Armored Vehicle Market Analysis

End-user (Military, Civilian)

The global armored vehicle market is segmented and analyzed for demand and supply by end-user into military and civilian. Out of these sub-segments, the military segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the increasing geopolitical issues, acts of terrorism, and military spending, followed by the increasing global budget on defense. The military, also known as the armed forces, is described to be the largest group of international ambassadors since it has the highest responsibility to show. The military is a highly organized group that deals with multiple missions, whether they are national or international. For instance, the world military expenditure crossed over USD 2000 billion in 2022. Additionally, the military has the highest number of armored vehicles, backed by the escalated export/import volumes of tanks and other armored vehicles. For instance, in 2022, Ukraine imported 240 T-20 tanks from Poland and nearly 150 M133 armored personnel carriers from the United States.

Armor (Heavy, Medium, Light Armor Vehicle)

The global armored vehicle market is also segmented and analyzed for demand and supply by armor into heavy, medium, and light armor vehicle. Out of these, the heavy armor vehicle segment is anticipated to hold the largest market size over the forecast period owing to its highly utilization in the defense system. Moreover, heavy armor vehicles have the capacity to include multiple types of weapons in a single vehicle. Tanks are the most common example of heavy armor vehicles, and they are used in the military at a higher scale. Germany is known to produce and sell a higher number of the main battle tank (MBT), Hence, the country is very popular with foreign armies. In addition, these tanks provide protection from the artillery ammunition that is further anticipated to boost the segment’s growth in the market. Furthermore, these vehicles provide excellent protection against suspicious attackers. For instance, it has been observed that it takes only 6 seconds for attackers to complete their task. Hence, with the help of heavily armed vehicles, their users are provided with sufficient time to realize that they are under attack and can plan accordingly.

Our in-depth analysis of the global armored vehicle market includes the following segments: