Armored Vehicles Market Research Report: Industry Analysis and Forecast to 2028

The Global Armored Vehicles Market is projected to grow at a CAGR of around 4.1% during the forecast period, i.e., 2023-28.

Armored Vehicles Market Research Report: Industry Analysis and Forecast to 2028

According to the latest market research report title “Armored Vehicles Market By Platform (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles), By System (Engines, Turret Drives, Ammunition Handling Systems, Fire Control Systems, Armaments, Ballistic Armor, Countermeasure System, Command and Control System, Power System, Others), By Type (Electric, Conventional), By Mode of Operation (Manned, Unmanned), By Mobility (Wheeled, [4X4, 6X6, 8X8, Others], Tracked), By Sales Channel (OEM, Retrofit), By Region (North America, South America, Europe , The Middle East & Africa, Asia-Pacific)--Forecast to 2023″, published by MarkNtel Advisors, The Global Armored Vehicles Market is projected to grow at a CAGR of around 4.1% during the forecast period, i.e., 2023-28.

The data present in the report exhibit from the historic years (2019-22) and the base year (2023) to put together estimations for the forecast period (2023-28). In the study, our researchers put together reliable, unbiased, and accurate data to enlighten investors about fluctuations in the industry & anticipations on what to expect in the future. Since the industry is dynamic and highly fragmented, this report enables the prominent players to make strategic moves associated with their investments in the coming years.

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Global Armored Vehicles Market Possible Restraint:

High Possibility of Mechanical, Electrical, or Software Failures in Combat Vehicles - Armored combat vehicles, though built to withstand harsh situations on the battlefield, are still prone to numerous mechanical, electrical, or software malfunctions, such as component breakdowns, software jams, etc. In addition, they are bound to face logistic strain by continuous cross-country operations, mechanical failures due to high-speed traversing, and more. Since these failures and malfunctions are hard to rectify by rescue and recovery teams, leading to the vehicle and personnel endangerment, such losses could hamper the market expansion. Moreover, failure detection is also not always possible due to the vehicle's difficult interior build-up and functioning, leading to more restraint on industrial growth.

Armored Vehicles Market Segmentation

The Armored Vehicles Market is highly robust and fragmented into numerous segments;

By Platform

-Combat Vehicles

--Main Battle Tanks

--Infantry Fighting Vehicles

--Armored Personal Carriers

--Armored Amphibious Vehicles

--Mine-Resistant Ambush Protected Vehicles

--Light Armored Vehicles

--Others (Self Propelled Howitzers, Air Defence Vehicles, etc.)

-Combat Support Vehicles

--Armored Supply Trucks

--Armored Command and Control Vehicles

--Repair and Recovery Vehicles

--Others (Bridge laying Tanks, Mine Clearance Vehicles, etc.)

-Unmanned Armored Ground Vehicles

By System


-Turret Drives

-Ammunition Handling Systems

-Fire Control Systems


-Ballistic Armor

-Countermeasure System

-Command and Control System

-Power System

-Others (Navigation System, Observation and Display Systems, etc.)

By Type



By Mode of Operation



By Mobility





--Others (10X10, 12X12, etc.)


By Sales Channel



By Region

-North America

-South America


-The Middle East & Africa


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Key Players Operating in the Armored Vehicles Market: -

-L3Harris Technologies, Inc.

-Hanwha Group

-General Dynamics Corporation

-Lockheed Martin Corporation

-Northrop Grumman

-Oshkosh Defense, LLC

-BAE Systems

-Thales Group

-ST Engineering

-Mitsubishi Heavy Industries

-Textron Systems

-Denel Soc Ltd



-Iveco Defence Vehicles


Key Questions Answered:

  • What is the projected CAGR of the Armored Vehicles Market during the forecast period?
  • Which segment is expected to lead the Armored Vehicles Market?
  • Who are the prominent players driving market growth?

Key Offerings:

  • Market Share, Size, and Revenue Forecast
  • Market Dynamics: Growth drivers, restraints, investment opportunities, and key trends
  • Landscape: Leading key players and other prominent participants

About MarkNtel Advisors

MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.

Using such information, our clients can identify attractive investment opportunities & strategize their moves to yield higher ROI (Return of Interest) through an early mover advantage with top-management approaches.

We understand the mounting & diverse needs of our clients. Hence, our analysts focus on emerging industries to provide services that fulfilled their assessment of the current & future industry potential, identify white spaces & hotspots, & venture into new geographies or business segments in the future.

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