This report provides an analysis of the armored vehicles market for the forecast period from 2022 to 2027. It discusses industry and technological trends that are currently prevailing in the market. The report analyzes the factors that are driving and restraining the growth of the armored vehicles market as well as the challenges faced by this market. It also provides information on the growth opportunities for the market. The armored vehicles market is projected to grow from USD 29.3 billion in 2022 to USD 34.1 billion by 2027, at a CAGR of 3.1% from 2022 to 2027. Key factors fueling the growth of the market are the increasing demand for armored vehicles due to the rise in the instances of cross-border conflicts and rising incidences of asymmetric warfare across the globe.
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Based on the platform, the armored vehicles market has been segmented into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. The combat support vehicles segment is projected to grow at the highest CAGR during the forecast period.
Based on mobility, the market has been segmented into wheeled and tracked. The wheeled segment is projected to grow at a higher CAGR as compared to the tracked segment during the forecast period. The market for tracked segment is projected to from USD 9.9 billion to USD 11.3 billion from 2022 to 2027.
Based on system, the market has been segmented into engines, drive systems, ballistic armor, turret drives, fire control systems, armaments, countermeasure systems, Command & Control (C2) systems, power systems, navigation systems, ammunition handling systems, observation & display systems, and hulls/frames. Armament is projected to lead the system segment of armored vehicles market from 2022 to 2027.
Based on mobility, the armored vehicles market has been segmented into wheeled and tracked. The wheeled segment is projected to grow at the highest CAGR during the forecast period.
Based on mode of operation, the armored vehicles market has been segmented into manned and unmanned. Manned armored vehicles are projected to lead the market during the forecast period.
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Key Market Players
Major companies profiled in the report are Oshkosh Corp. (US), L3harris Technologies (US), Northrop Grumman Corporation (US), Lockheed Martin Corporation (US), and Hanwha Defense (South Korea), among others. (30 Companies)
