IMARC Group’s report titled “Armored Vehicles Market Report by Product (Defense, Commercial), System (Engine, Drive System, Ballistic Armor, Turret Drives, Ammunition Handling System, Fire Control Systems (FCS), Armaments, Countermeasure System, Command and Control (C2) System, Power System, Navigation System, Observation and Display System, Hulls/Frames), Drive Type (Wheeled, Tracked), and Region 2024–2032”. offers a comprehensive analysis of the industry, which comprises insights on the global armored vehicles market share. The global market size reached US$ 17.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 28.8 Billion by 2032, exhibiting a growth rate (CAGR) of 5.33% during 2024–2032.

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Factors Affecting the Growth of the Armored Vehicles Industry:

● Technological Advancements in Defense Systems:

The integration of advanced technologies into armored vehicles is impelling the market growth. Modern armored vehicles are now equipped with sophisticated electronics, such as advanced targeting systems, enhanced communication tools, and improved navigation capabilities. These technological advancements improve the operational efficiency, situational awareness, and combat readiness of armed forces. Furthermore, the development of autonomous and semi-autonomous armored vehicles is reshaping battlefield strategies, offering new possibilities for remote operations and reducing the risk to human life. This trend is fueled by continuous research and development (R&D) efforts within the defense sector, emphasizing the need for state-of-the-art defense systems to counter emerging threats and improve survivability on the battlefield.

● Increasing Defense Budgets and Military Modernization:

Rising defense budgets worldwide significantly drive the demand for armored vehicles. Nations are prioritizing the modernization of their military forces in response to growing geopolitical tensions and security concerns. The procurement of new and advanced armored vehicles is a critical component of these modernization programs. This increase in defense spending is particularly evident in emerging economies, which are investing heavily in upgrading their defense capabilities. The focus on replacing outdated equipment with advanced, high-performance armored vehicles is driven by the necessity to maintain military readiness and superiority. These investments ensure that armed forces are equipped with the latest technology to address current and future threats effectively.

● Rising Threat of Asymmetric Warfare and Terrorism:

The growing threat of asymmetric warfare and terrorism is another crucial factor propelling the market growth. Armored vehicles play a vital role in providing protection and operational effectiveness in hostile environments characterized by irregular combat tactics, such as guerrilla warfare and insurgencies. The need to safeguard military personnel and civilians from improvised explosive devices (IEDs), small arms fire, and other unconventional threats is catalyzing the demand for armored vehicles with enhanced protective features. Additionally, urban warfare scenarios, often involving close-quarter combat, necessitate the use of agile and well-protected armored vehicles to navigate through complex and densely populated areas.

Armored Vehicles Market Report Segmentation:

By Product:

• Defense
• Armored Personnel Carrier (APC)
• Infantry Fighting Vehicles (IFVs)
• Light Protected Vehicles (LPVs)
• Main Battle Tanks (MBTs)
• Mine-resistant Ambush Protected (MRAP)
• Tactical Vehicle
• Others
• Commercial
• Bus/Van
• Limousine
• Sedan
• SUV
• Others

Defense (armored personnel carrier (APC), infantry fighting vehicles (IFVs), light protected vehicles (LPVs), main battle tanks (MBTs), mine-resistant ambush protected (MRAP), tactical vehicle, and others) represent the largest segment due to the primary use of armored vehicles in military applications, driven by the need for enhanced security and combat readiness.

By System:

• Engine
• Drive System
• Ballistic Armor
• Turret Drives
• Ammunition Handling System
• Fire Control Systems (FCS)
• Armaments
• Countermeasure System
• Command and Control (C2) System
• Power System
• Navigation System
• Observation and Display System
• Hulls/Frames

Based on the system, the market has been divided into engine, drive system, ballistic armor, turret drives, ammunition handling system, fire control systems (FCS), armaments, countermeasure system, command and control (C2) system, power system, navigation system, observation and display system, and hulls/frames.

By Drive Type:

• Wheeled
• Tracked

Wheeled holds the biggest market share because wheeled armored vehicles offer superior mobility, speed, and cost-effectiveness compared to tracked alternatives, making them ideal for various defense and security operations.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America’s dominance in the market is attributed to the increasing investments in defense modernization, advanced manufacturing capabilities, and heightened regional security concerns, leading to a significant demand for armored vehicles.

Global Armored Vehicles Market Trends:

The increasing focus on homeland security is driving the demand for armored vehicles. Governments worldwide are enhancing their internal security measures to address threats, such as terrorism, organized crime, and civil unrest. Armored vehicles are integral to law enforcement agencies and special response units, providing them with the necessary protection and mobility to handle high-risk situations. This includes riot control, counter-terrorism operations, and critical infrastructure protection. The deployment of armored vehicles in domestic security operations helps ensure the safety of law enforcement personnel and the public, demonstrating their crucial role beyond traditional military applications. The trend of fortified internal security frameworks is expected to continue, contributing to the sustained demand for armored vehicles.

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