Armored Vehicle Market Size

Armored Vehicle Market size was valued at USD 20.39 billion in 2024 and is set to exceed USD 45.12 billion by 2037, expanding at over 6.3% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of armored vehicle is evaluated at USD 21.42 billion. The growth of the market can be attributed to the increasing spending on defense, which spends a large percentage of that amount on the manufacturing or importing of armored vehicles to make the defense system robust for any major or minor combat situation. Furthermore, the rising use of combat vehicles worldwide for suppressing military and civilian unrest is also estimated to flourish the market growth over the forecast period. According to the United States Government Accountability Office, defense spending amounted to USD 714 billion in 2020 and more than USD 730 billion in FY 2021.

Global armored vehicle market trends such as, rising terrorism and anti-national activities have led to an increased demand for such vehicles, for protection from both domestic and international threats, and are estimated to influence the growth of the market over the forecast period. It is estimated that there are around 90,000 armored vehicles in use currently across the globe. The main armored vehicle for bigger military units is the tank, whereas further military kinds include amphibious landing vessels, infantry fighting vehicles, and others. As of 2021, Egypt became the country to have the highest number of military combat tanks, which sums up to around 4000.