The global armored vehicles market was worth around $19.5 billion in 2022. This market is expected to continue growing in the coming years. Specifically, the armored vehicle market is projected to increase from $22.2 billion in 2023 to $33.9 billion by the year 2030. That represents an annual growth rate, or CAGR (compound annual growth rate), of 6.2% during the 2023 to 2030 forecast period. In other words, the global armored vehicle market is forecasted to see solid, steady growth of around 6% per year over the next several years. This growth will see the overall market size expand from $22.2 billion currently to nearly $34 billion by the end of the decade. The key drivers behind this expected growth include increasing demand for armored vehicles for military, law enforcement, and security applications around the world. Technological advancements in armor, firepower, and other capabilities are also fueling this projected expansion of the global armored vehicle market in the coming years.

Informational Source:

https://www.fortunebusinessinsights.com/industry-reports/armored-vehicle-market-101817

Key Companies Covered in Armored Vehicle Market are:

• BAE Systems (U.K.)
• General Dynamics Corporation (U.S.)
• Rheinmetall AG (Germany)
• Krauss-Maffei Wegmann GmbH (Germany)
• Denel SOC ltd (South Africa)
• IVECO DEFENCE VEHICLES (Italy)
• NORINCOGROUP.com Inc. (China)
• Oshkosh Defense, LLC An Oshkosh Corporation Company (U.S.)
• Otokar, a KOC Group Company (Turkey)
• Textron Systems (U.S.)

Armored vehicles have been an integral part of military operations for over a century, evolving from early armored cars to the formidable main battle tanks and infantry fighting vehicles of today. These heavily protected and armed platforms have played a crucial role in securing battlefield dominance, force projection, and the protection of personnel. As technology has advanced, so too have the capabilities of armored vehicles, ushering in a new era of enhanced mobility, firepower, and survivability.

Armor Composition and Design

The foundation of any armored vehicle lies in its armor composition and design. Traditional armor plating, often made of steel, has given way to more advanced materials that provide superior protection at reduced weight. Composite armor, which combines layers of materials like ceramics, fiberglass, and high-strength alloys, has become increasingly common, offering enhanced ballistic protection against a wide range of threats.

Reactive armor, which uses explosive elements to neutralize incoming projectiles, has also been a game-changer in the world of armored vehicles. These specialized panels, when struck by a shaped-charge or armor-piercing round, detonate and deflect the projectile, shielding the vehicle and its occupants.

The incorporation of Active Protection Systems (APS) has further elevated the defensive capabilities of modern armored vehicles. These systems use sensors, tracking algorithms, and defensive countermeasures to detect, track, and intercept incoming threats, such as anti-tank missiles and rocket-propelled grenades, before they can strike the vehicle.