Armored Vehicles Procurement and Upgrade Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The report covers Global Armored Vehicles Procurement and Upgrade Market Analysis and it is segmented by vehicle type (armored personnel carrier (APC), infantry fighting vehicle (IFV), mine-resistant ambush protected (MRAP), main battle tank (MBT), and other vehicle types) and geography.

Armored Vehicles Procurement and Upgrade Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Armored Vehicles Procurement and Upgrade Market Size

Armored Vehicle Procurement and Upgrade Market Summary
Study Period 2019 - 2030
Market Size (2025) USD 6.94 Billion
Market Size (2030) USD 8.54 Billion
CAGR (2025 - 2030) 4.23 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Armored Vehicle Procurement and Upgrade Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Armored Vehicles Procurement and Upgrade Market Analysis

The Armored Vehicle Procurement And Upgrade Market size is estimated at USD 6.94 billion in 2025, and is expected to reach USD 8.54 billion by 2030, at a CAGR of 4.23% during the forecast period (2025-2030).

With the ever-increasing need for national and regional security, countries such as India, the UK, France, and the US are anticipated to be the primary centers in the market studied. Growing military expenditure of these countries is expected to help in this regard by giving freedom to the militaries to spend huge amounts for the procurement of these vehicles in order to satisfy the increasing demand.

Countries with vast land-based borders are emerging as lucrative markets for armored vehicles. The procurement of land-based vehicles is increasing, particularly in Asia-Pacific and Europe. It is due to the growing political tensions between the neighboring countries and increasing hostile activities in the regions. In addition, these factors are increasing the need for incorporating the latest technologies into the land vehicles. It, in turn, is a major driver for upgrade and retrofit activities.

The demand for upgrading existing armored vehicles will be triggered by the development of weapon systems, communication, and other new materials related to vehicle protection and armory. It is expected to generate market opportunities in the area of armor upgrades and retrofitting.

Armored Vehicles Procurement and Upgrade Industry Overview

The armored vehicle procurement and upgrade market is fragmented, with many global and local players competing with their manufacturing, MRO, and upgrade capabilities. General Dynamics Corporation, BAE Systems plc, Rheinmetall AG, Textron Inc., and Elbit Systems Ltd. are some of the prominent players in the market. 

The aging fleet of armored vehicles in Asia-Pacific, the Middle East, and Africa gave the necessary opportunities for the local players in these regions to develop their capabilities, helping them gain significant shares in the local markets. The countries now can produce their own 3rd and 4th generation MBTs and other armored vehicles locally. In such a competitive environment, the global players are compelled to improve their policies and delivery promises to remain major players outside the US and European Union (EU), where they enjoy higher revenues. Also, in the coming years, global players may cut down on prices to compete with local manufacturers.

Armored Vehicles Procurement and Upgrade Market Leaders

  1. General Dynamics Corporation

  2. Rheinmetall AG

  3. BAE Systems plc

  4. Textron Inc.

  5. Elbit Systems Ltd.

  6. *Disclaimer: Major Players sorted in no particular order
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Armored Vehicles Procurement and Upgrade Market News

  • May 2023: Elbit Systems Ltd. was awarded a contract under the British Army's Project Vulcan to maintain and operate the Ground Manoeuvre Synthetic Trainer system (GMST), the Boxer armored vehicles, and Challenger 3 tanks. The contract includes a training management system with high-fidelity driver trainers and cabins for turret and armament variants.
  • May 2023: Czech MoD awarded a USD 2.2 billion contract to BAE Systems plc to deliver 246 CV90 Mk IV infantry fighting vehicles, and the Slovakia government ordered 152 CV90 Mk IV vehicles. The CV90 vehicle will replace BVP-1 IFV vehicles.

Armored Vehicles Procurement and Upgrade Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

  • 4.1 Market Overview
  • 4.2 Market Drivers
  • 4.3 Market Challenges and Restraints
  • 4.4 Industry Attractiveness - Porter's Five Forces Analysis
    • 4.4.1 Bargaining Power of Suppliers
    • 4.4.2 Bargaining Power of Buyers/Consumers
    • 4.4.3 Threat of New Entrants
    • 4.4.4 Threat of Substitute Products
    • 4.4.5 Intensity of Competitive Rivalry

