Global Military Armoured Vehicle Market Forecast Surpasses $37 Billion by 2024, Comprehensive Analysis to 2034

Dublin, March 14, 2024 (GLOBE NEWSWIRE) -- The "Military Armoured Vehicle Market Report 2024-2034" report has been added to's offering.

The global landscape of military armoured vehicle markets is on the cusp of a significant transformation, with key industry growth projected from 2024 through 2034. According to a detailed market research report newly added to our comprehensive collection of industry studies, the sector is set to surpass a valuation of $37.07 billion in 2024.

Fueled by the rising demand for advanced technology and increased investment in combat vehicle modernization, this sector is witnessing a significant shift towards the use of lightweight and agile armoured vehicles. These vehicles promise enhanced protection and mobility in various terrains, fulfilling the critical needs of modern warfare, particularly in urban settings and asymmetric combat scenarios.

The research offers a deep dive into the driving forces reshaping this market and examines potential growth opportunities for organizations looking to stay ahead. With comprehensive coverage of key market segments, the report provides essential insights on combat vehicles, combat support vehicles, and unmanned armoured vehicles, amongst others.

Technological Innovation Spearheading Growth

  • Focus on advanced material use and innovative design in lightweight armour.
  • Strategic acquisitions, as demonstrated by international military organizations, underline the uptrend in modern combat vehicles acquisition.
  • Heightened investment imperatives for combat vehicle modernization to counteract obsolescence and emerging security threats.

Strategic analysis within the report addresses critical questions industry stakeholders are asking regarding market evolution, growth determinants, submarket forecasts, and national market trajectories. Submarkets, including Main Battle Tanks (MBTs), Infantry Fighting Vehicles (IFVs), and Armoured Personnel Carriers (APCs) are meticulously explored, highlighting revenue potentials and market share predictions through to 2034.

Inclusive of qualitative analyses, market dynamics, and a detailed review of the cost structure, the report encapsulates the impact of surging military armoured vehicle prices and recent developments. Furthermore, it features an incisive evaluation of COVID-19 recovery patterns and their anticipated influence on the market.

Global and Regional Market Forecasts

The report's expansive market forecasts reveal the commercial prospects for the military armoured vehicle industry, with a focus on regional and key national markets including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. This forensic market examination assists businesses in identifying the most promising geographic regions for investment and expansion.

With profiles of leading companies operating within the market and an exploration of future industry trends, this report is a valuable asset for those aiming to maintain a competitive edge in the evolving military armoured vehicle arena. The research covers key players and evaluates their growth prospects, outlining pivotal market projects and foreseeable developments through the next decade.

The latest report underscores a crucial period in the military armoured vehicle market, emphasizing the importance of informed decision-making for industry participants. Stakeholders are equipped with invaluable business intelligence that is not found elsewhere, bolstering their strategic planning initiatives. Keeping abreast of this knowledge ensures no opportunity is overlooked, and companies remain well-positioned to leverage the market's promising potential.

Market Dynamics

Market Driving Factors:

  • The increasing prevalence of urban warfare.
  • Demand for advanced technology in armored vehicles.
  • Increasing demand for lightweight armored vehicles.
  • Focus on survivability and lethality.

Market Restraining Factors:

  • The heavier tanks become, the more difficult the mission to move them across the theater of combat.
  • Increased investment in combat vehicle modernization is necessary to reverse a growing trend towards obsolescence and ensure readiness.
  • Maintenance and sustainment are potentially the greatest weaknesses of any mechanized force.

Market Opportunities:

  • Integration of advanced technologies such as artificial intelligence and autonomous systems.
  • The autonomous segment in Unmanned Ground Vehicles (UGVs) will certainly see the highest growth in the defense sector.
  • Technology superiority is increasingly going to be the decisive factor in future battles.

