The global market for armored vehicles, which are combat vehicles protected by armor, was valued at USD 19.5 billion in 2022. It is expected to grow to USD 33.9 billion by 2030, with a compound annual growth rate (CAGR) of 6.2% during the forecast period. This growth is driven by advancements in military vehicle technology, including improvements in artillery, automotive, electronics, and metallurgy.

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.)

The market is witnessing the introduction of next-generation vehicles with advanced features such as reactive armor technology, programmable ammunition, and sophisticated autoloaders. Commercial and technological advancements have played a significant role in the military vehicle sector, leading to faster acquisition policies and the development of advanced systems integrated with artificial intelligence, superior sensors, and virtual and synthetic elements.

The ongoing Russia-Ukraine war has had a significant impact on the European defense industry. NATO and European countries have been providing ammunition, weapons, vehicles, and other systems to support Ukraine against Russia. More than 25 countries have joined this effort, providing financial assistance, weaponry, and special military operations. This has led to an increased demand for armored vehicles.

The conflict between Russia and Ukraine has also resulted in increased use of military vehicles across Europe, particularly among NATO members. Armored vehicles have been deployed for war actions and border defense. Ukraine, with support from the USAI (Ukraine Security Assistance Initiative), is looking to acquire around 300 Main Battle Tanks (MBTs) to regain territory captured by Russia.

Since the start of the conflict, the Ukrainian army has destroyed a significant number of Russian tanks and armored fighting vehicles. This has created a demand for replacement vehicles in both countries. The global war scenario has increased the need for vehicles that provide security and agility.