5. MARKET SEGMENTATION

  • 5.1 Vehicle Type
    • 5.1.1 Armored Personnel Carrier (APC)
    • 5.1.2 Infantry Fighting Vehicle (IFV)
    • 5.1.3 Mine-resistant Ambush Protected (MRAP)
    • 5.1.4 Main Battle Tank (MBT)
    • 5.1.5 Other Vehicle Types
  • 5.2 Geography
    • 5.2.1 North America
    • 5.2.1.1 United States
    • 5.2.1.2 Canada
    • 5.2.2 Europe
    • 5.2.2.1 United Kingdom
    • 5.2.2.2 France
    • 5.2.2.3 Germany
    • 5.2.2.4 Russia
    • 5.2.2.5 Rest of Europe
    • 5.2.3 Asia-Pacific
    • 5.2.3.1 China
    • 5.2.3.2 India
    • 5.2.3.3 Japan
    • 5.2.3.4 South Korea
    • 5.2.3.5 Australia
    • 5.2.3.6 Rest of Asia-Pacific
    • 5.2.4 Latin America
    • 5.2.4.1 Brazil
    • 5.2.4.2 Mexico
    • 5.2.4.3 Rest of Latin America
    • 5.2.5 Middle East & Africa
    • 5.2.5.1 United Arab Emirates
    • 5.2.5.2 Saudi Arabia
    • 5.2.5.3 Turkey
    • 5.2.5.4 South Africa
    • 5.2.5.5 Rest of Middle East and Africa

6. COMPETITIVE LANDSCAPE

  • 6.1 Vendor Market Share
  • 6.2 Company Profiles
    • 6.2.1 General Dynamics Corporation
    • 6.2.2 Rheinmetall AG
    • 6.2.3 BAE Systems plc
    • 6.2.4 Textron Inc.
    • 6.2.5 Elbit Systems Ltd.
    • 6.2.6 RUAG International Holding Ltd.
    • 6.2.7 KNDS N.V.
    • 6.2.8 Oshkosh Corporation
    • 6.2.9 THALES
    • 6.2.10 The CMI Group, Inc.
    • 6.2.11 FNSS Savunma Sistemleri A.Ş.
    • 6.2.12 IVECO S.p.A
    • 6.2.13 BMC Otomotiv Sanayi ve Ticaret A.Ş.
    • 6.2.14 Streit Group
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Armored Vehicles Procurement and Upgrade Industry Segmentation

An armored vehicle is an armed land vehicle protected by armor, generally combining operational mobility with offensive and defensive capabilities. Armored vehicles can be wheeled or tracked, depending on the type. 

The armored vehicle procurement and upgrade market provides insights into the procurement of military armored vehicles, along with maintenance, repair, and overhaul services and the upgrades and retrofits that are done to these armored vehicles. The addition of new technology or features to older systems/subsystems, as a retrofit, is considered under upgrades. Upgrades also cover the replacement of parts/systems/subsystems with newer generation models. Anti-aircraft, self-propelled artillery, light armored vehicles, reconnaissance vehicles, and light utility vehicles are considered in the other vehicle types of the segment.

The armored vehicle procurement and upgrade market is segmented by vehicle type and geography. By vehicle type, the market is segmented into armored personnel carrier (APC), infantry fighting vehicle (IFV), mine-resistant ambush protected (MRAP), main battle tank (MBT), and other vehicle types. The report also covers the market sizes and forecasts for the armored vehicle procurement and upgrade market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).

Vehicle Type Armored Personnel Carrier (APC)
Infantry Fighting Vehicle (IFV)
Mine-resistant Ambush Protected (MRAP)
Main Battle Tank (MBT)
Other Vehicle Types
Geography North America United States
Canada
Geography Europe United Kingdom
France
Germany
Russia
Rest of Europe
Geography Asia-Pacific China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
Geography Latin America Brazil
Mexico
Rest of Latin America
Geography Middle East & Africa United Arab Emirates
Saudi Arabia
Turkey
South Africa
Rest of Middle East and Africa
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Armored Vehicles Procurement and Upgrade Market Research FAQs

How big is the Armored Vehicle Procurement and Upgrade Market?

The Armored Vehicle Procurement and Upgrade Market size is expected to reach USD 6.94 billion in 2025 and grow at a CAGR of 4.23% to reach USD 8.54 billion by 2030.

What is the current Armored Vehicle Procurement and Upgrade Market size?

In 2025, the Armored Vehicle Procurement and Upgrade Market size is expected to reach USD 6.94 billion.

Who are the key players in Armored Vehicle Procurement and Upgrade Market?

General Dynamics Corporation, Rheinmetall AG, BAE Systems plc, Textron Inc. and Elbit Systems Ltd. are the major companies operating in the Armored Vehicle Procurement and Upgrade Market.

Which is the fastest growing region in Armored Vehicle Procurement and Upgrade Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).

Which region has the biggest share in Armored Vehicle Procurement and Upgrade Market?

In 2025, the Asia Pacific accounts for the largest market share in Armored Vehicle Procurement and Upgrade Market.

What years does this Armored Vehicle Procurement and Upgrade Market cover, and what was the market size in 2024?

In 2024, the Armored Vehicle Procurement and Upgrade Market size was estimated at USD 6.65 billion. The report covers the Armored Vehicle Procurement and Upgrade Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Armored Vehicle Procurement and Upgrade Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Armored Vehicles Procurement & Upgrade Industry Report

Statistics for the 2025 Armored Vehicle Procurement And Upgrade market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Armored Vehicle Procurement And Upgrade analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.