Armored Vehicles Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Application [Defense (Armored Personnel Carriers, Infantry Fighting Vehicle, Light Protected Vehicle, Others), Commercial (SUV, Luxury, Others)], And By Geography - Forecasts From 2019 To 2024

Published:  Jul 2020 Report Code: KSI061612946 Pages: 105

The armored vehicle market was valued at US$16.063 billion in 2018 and is expected to grow at a CAGR of 3.90% over the forecast period to reach a total market size of US$20.203 billion in 2024. Armored vehicles are protected by uranium or stainless steel and equipped with robust weapons. Armored vehicles are majorly used by the military, law enforcement, VIPs, and celebrities. Armored vehicles are used either for defense or homeland security purposes. The increasing number of border and terrorist attacks have boosted demand for armored vehicles in defense. Landmines are major threats to military vehicles, which boosted the demand for armored defense vehicles. Civil wars and terrorist attacks are the drivers of the market for commercial armored vehicles. Geographically, the Europe region has a significant market share owing to the government's continuous spending on the defense sector. The market of the North American region is also expected to grow owing to increasing disposable income and safety concerns.

The declining defense budget of developed economies, increasing use of unmanned systems are hampering the growth of the market.  Other major challenges of the markets are high initial cost and stringent government regulations for manufacturing armored vehicles. However, the market of armored vehicles is expected to boost due to globally increasing safety concerns, a rise in the demand for commercial armored vehicles, and increasing defense budgets.

The Armored vehicles Market – Forecasts from 2019 to 2024 is an exhaustive study that aims to present the key market trends through various chapters focusing on different aspects of the market. The study provides a detailed market overview through the market dynamics sections which detail key markets, drivers, restraints, and opportunities in the current market. The report analyzes key opportunity regional markets, and the current technology penetration through lifecycle analysis. The report also analyzes the market through comprehensive market segmentation by application and geography.

The armored vehicles market on segmented based on application, and geography. By application, the market has been classified into Defense and Commercial.

Regional analysis has been provided with detailed analysis and forecast for the period 2018 to 2024. The global market has been broken down into North America, South America, Europe, Middle East and Africa, and the Asia Pacific regions. The report also analyzes 15 countries across these regions with thorough analysis and forecast along with prevailing market trends and opportunities which each of these countries present for the manufacturers.

Major players in the armored vehicles market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in the Armored vehicles market.

Armored Vehicles Market Scope:

Report Metric Details
 Market size value in 2018  US$16.063 billion
 Market size value in 2024  US$20.203 billion
 Growth Rate  CAGR of 3.90% from 2018 to 2024
 Base year  2018
 Forecast period  2019–2024
 Forecast Unit (Value)  USD Billion
 Segments covered  Application, And Geography
 Regions covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies covered International Armored Group, Lockheed Martin Corporation, Thales Group, General Dynamics Corporation, BAE Systems, Denel Vehicle Systems, Oshkosh Defense, LLC, Rheinmetall AG, Elbit Systems Ltd., INKAS Armored Vehicle Manufacturing
 Customization scope  Free report customization with purchase



  • By Application
    • Defense
      • Armored Personnel Carriers
      • Infantry fighting vehicle
      • Light protected vehicle
      • Others
    • Commercial
      • SUV
      • Luxury
      • Others
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • United Kingdom
      • Others
    • Middle East and Africa
      • Israel
      • South Africa
      • Others
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • Others

Frequently Asked Questions (FAQs)

Q1. What will be the armored vehicle market size by 2024?
A1. The armored vehicle market is expected to reach a market size of US$20.203 billion in 2024.

Q2. What are the growth prospects for armored vehicle market?
A2. The armored vehicle market is expected to grow at a CAGR of 3.90% over the forecast period.

Q3. What is the size of global armored vehicle market?
A3. Armored Vehicle market was valued at US$16.063 billion in 2018.

Q4. What factors are anticipated to drive the armored vehicle market growth?
A4. The increasing number of border and terrorist attacks have boosted demand for armored vehicles in defense.

Q5. Which region holds the largest market share in the global armored vehicle market?
A5. Geographically, the European region has a significant share in the armored vehicle market owing to the government's continuous spending on the defense sector.

1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Currency
1.5. Assumptions
1.6. Base, and Forecast Years Timeline
2.1. Research Design
2.2. Secondary Sources
4.1.  Market Segmentation
4.2. Market Drivers
4.3. Market Restraints
4.4. Market Opportunities
4.5. Porter’s Five Forces Analysis
4.5.1. Bargaining Power of Suppliers
4.5.2. Bargaining Power of Buyers
4.5.3. Threat of New Entrants
4.5.4. Threat of Substitutes
4.5.5. Competitive Rivalry in the Industry
4.6. Life Cycle Analysis - Regional Snapshot
4.7. Market Attractiveness
5.1. Defense
5.1.1. Armored Personnel Carriers
5.1.2. Infantry Fighting Vehicle
5.1.3. Light Protected Vehicle
5.1.4. Others
5.2. Commercial
5.2.1. SUV
5.2.2. Luxury
5.2.3. Others 
6.1. North America
6.1.1. USA
6.1.2. Canada
6.1.3. Mexico
6.2. South America
6.2.1. Brazil
6.2.2. Argentina
6.2.3. Others
6.3. Europe
6.3.1. Germany
6.3.2. France
6.3.3. United Kingdom
6.3.4. Spain
6.3.5. Others
6.4. Middle East And Africa
6.4.1. Israel
6.4.2. Saudi Arabia
6.4.3. Others
6.5. Asia Pacific
6.5.1. China
6.5.2. Japan
6.5.3. South Korea
6.5.4. India
6.5.5. Others
7.1. Market Positioning Matrix and Ranking
7.2. Strategies of Key Players
7.3. Recent Investments and Deals 
8.1. International Armored Group
8.2. Lockheed Martin Corporation
8.3. Thales Group
8.4. General Dynamics Corporation
8.5. BAE Systems
8.6. Denel Vehicle Systems
8.7. Oshkosh Defense, LLC
8.8. Rheinmetall AG
8.9. Elbit Systems Ltd.
8.10. INKAS Armored Vehicle Manufacturing

International Armored Group

Lockheed Martin Corporation

Thales Group

General Dynamics Corporation

BAE Systems

Denel Vehicle Systems

Oshkosh Defense, LLC

Rheinmetall AG

Elbit Systems Ltd.

INKAS Armored Vehicle Manufacturing


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