How big is the Armored Fighting Vehicles Market?

The Armored Fighting Vehicles Market size is expected to reach USD 25.25 billion in 2024 and grow at a CAGR of 4.99% to reach USD 32.21 billion by 2029. Read More

What is the current Armored Fighting Vehicles Market size?

In 2024, the Armored Fighting Vehicles Market size is expected to reach USD 25.25 billion. Read More

Who are the key players in Armored Fighting Vehicles Market?

Rheinmetall AG, General Dynamics Corporation, Nexter Group, BAE Systems plc and Oshkosh Corporation are the major companies operating in the Armored Fighting Vehicles Market. Read More

Which is the fastest growing region in Armored Fighting Vehicles Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Armored Fighting Vehicles Market?

In 2024, the North America accounts for the largest market share in Armored Fighting Vehicles Market. Read More

What years does this Armored Fighting Vehicles Market cover, and what was the market size in 2023?

In 2023, the Armored Fighting Vehicles Market size was estimated at USD 24.05 billion. The report covers the Armored Fighting Vehicles Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Armored Fighting Vehicles Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Armored Vehicle Market - Size, Revenue & Analysis

Armored Vehicle Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The report covers Global Armored/Infantry Vehicles Market Trends & Share. The market is segmented by Type (Armored Personnel Carrier (APC), Infantry Fighting Vehicle (IFV), Mine-Resistant Ambush Protected (MRAP), Main Battle Tank (MBT), and Other Types) and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The market size and forecasts are provided in terms of value (USD Billion) for all the above segments.

Armored Fighting Vehicles Industry Overview

The armored fighting vehicles market is moderately fragmented, with many international and regional players in the market. Some of the prominent players in the market are General Dynamics Corporation, Oshkosh Corporation, BAE Systems plc, Rheinmetall AG, and Nexter Group. For decades, the market for armored fighting vehicles was highly consolidated, with few international players accounting for the majority share of the market.

However, over the past few years, due to the global trend of indigenous manufacturing, many new local players have entered the market in the Asia-Pacific and Middle Eastern regions. Saudi Arabian Military Industries (SAMI), STREIT Group, Nurol Makina, BMC Otomotiv Sanayi ve Ticarest AS (BMC), and Katmerciler HIZIR, among others, are some of the local players based out of the Middle Eastern region.

To further enhance their footprint in the market, the local players are signing long-term contracts to meet the requirements of the regional armed forces. In this regard, companies in Turkey have been rapidly expanding their presence in Middle Eastern and North African countries through strategic partnerships with the local defense authorities. Due to high competitiveness in the market, the international players are investing in the development of next-generation armored vehicle models with autonomous capabilities as well as advanced weapons and electro-optic infrared sensor suites, which will enhance situational awareness and survivability of the military personnel on the battlefield.