Global Armored Vehicle Market 2020-2030 – Global Market Forecast to Grow at a CAGR of 4% to Reach US$34 Billion by 2030 –

DUBLIN–(BUSINESS WIRE)–The “Global Armored Vehicle Market to 2030” report has been added to’s offering.

The global armored vehicles market is valued at US$23.0 billion in 2020 and will grow at a CAGR of 4.01% to reach a value of US$34.1 billion by 2030. The cumulative market for global armored vehicles is anticipated to value US$311.9 billion over the forecast period. The demand for armored vehicles is anticipated to be driven by the European region, including countries such as France, Spain, Poland and the UK. The North American region will hold the second largest position globally, exhibiting a steady pace of growth over the forecast period with a CAGR of 5.24%. Major military forces around the globe are presently undertaking modernization efforts to replace legacy platforms in the face of modern threats. Those efforts will support market growth over the next decade.

The global armored vehicles market is expected to be led by Europe, with a revenue share of 34.8%. Major European markets have increased their defense budgets and have tried to maintain that throughout the pandemic. This will allow them to implement significant procurement projects without major delays. The European market is projected to spend US$108.6 billion cumulatively on armored vehicles over the forecast period. In 2020, regional expenditure is expected to be US$8.9 billion and increase to US$11.6 billion by 2030, growing at a CAGR of 2.73%.

Infantry Fighting Vehicle (IFV) is expected to be the largest segment of the armored vehicles market over the forecast period. There are several major IFV acquisition programs currently being implemented around the world, including the Australian Army’s Land 400 Phase 2 – Boxer CRV, Singapore Army’s Next-Generation Armoured Fighting Vehicle (AFV) – Hunter AFV, the UK’s Army Ajax & Boxer – Mechanised Infantry Vehicle, the Romanian Army Soviet-Designed Military Gear Replacement Program – Piranha 5 and the French Army’s EBRC Jaguar among others.

Most military forces around the globe are implementing modernization programs to replace their legacy armored vehicles or because of the need for new equipment that will serve new force structures. For instance, major countries such as the US, Saudi Arabia, Russia, China, UK, and others, have aging fleets of vehicles that need to be replaced. In the case of Belgium and France, the new vehicles will allow the development of highly mobile, well-protected forces which will significantly improve their land forces’ capabilities

Key Highlights

  • The global armored vehicle market is expected to grow at a CAGR of 4.01% over the forecast period.
  • The global armored vehicle market is classified across various categories: Main Battle Tanks (MBT), Infantry Fighting Vehicles (IFV), Armored Personnel Carriers (APC), Light Multirole Vehicles (LMV), Armored Engineering Vehicles, Tactical Trucks, Armored Support Vehicles, Light Utility Vehicles (LUV).
  • The global armored vehicle market is expected to be led by Europe with a revenue share of 34.8%. The growth in Europe market is attributed to spending by countries such as Russia, France and the UK among others.
  • Infantry Fighting Vehicle (IFV) is expected to be the largest segment of the armored vehicles market over the forecast period. 

In particular, the report provides an in-depth analysis of the following –

  • Market size and drivers: Detailed analysis during 2020-2030, including highlights of the demand drivers and growth. It also provides a snapshot of the spending and modernization patterns of different regions around the world.
  • Recent developments and industry challenges: Insights into technological developments and a detailed analysis of the existing armored vehicle projects being executed and planned worldwide. It also provides trends of the changing industry structure and the challenges faced by industry participants.
  • Regional highlights: study of the key markets in each region, providing an analysis of the key segments of the market that are expected to be in demand.
  • Major programs: details of the key programs in each segment, which are expected to be executed during 2020-2030.
  • Competitive landscape and strategic insights: analysis of the competitive landscape of the global armored vehicle market. It provides an overview of key players, their strategic initiatives, and financial analysis.

Key Topics Covered:

Executive Summary

Global Armored Vehicles Market – Overview

  • Market Dynamics
  • Demand Drivers: Modernization programs are anticipated to drive market growth
  • Trends: Integration of active protection systems
  • Technological Developments: SWaP improvements and cybersecurity
  • Key Challenges: Fluctuations in defense budgets and supply chain barriers

Global Armored Vehicles Market – Segment Analysis

Global Armored Vehicles Market – Regional Analysis

Global Armored Vehicles Market – Trend Analysis

Companies Mentioned

  • General Dynamics Corp
  • Oshkosh Corp
  • China North Industries Group Corp Ltd
  • BAE Systems Plc
  • Rostec Corp
  • Rheinmetall AG
  • Iveco SpA
  • BMC Otomotiv Sanayi ve Ticaret AS

For more information about this report visit

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Laura Wood, Senior Press Manager
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