Armored Vehicle Market to be Worth $44.56 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, May 11, 2023 /PRNewswire/ -- The global armored vehicle market size is anticipated to reach USD 44.56 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.4% from 2023 to 2030. The growing internal and external terrorist activities across the globe are expected to drive the market demand over the forecast period. Technological advancements, such as unmanned vehicles, are expected to further fuel the market growth. For instance, in February 2021, ADASI, a reputable end-to-end solution provider in the autonomous systems industry with a presence in the MENA area, revealed an armored robotic vehicle and two new unmanned ground vehicles at the International Defense Exhibition and Conference.
Key Industry Insights & Findings from the report:
- The combat vehicles segment led the market in 2022 accounting for over 64% of the global revenue owing to various factors. One of the main reasons for this is the increase in defense spending by various governments worldwide to strengthen their military capabilities.
- The conventional armored vehicles segment held the largest revenue share of over 96% in 2022, as these vehicles are widely used in military operations and are considered to be an essential component of a nation's defense arsenal.
- The wheeled segment led the market in 2022 accounting for over 70% of the global revenue share. The primary reason for the growth is the versatility and mobility of wheeled vehicles, making them suitable for a wide range of military operations.
- The manned armored vehicles segment held the largest revenue share of over 76% in 2022. The superior protection, advanced technologies, highly skilled personnel, geopolitical tensions & conflicts, and longevity & durability are all factors that contribute to the dominance of the segment in the global market.
- The OEM armored vehicles segment held the largest revenue share of over 78% in 2022. OEMs often have extensive experience designing and producing military-grade armored vehicles, allowing them to incorporate the latest technologies and innovations into their products.
- The Fire Control Systems (FCS) segment held the largest revenue share of over 31% in 2022. FCS are critical components of modern military vehicles, enabling accurate targeting and effective engagement of enemy targets. The increasing use of unmanned and autonomous military vehicles has further driven the demand for FCS, as these vehicles rely heavily on advanced targeting and guidance systems to carry out their missions.
Read full market research report, "Armored Vehicle Market Size, Share, & Trends Analysis Report By Type (Conventional, Electric), By Product (Combat Support, Combat), By Mobility, By Mode Of Operation, By Point Of Sale, By System, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Armored Vehicle Market Growth & Trends
The unmanned vehicles, controlled by a ground control station with a transmission range of 12 kilometers and an endurance of six to 8 hours, can travel at speeds of up to 50 kilometers per hour to provide greater firepower to the Armed Forces while decreasing the risk to troop life. Armored vehicles are protected by depleted uranium or stainless steel and are equipped with powerful weapons that combine defensive, tactical offensive and operational mobility capabilities. The development of advanced vehicles, such as unmanned armored vehicles, and AI-based smart object recognition & tracking technology used in the military sector are expected to propel market demand over the next few years.
For instance, In January 2022, Rafael, an Israeli defense technology company, unveiled its first next-generation tank powered by artificial intelligence. The advanced vehicular integrated combat systems developed by the organization are a fusion of automated technologies and battlefield sensors that can react faster than humans. It combines a vehicle's defense and weapons and can take over combat tasks that have been given to it. The growing need to protect military recruits from land mines and fire is expected to drive the demand for armored vehicles over the next seven years. Furthermore, the demand for vehicles is increasing in the Asia Pacific and Middle East & African regions due to the constant tension among neighboring countries and internal threats from rebels.
For instance, in March 2022, the Ministry of Defense Hungary, which maintains political and civil control over the army in the country, announced that the Hungarian Armed Forces had received 40 tactical wheeled armored vehicles known as Gidran for its military from Turkey. The vehicles are 4x4 mine-resistant ambush-protected armored vehicles that Hungary's army will use. The country has become the first European Union to permit a Turkish defense firm's operation on its territory by accepting the Gidran for military use and constructing a production line. The major players are investing in R&D programs to develop new technologies and products.