Companies Mentioned

  • Arquus Defense
  • BAE Systems Plc
  • Denel SOC Ltd
  • Elbit Systems Ltd.
  • General Dynamics Corporation
  • Hanwha Group
  • Iveco Defense Vehicles
  • L3Harris Technologies, Inc.
  • Lockheed Martin Corporation
  • Mitsubishi Heavy Industries Ltd
  • Nexter Group
  • Northrop Grumman Corporation
  • Paramount Group
  • Raytheon Technologies
  • Rheinmetall AG
  • Textron Inc
  • Thales SA
  • AAL Group
  • AerSale Corporation
  • Avibrás Indústria Aeroespacial
  • Bharat Forge Ltd and Kalyani
  • Curtiss-Wright
  • Daewoo Shipbuilding & Marine Engineering
  • Daewoo Shipbuilding & Marine Engineering
  • DCS Corporation
  • DNV
  • Expal Systems
  • FalconWorks
  • General Dynamics Electric Boat
  • General Dynamics Land Systems
  • Guacolda Energa SpA
  • Hyundai Rotem
  • IBD Deisenroth
  • Imperva
  • Intel Corporation
  • Keppel New Energy Pte Ltd
  • Kodiak Robotics, Inc.,
  • Krauss-Maffei Wegmann (KMW)
  • Larsen & Toubro (L&T)
  • LIG Nex1
  • LuxCarta
  • Mahindra Defense System
  • Miller Industries Towing Equipment (MITE)
  • Nedinsco
  • Nexter Defense Systems
  • Norinco
  • Pailton Engineering Limited
  • PIPISTREL d.o.o.,
  • Rosoboronexport
  • Safran Electronics & Defense
  • SERA Ingénierie
  • Space and Kord
  • Tata advanced systems
  • Tata Aerospace & Defence
  • Tata Motors and Mahindra
  • Teledyne FLIR Defense
  • Thoma Bravo
  • Universal Avionics Systems Corporation
  • Uralvagonzavod
  • Versorgungskammer ("BVK")
  • Vertical Aerospace
  • Viasat, Inc.'s
  • Zhuhai Xiangyi Aviation Technology
  • Army Contracting Command, Detroit Arsenal, MI (ACC-DTA)
  • Australian Defense Force (ADF)
  • Canadian Armed Force (CAF)
  • Defence Acquisition Council (DAC)
  • Defence Research and Development Organisation (DRDO)
  • Defense Advanced Research Project Agency’s (DARPA)
  • Department of National Defence and Innovation, Science, and Economic Development Canada (DND)
  • French Defence Procurement Agency (DGA)
  • French Research & Technology Board (RTB)
  • French Research and Technology Agency (RTA)
  • Ground Vehicle Systems Center (GVSC)
  • Indian Ministry of Defence (MoD)
  • Israeli Defense Ministry (IDF)
  • Italian Ministry of Defence’s (MoD)
  • Korea Aerospace Industries (KAI)
  • Minister of National Defence Mariusz Błaszczak (MoD)
  • North Atlantic Treaty Organization (NATO)
  • Norwegian Defence Materiel Agency (NDMA)
  • Norwegian Defence Research Establishment (FFI)
  • Organisation for Joint Armament Cooperation (OCCAR)
  • Philippine Department of National Defense (DND)
  • Secretariat of National Defense, Mexican Defense Industry (SEDENA)
  • Secretariat of the Navy (SEMAR)
  • South African National Defence Force (SANDF)
  • South Korean Agency for Defense Development (ADD)
  • South Korean Defense Acquisition Program Administration (DAPA)
  • Southern African Development Community (SADC)
  • Space Development Agency (SDA)
  • Swedish Defence Materiel Administration (FMV)
  • Technical and Engineering Services (TES)
  • U.S. Army Combat Capabilities Development Command (CCDC)
  • U.S. Department of Defense Ordnance Technology Consortium (DOTC)
  • U.S. Navy’s Naval Air Systems Command (NAVAIR)
  • US Department of Defense (DoD)

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