The global armored vehicles market was valued at $19.5 billion in 2022. It is projected to grow from $22.2 billion in 2023 to reach $33.9 billion by the year 2030. This represents an expected compound annual growth rate (CAGR) of 6.2% during the forecast period.
In other words, the armored vehicle market is expected to steadily increase in size over the next several years, growing by an average of 6.2% per year from 2023 to 2030. The total market value is forecasted to rise from around $22 billion this year to nearly $34 billion in 2030.
Informational Source:
https://www.fortunebusinessinsights.com/industry-reports/armored-vehicle-market-101817
List of Key Companies Covered in Armoned Vehiclle Market are:
In the dynamic and ever-changing world of modern warfare, armored vehicles have played a crucial role in shaping the battlefield landscape. These heavily fortified platforms have continuously evolved, driven by the need to provide enhanced protection, increased firepower, and improved mobility for military forces across the globe.
The history of armored vehicles can be traced back to the early 20th century, when the first iterations of tanks emerged as a response to the stalemate of trench warfare during World War I. These early armored behemoths, such as the British Mark I and the French Renault FT, were designed to breach enemy lines, provide direct fire support, and offer a degree of protection for their crew.
Over the subsequent decades, the development of armored vehicles has been a continuous process, marked by advancements in armor materials, weapon systems, and propulsion technologies. From the iconic World War II-era tanks like the American M4 Sherman and the German Panzer IV, to the modern main battle tanks (MBTs) and infantry fighting vehicles (IFVs) of today, the evolution of armored vehicles has been driven by the need to maintain a strategic edge on the battlefield.