Armored Vehicle Market Size is Projected to Reach USD 68.04 Billion by 2032 | Driven by Increased Defense Spending and Modernization Efforts | Report by SNS Insider

By GlobeNewswire On Oct 2, 2024

Armored Vehicle Market: Growth Drivers and Opportunities – Increasing defense budgets, rising geopolitical tensions, and advancements in vehicle technology are driving demand, while opportunities emerge from innovations in autonomous systems, cybersecurity, and commercial security applications.

Austin, Oct. 02, 2024 (GLOBE NEWSWIRE) — The Armored Vehicles Market Size reaching about USD 68.04 billion by 2032 as furthered through surging defense budgets, geopolitical tensions, and modernization drives among military forces around the world. As they look at upgrading their capabilities, the money being ploughed into ever-improving types of armored vehicles, such as main battle tanks, APCs, and tactical vehicles, is becoming more and more major. One of the primary drivers here is an interest in security with respect to changing threats like terrorism and hybrid warfare. Advanced armored solutions-the ones offering superior protection along with mobility-are in demand today.

The progress made in armour material and weapons also supports the market considerably.

Lightweight composite materials and active protection system enhance survivability and effective use of armored vehicles. Advanced technologies with artificial intelligence, autonomous systems, and advanced communication networks transform traditional platforms of armoured machinery into something more versatile and capable in complex environments. With an increasing demand for modernized platforms, large investments by defense contractors and military organizations are expected to drive the compound annual growth rate (CAGR) of around 5.6% during the period of 2024 to 2032.

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Key Insights from the U.S. Market

The U.S. is expected to remain a significant contributor to the armored vehicle market, with defense spending forecasted to reach over USD 8.7 billion in 2023. Ongoing purchases of next-generation combat vehicles as well as modernization programs for existing platforms indicate a clear focus by the U.S. military to upgrade its fleet of armored vehicles. The U.S. is also considered one of the highest domestic demand generators worldwide and houses significant market sectors, which will contribute the most to the armored vehicle market between 2020 and 2025. Since the Army has initiated the NGCV programme to design next-generation armored vehicles, the scope for innovative solutions will improve. According to a recent survey, more than 75% of military decision-makers believe that to keep up with emerging threats, advanced armored vehicles are required, which reflects the growth potential in the market.

Segment Analysis | By Vehicle Type | Future Trends

A segmentation by type-the vehicle can be into combat, combat support and unmanned armored ground vehicles (UAGVs). Combat vehicles will have a clear market dominance with an estimated market share of 50% of the market in 2032 as they are the backbone of frontline operations and continuous intake of heavy firepower cannot be avoided. Combat support vehicles constitute about 30% and are gaining importance in logistical and support roles. In the meantime, UAGVs are envisioned to account for the lion’s share of 20% market capture as a result of autonomous technology advancement and an increased desire to operate from a distance in high-risk environments.

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Regional Analysis:

Armored vehicles are going to be a large market for the Asia-Pacific region due to the increased military expenditure by China and India, among others, as part of strengthening defence capabilities. Modernization of the armed forces and security concerns at the regional level are add-ons. North America, the United States in particular, remains the critical market as defense expenditures remain high, and cutting-edge technologies remain the core focus. Europe also is optimistic in its trend, as a lot of countries are investing in advanced armored platforms to enhance collective defence efforts.

Recent Developments:

New developments regarding armored vehicle market indicate that people now observe more interest in innovation and collaboration. General Dynamics and BAE Systems are investing in next-generation armored technology, advancing armor system innovation, as well as hybrid propulsion. Defense companies are partnering with technology companies to deliver improvements in the effectiveness of operational capability through AI and autonomous systems that could empower the capabilities of vehicles for various combat situations.

Key Takeaways

Market Scenario: Large growth potential in the armored vehicle market due to increased defence spending, introduction of new technologies, and geopolitical plays.
Market environment is favorable for the key players as it is expected to bring development and modernization of infrastructure in the various defense forces around the world.
Of course, these years will witness them being actively involved in all of the future strategies by which military operations will be carried out since most countries will then continue to focus on security and modernization while developing better operational capabilities.
The investment and partnership of bigger companies indicate a positive sign and infers that armored vehicles will be at the core of the future defense and security system.

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BENEFITS:

1. No. Of Pages: 350 Pages Report

2. Regions/Countries:

North America (3 Countries)
Europe (~15 Countries)
Asia Pacific (~10 Countries)
Latin America (~5 Countries)
Middle East & Africa (~5 Countries) (Include Israel)

3. ME Sheet: Market Estimation in Excel Format

4. Company Analysis:

Major 16 companies covered in final report.
Additional 5 companies will be covered as per client demand complimentary.

5. Statistical Insights and Trends Reporting:

Vehicle Production and Sales Volumes, 2020-2032, by Region
Emission Standards Compliance, by Region
Vehicle Technology Adoption, by Region
Consumer Preferences, by Region

6. Buying Options

Single User License: USD 3350
Enterprise User License: USD 5350
Excel Data Sheet: USD 2350

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Total Addressable Market (TAM) Assessment

Competitive Benchmarking and Market Share Gain

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