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Armored Vehicles Market Size

Report ID: GMI3279
Published Date: Oct 2023
Report Format: PDF

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Armored Vehicles Market Size

Armored Vehicles Market was valued at over USD 21.7 billion in 2022 and is anticipated to grow at a CAGR of over 5% between 2023 and 2032.

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Armored vehicles are specially designed military or security transport vehicles equipped with reinforced armor plating, bulletproof glass, and advanced technologies to provide protection against various threats including gunfire, explosives, and environmental hazards. These vehicles are essential for safeguarding personnel, equipment, and goods, and they play a vital role in defense, law enforcement, and security operations. The demand for these vehicles has surged due to the unique challenges posed by densely populated cities. Urban conflict including terrorism and civil unrest has become more prevalent, necessitating armored vehicles for effective response and protection. These vehicles are crucial for crowd control, safeguarding critical urban infrastructure, hostage rescue operations, ensuring the safety of law enforcement personnel, and countering insurgent activities that often find a foothold in urban environments. Hence, the growing urbanization underscores the essential role of armored vehicles in maintaining security and order across the world. For instance, in October 2020, U.S. Special Forces used armored vehicles to rescue two American hostages who were kidnapped by terrorists in Nigeria.

Armored Vehicles Market Report Attributes
Report Attribute	Details
Base Year:	2022
Armored Vehicles Market Size in 2022:	USD 21 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	5%
2032 Value Projection:	USD 35 Billion
Historical Data for:	2018 to 2022
No. of Pages:	220
Tables, Charts & Figures:	345
Segments covered:	Vehicle Type, Propulsion Type, Mobility, Sales Channel
Growth Drivers:	Rising security threats and conflicts Increasing urbanization necessitating armored vehicles for urban combat scenarios Government investments in modern armored fleets to enhance defense capabilities Counter-terrorism operations Growing demand for commercial armored vehicles
Pitfalls & Challenges:	Increasing cyber threats Limitations on mobility and maneuverability of armored vehicles due to their heaviness

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The increasing prevalence of cyber threats presents an indirect but significant challenge to the armored vehicles market. While armored vehicles are primarily designed to counter physical threats, their operation often relies on advanced technologies, which are vulnerable to cyberattacks. Cybersecurity breaches could compromise vehicle systems, affecting critical functions including communication, navigation, and weapon systems, thereby undermining the vehicles' reliability and effectiveness. Consequently, ensuring robust cybersecurity measures is paramount for safeguarding the integrity and functionality of armored vehicles.

Authors: Suraj Gujar , Sandeep Ugale

Frequently Asked Questions (FAQ) :

Market size for armored vehicles crossed USD 21.7 billion in 2022 and will register over 5% CAGR from 2023-2032 due to the rising prevalence of urban conflict including terrorism and civil unrest worldwide.

The combat vehicle type segment held over 55% share of the armored vehicles industry in 2022 and is expected to register appreciable CAGR from 2023-2032 on account of the escalating security concerns due to regional conflicts and rising geopolitical tensions.

North America recorded over 30% share of the armored vehicles market in 2022 and is expected to register commendable CAGR from 2023-2032 owing to the increased defense spending and the heightened concerns about domestic security in the region.

BAE Systems, General Dynamics Corporation, Hanwha Defense, IVECO Defence Vehicles, Krauss-Maffei Wegmann GmbH & Co., L3harris Technologies, and Oshkosh Corporation, Inc. are some of the major armored vehicles companies worldwide.