Market Size of Asia-Pacific Armored Fighting Vehicles Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 5.37 Billion |
| Market Size (2029) | USD 6.91 Billion |
| CAGR (2024 - 2029) | 5.13 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Asia-Pacific Armored Fighting Vehicles Market Analysis
The Asia-Pacific Armored Fighting Vehicles Market size is estimated at USD 5.37 billion in 2024, and is expected to reach USD 6.91 billion by 2029, growing at a CAGR of 5.13% during the forecast period (2024-2029).
The impact of the COVID-19 pandemic on the military industry was considerably low. However, in the military sector, the pandemic led to disruptions in the supply chain. This was caused by lockdowns in some countries, which led to delays in the delivery of the final products.
Nevertheless, the investments in the procurement and development of new armored vehicles remained unaffected. The market showcased a strong recovery post covid due to increased procurement of armored vehicles and growing defense expenditure.
The existent geopolitical rift, coupled with the increased threat of terrorism and cross-border infiltration, has driven the demand for armored fighting vehicles in the Asia-Pacific region. Several countries in the region have initiated fleet modernization plans. Hence, several contracts are underway to replace the aging fleet of armored vehicles with newer generation vehicles in the upcoming period, thereby driving the growth of the market.
Asia-Pacific Armored Fighting Vehicles 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 study covers the upgrades and the procurement of armored vehicles in the Asia-Pacific region.
The Asia-Pacific armored fighting vehicles market is segmented by type and geography. By type, the market is segmented into armored personnel carriers (APC), infantry fighting vehicles (IFV), main battle tanks (MBT), and others. The other vehicles include mine-resistant ambush-protected (MRAP) vehicles, armored cars and armored self-propelled guns, anti-aircraft, self-propelled artillery, light armored vehicles, and light utility vehicles. The report also offers the market size and forecasts for six countries across the region. For each segment, the market sizing and forecasts have been done based on value (USD).
| Type | |
| Armored Personnel Carrier (APC) | |
| Infantry Fighting Vehicle (IFV) | |
| Main Battle Tank (MBT) | |
| Other Types |
| Geography | |
| China | |
| India | |
| Japan | |
| South Korea | |
| Australia | |
| Singapore | |
| Rest of Asia-Pacific |
Asia-Pacific Armored Fighting Vehicles Market Size Summary
The Asia-Pacific armored fighting vehicles market is poised for significant growth over the forecast period, driven by geopolitical tensions and increased defense spending. The market's resilience was evident during the COVID-19 pandemic, which, despite causing supply chain disruptions, did not hinder investments in new vehicle procurement and development. The demand for armored vehicles is fueled by the need for fleet modernization and the replacement of aging vehicles, as countries in the region face threats from terrorism and cross-border conflicts. The main battle tank segment, in particular, is experiencing heightened activity, with countries like India, South Korea, and Australia enhancing their defense capabilities through substantial procurements and upgrades.
India is expected to be a key player in the market's expansion, with significant investments in defense equipment to address cross-border conflicts and enhance military capabilities. The market is characterized by fragmentation, with numerous global and local defense firms competing on innovation and cost. Collaborations between European and American companies and local firms are anticipated to increase, facilitating new contracts and improving technical expertise. These partnerships are crucial as they bolster the supply chain and support the development of advanced armored vehicles, ensuring the market's growth trajectory in the Asia-Pacific region.
Asia-Pacific Armored Fighting Vehicles Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Armored Personnel Carrier (APC)
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2.1.2 Infantry Fighting Vehicle (IFV)
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2.1.3 Main Battle Tank (MBT)
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2.1.4 Other Types
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2.2 Geography
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2.2.1 China
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2.2.2 India
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2.2.3 Japan
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2.2.4 South Korea
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2.2.5 Australia
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2.2.6 Singapore
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2.2.7 Rest of Asia-Pacific
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Asia-Pacific Armored Fighting Vehicles Market Size FAQs
How big is the Asia-Pacific Armored Fighting Vehicles Market?
The Asia-Pacific Armored Fighting Vehicles Market size is expected to reach USD 5.37 billion in 2024 and grow at a CAGR of 5.13% to reach USD 6.91 billion by 2029.
What is the current Asia-Pacific Armored Fighting Vehicles Market size?
In 2024, the Asia-Pacific Armored Fighting Vehicles Market size is expected to reach USD 5.37 billion.
