The armored vehicle market size was valued at USD 22.28 billion in 2023 and is projected to reach a valuation of USD 23.73 billion in 2024. The market is expected to reach USD 37.85 billion by 2032 with a CAGR of 6.0 % during the forecast period. Introduction of reactive armor technology, programmable ammunition, sophisticated autoloaders, and other features in the military technology is set to drive market growth. Growing demand for next generation military vehicles which have advanced weaponry systems is set to propel market development. Fortune Business Insights™ shares this information in its report titled “Armored Vehicle Market Size, Share, Trends and Forecast 2023-2030.”

List of Key Players Profiled in the Report: -

• BAE Systems (U.K.)
• General Dynamics Corporation (U.S.)
• Rheinmetall AG (Germany)
• Krauss-Maffei Wegmann GmbH (Germany)
• Denel SOC ltd (South Africa)
• IVECO DEFENCE VEHICLES (Italy)
• com Inc. (China)
• Oshkosh Defense, LLC An Oshkosh Corporation Company (U.S.)
• Otokar, a KOC Group Company (Turkey)
• Textron Systems (U.S.)

List of Key Players Profiled in the Report: -

https://www.fortunebusinessinsights.com/industry-reports/armored-vehicle-market-101817

Segments

Combat Vehicles to Lead Due to Demand for Infantry Mechanization

On the basis of platform, the market is divided into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. Combat vehicles segment is set to lead due to demand for infantry mechanization and infantry modernization programs in developing and developed economies globally.

Conventional Propulsion Led in 2022 Due to Various Military Programs