Enhanced protection and fuel efficiency are the key aspects considered for future developments in armored vehicles. For instance, in March 2022, Rheinmetall AG, a German automotive and arms company headquartered in Düsseldorf, Germany, announced plans for a new facility in Eastern Slovakia and a significant investment in the Slovak economy. The company has invested €30 million in the project as a whole. The plant has 12,000 square meters of production lines and a 15,000 square meter test space. The new facility will be Rheinmetall's central hub in the Slovak Republic, responsible for delivering 80% of the Ministry of Defence's new IFVs.
Armored Vehicle Market Segmentation
Grand View Research has segmented the global armored vehicle market based on product, type, mobility, mode of operation, point of sale, system, and region:
Armored Vehicle Market - Product Outlook (Revenue, USD Million, 2017 - 2030)
- Combat Vehicles
- Armored Personnel Carrier (APC)
- Infantry Fighting Vehicles (IFV)
- Light Protected Vehicles (LPV)
- Main Battle Tanks (MBT)
- Mine-resistant Ambush Protected (MRAP)
- Tactical Vehicle
- Combat Support Vehicles
- Armored Supply Trucks
- Armored Command & Control Vehicles
- Repair & Recovery Vehicles
- Unmanned Armored Ground Vehicles
Armored Vehicle Market - Type Outlook (Revenue, USD Million, 2017 - 2030)
- Electric Armored Vehicles
- Conventional Armored Vehicles
Armored Vehicle Market - Mobility Outlook (Revenue, USD Million, 2017 - 2030)
Armored Vehicle Market - Mode of Operation Outlook (Revenue, USD Million, 2017 - 2030)
- Manned Armored Vehicles
- Unmanned Armored Vehicles
Armored Vehicle Market - Point of Sale Outlook (Revenue, USD Million, 2017 - 2030)
Armored Vehicle Market - System Outlook (Revenue, USD Million, 2017 - 2030)
- Drive Systems
- Ballistic Armor
- Fire Control Systems (FCS)
- Navigation Systems
Armored Vehicle Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa (MEA)
- Kingdom of Saudi Arabia (KSA)
- South Africa
List of Key Players in the Armored Vehicle Market
- BAE Systems
- BMW AG
- Daimler AG (Mercedes Benz)
- Elbit Systems
- Ford Motor Company
- General Dynamics Corporation
- INKAS Armored Vehicle Manufacturing
- International Armored Group
- Krauss-Maffei Wegmann GmbH & Co. (KMW)
- Lenco Industries, Inc.
- Lockheed Martin Corporation
- Navistar, Inc.
- Oshkosh Defense, LLC
- Rheinmetall AG
- STAT, Inc.
- Textron, Inc.
- Thales Group
Check out more market research studies published by Grand View Research:
- MEA 8X8 Armored Vehicle Market - The MEA 8x8 armored vehicle market size is expected to reach USD 1.09 billion by 2025, according to a new study conducted by Grand View Research, Inc. It is anticipated to expand at a CAGR of 5.8% over the forecast period. Increasing national defense budgets coupled with the growing multilateral collaborations such as the one between the African Union and the North Atlantic Treaty Organization (NATO), to maintain peace and to counter terrorism is expected to drive the growth.
- Electric Bus Market - The global electric bus market size is expected to reach USD 110.44 billion by 2030, expanding at a CAGR of 13.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growing consumer demand for energy and emission-free mass transportation options and rise in the production of cost-effective batteries are driving the market. Furthermore, the decreasing prices of batteries and investment in battery charging infrastructure are propelling the industry growth.
- Pickup Trucks Market - The global pickup trucks market size is estimated to reach USD 249.71 billion by 2028, registering a CAGR of 1.6% from 2022 to 2028, according to a new report by Grand View Research, Inc. The global market is driven by the increasing disposable income levels and growing middle-class population. Technological developments in the automotive industry have led to a significant decrease in vehicle retail prices and an increase in affordability, fueling the sales of new pickup trucks across the world. In addition, these trucks are significantly becoming luxury rides in various countries due to their enhanced appearance and aesthetics.
Browse through Grand View Research's Automotive & Transportation Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.