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The armored vehicles market has emerged as a robust and essential sector, experiencing strong growth in recent years. From $12.78 billion in 2023, the market is set to expand to $13.73 billion in 2024 at a notable Compound Annual Growth Rate (CAGR) of 7.5%. This growth is rooted in historical factors such as military conflicts, peacekeeping missions, terrorism, insurgency, border security, and law enforcement.

Continued Growth and Future Projections

The momentum in the armored vehicles market is expected to persist, with a forecasted size of $16.86 billion by 2028, showcasing a CAGR of 5.3%. The anticipated growth in the forecast period is attributed to urban warfare, asymmetric threats, cybersecurity, data protection, hybrid and electric propulsion, and the integration of unmanned and autonomous features. Key trends include modular armor and upgrades, crew safety and comfort, lighter weight materials, riot control, crowd management, and the rise of multi-role armored vehicles.

Rising Threats Propel Market Expansion 

Impact of Rising Terrorist Attacks

The alarming surge in terrorist attacks is a significant driver behind the anticipated growth of the armored vehicle market. With these attacks escalating globally, the need for protective measures has intensified. Armored vehicles serve as a crucial line of defense against terrorist activities, providing security in high-risk areas and safeguarding against snipers, small arms fire, and rocket-propelled grenades (RPGs).

Statistics on Terrorism Impact

According to the Global Terrorism Index, the average number of deaths per terrorist attack increased from 1.3 in 2021 to 1.7 in 2022. This rise underscores the growing severity of attacks and the critical role armored vehicles play in mitigating such threats. As terrorist activities become more sophisticated, the demand for advanced armored vehicles is on the ascent.

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Innovations Driving Market Dynamics

Electrification for a Sustainable Battlefield

Major players in the armored vehicles market are at the forefront of technological advancements, focusing on sustainability. In June 2022, Texelis SAS introduced a groundbreaking solution for wheeled armored vehicle electrification. This technology allows military operators to transition toward a greener battlefield by incorporating proven electric vehicle components. It not only ensures advanced mobility but also facilitates the export of electric power for charging soldier systems, promoting a more eco-friendly approach.

Strategic Acquisitions Shaping the Landscape

In September 2022, Parker Hannifin Corporation acquired Meggitt PLC for $6.79 billion. This strategic move expands Parker Hannifin Corporation’s portfolio, offering a broader range of solutions for aircraft and aeroengine systems, including advancements in electrification and low-carbon technologies. Meggitt PLC’s expertise in manufacturing components for advanced light armored vehicles contributes to the evolution of the armored vehicles market.

Market Segmentation and Technological Integration

Diverse Vehicle Types and Platforms

The armored vehicles market exhibits diversity in vehicle types, including Armored Personnel Carriers, Infantry Fighting Vehicles, Main Battle Tanks, Tactical Trucks, Buses, and others. The market is also segmented based on platforms, systems, and mobility options, reflecting the evolving requirements of modern defense and security applications.

Regional Dominance and Growth Projections

In 2023, Asia-Pacific emerged as the largest region in the armored vehicles market, showcasing the region’s strong foothold in defense and security. Looking ahead, Western Europe is expected to be the fastest-growing region during the forecast period, emphasizing the global nature of the market and its relevance in various geopolitical contexts.

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The Armored Vehicles Global Market Report 2024 provides an overviewof the armored vehicles market for the time series: historic years (2010 -2021) and ten years forecast (2023 – 2032).The armored vehicles market forecast analyzesarmored vehiclesmarket size, armored vehicles market share,leading competitor and their market positions.

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