Armored Vehicles Market Statistics – 2026
The global armored vehicles market size was valued at $15.96 billion in 2018 and is projected to reach $21.97 billion by 2026, registering a CAGR of 4.2% from 2019 to 2026. Europe accounted for the highest share in 2018 and is anticipated to maintain its lead in the global market throughout the forecast period.
Factors such as rise in demand for armored vehicles owing to militarization of law enforcement agencies and increase in demand for bulletproof vehicles are anticipated to propel the growth of the armored vehicles market. However, decrease in national defense budgets hinders the growth of the market. Further, adoption of unmanned combat vehicle and production of modular armored vehicles provides remarkable growth opportunities for the players operating in the global market.
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Major Market Players:
- BAE Systems.
- General Dynamics Corporation
- INKAS Armored Vehicle Manufacturing
- International Armored Group
- Krauss-Maffei Wegmann GmbH & Co.
- Lenco Armored Vehicles
- Lockheed Martin Corporation.
- Oshkosh Corporation, Inc.
- Rheinmetall AG
- STREIT Group
Armored vehicles can be defined as military vehicles, commercial, or passenger vehicles that are fitted with complete or partial armor plating for protection against bullets, shell fragments, or any other projectiles. Armored vehicles that are used by the defense forces can either move on continuous tracks or wheels. They play a vital role when it comes to reconnaissance, frontline combat, and modern battlefield from logistics.
The global armored vehicles market segmentation is based on application, drive type, vehicle type, and region. Based on application, the market is divided into defense and commercial. Based on drive type, it is bifurcated into wheel and track. Based on vehicle type, the market is categorized into armored personnel carrier, infantry fighting vehicle, main battle tanks, tactical truck, bus, limousine, sedan, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Militarization can be defined as the process in which the civilian police force adopts the military model principles that include obtaining the equipment, tactics, mindsets, and culture of the military. Coverage of police militarization and public awareness has majorly focused on the acquisition of military equipment such as aircraft, weapons, and armored vehicles. For instance, since early 1990s, the U.S. Department of Defense’s 1033 program provided law enforcement agencies special access to the military-grade equipment. In addition, this program is now extended by President Trump. Further, around 8,000 law enforcement agencies utilized this program to access more than $6 billion worth of military equipment such as bayonets, grenade launchers, machine guns, and armored vehicles. Thus, increased militarization encourages the use of military tactics and military equipment, which in turn propel the armored vehicles market growth.
Key Market Segments
- By Application
- By Vehicle Type
- Armored Personnel Carrier
- Infantry Fighting Vehicle
- Main Battle Tanks
- Tactical Truck
- By Drive Type
The rising security challenges arising out of the increasing insurgent activities and crime rate is propelling the demand for civilian armored vehicles. In addition, armored vehicles are gaining popularity with number of public figures, and elite groups are adopting armored passenger vehicles for a greater sense of security. Leading automobile manufacturers are launching wide range of bulletproof vehicles to meet this rising demand for armored vehicles. For instance, in March 2019, Land Rover, a leading provider of luxury vehicles, launched the 2020 Range Rover Sentinel that contains armored glass and ballistic steel plate inside its body. Thus, rise in demand for bulletproof vehicles is anticipated to boost the growth of the armored vehicles market.
Unmanned ground vehicles provide remarkable potential for naval operations as these vehicles play a crucial role in supporting Marine combat and assisting in the logistics operations ashore as well as afloat. The development and deployment of these unmanned vehicles that can operate in a wide range of high-risk situations require addressing of several technical challenges. However, many countries are working with a focus on development of unmanned armored vehicles. For instance, Singapore has been working on development of unmanned land systems for a long time with the GINTIC Institute of Manufacturing Technology under the project Diana. This project explored feasibility of development of indigenous technologies for autonomous armored vehicles. In addition, this project was followed by DSTA-led Project Ulysses, which adopted specifically modified Autonomous UGV (AUGV), an M-113 armored personnel carrier (APC). This vehicle has features such as laser scanner, steering actuators, brake, and other autonomous features, which enable autonomous and remote functioning of large vehicles at all times in natural or difficult terrain. Thus, adoption of unmanned armored vehicle is anticipated to provide remarkable growth opportunities for the players operating in the armored vehicles market.
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