternatives to manned personnel. The integration of these systems into military operations necessitates substantial logistical support and supply requirements, thereby fueling market expansion throughout the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Mobility Type
  • Wheeled
  • Tracked
• Type
  • Conventional
  • Electric
• Product
  • Manned armored vehicles
  • Unmanned armored vehicles
• Application
  • Drive systems
  • Structures and mechanisms
  • Weapons and ammunition control systems
  • Others
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising incidences of asymmetric warfare globally
• Upgrade of defense capabilities to counter emerging security threats
• Advent of hybrid drivetrains in MRAPs

However, the market also witnesses some limitations, which are as follows:

• High costs of main battle tanks
• Defense budget cuts affecting procurement patterns
• High research and development (R and D) costs

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Market Scope in Armored Vehicles Market Research Report

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Research Analysis Overview

The global market for armored vehicles is witnessing significant growth due to increasing military spending and security concerns. Key players in this industry include Northrop Grumman Corporation, IAI, and Textron Inc. These companies provide defense forces with advanced armored vehicles equipped with armor plating, bulletproof glass, and protection against gunfire, explosives, and environmental hazards. Wheeled armored vehicles are in high demand for personnel transport, logistics operations, and reconnaissance (ISR) missions. The need for security transport vehicles has escalated due to conflicts between nations, border security issues, and the threat of terrorist attacks. These vehicles come in various weights and offer different combat capabilities to meet the diverse needs of military and security forces.

Market Research Overview

The global aerospace and defense industry entails businesses involved in the manufacturing and provision of solutions for various domains, including naval, land, and air, as well as arms and ammunition, defense electronics, defense logistics equipment, and space platforms. Notable companies in this sector include Northrop Grumman Corporation, IAI, and Textron Inc. The market encompasses military applications such as armored vehicles for surveillance, reconnaissance (ISR), intelligence, combat, and combat support. This market also includes the wheeled and tracked armored vehicle segments. The global aerospace and defense capital goods market size is determined by the consolidated revenue generated by these companies for industries like aerospace and defense, building and construction, electrical equipment, industrial conglomerates, machinery, trading companies, and distributors. This market further includes maintenance, repair, and overhaul (MRO) activities for both commercial aviation and defense sectors.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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