Armored Vehicle Market Share

North American Market Forecast

The North America armored vehicle market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2037. The growth of the market can be attributed to the fact that the United States is the country with the highest spending on defense and military in the world. Furthermore, in the announced Defense Budget of 2023 by the United States Department of Defense, an estimated USD 773 billion will be spent on defense in total, with USD 12.6 billion to modernizing army and marine corps fighting vehicles. The United States is quite developed when it comes to its tank force since it has the world’s largest tank force. In 2020, the United States was observed to have around 5000 tanks in the active position and a stock of approximately 2000 in reserve. Additionally, it has the most advanced tanks in the world which are M1 Abrams Tanks. Hence, such factors are estimated to hike the market growth in the region over the forecast period.