Market Size of Europe Armored Fighting Vehicles Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 9.01 Billion |
| Market Size (2029) | USD 11.84 Billion |
| CAGR (2024 - 2029) | 5.62 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Armored Fighting Vehicles Market Analysis
The Europe Armored Fighting Vehicles Market size is estimated at USD 9.01 billion in 2024, and is expected to reach USD 11.84 billion by 2029, growing at a CAGR of 5.62% during the forecast period (2024-2029).
Due to the COVID-19 pandemic, industries were badly affected in Europe, and many countries in the region were on the verge of a recession that would exceed the economic depression that followed the 2008 financial crisis. Since the ramifications of such a situation for the defense sector could be catastrophic, the governments of the nations in the region mitigated the impact on the defense sector at an early phase. The market showcased strong recovery post covid due to increased procurement of armored vehicles and growing defense expenditure.
The Russia-Ukraine conflict has altered the European defense landscape. With NATO countries supplying large caches of weapons and other defense equipment to Ukraine, the demand has witnessed a new high due to the continuation of the war and the use of sophisticated weaponry on both sides.Thus, to defend political and defense interests, EU and NATO member states acted collaboratively and aggressively. A progressive and strategic increase in the European defense budget and the launch of infantry support projects are expected to create demand for sophisticated new-generation ammunition with advanced capabilities, thereby driving the market in focus during the forecast period.
Europe 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 European region.
The European armored fighting vehicles market is segmented by type and country. 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. By country, the market is divided into the Germany, United Kingdom, France, Spain, Russia and Rest of Europe. The report offers the market size and forecasts by value (USD Billion) for all the above segments.
| Type | |
| Armored Personal Carrier (APC) | |
| Infantry Fighting Vehicle (IFV) | |
| Main Battle Tank (MBT) | |
| Other Types |
| Country | |
| Germany | |
| United Kingdom | |
| France | |
| Russia | |
| Spain | |
| Rest of Europe |
Europe Armored Fighting Vehicles Market Size Summary
The Europe armored fighting vehicles market is poised for significant growth over the forecast period, driven by increased defense spending and strategic collaborations among European nations. The market's recovery post-COVID-19 has been robust, with heightened procurement of armored vehicles and a surge in defense budgets, largely influenced by the ongoing Russia-Ukraine conflict. This geopolitical tension has prompted NATO and EU member states to enhance their military capabilities, leading to a rise in demand for advanced weaponry and armored vehicles. The main battle tank segment remains dominant, with countries like Hungary, Poland, France, and Germany actively procuring and developing next-generation tanks. Collaborative efforts, such as those between France and Germany, aim to produce advanced MBTs, further fueling market expansion.
The market landscape is moderately fragmented, with key players like BAE Systems, Rheinmetall AG, and General Dynamics Corporation holding significant shares. The presence of these manufacturers, along with ongoing collaborations for new vehicle development, is expected to drive market growth. Russia, despite facing challenges due to sanctions and military engagements, continues to invest in armored vehicle development, maintaining its position as a leading defense spender in Europe. The need to equip various European countries with modern fighting vehicles, coupled with partnerships for developing next-generation systems, is anticipated to bolster the market. Initiatives such as the German-British cooperation on combat reconnaissance vehicles and the British Army's Challenger 3 upgrade exemplify the strategic efforts underway to enhance military capabilities across the region.
Europe Armored Fighting Vehicles Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 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 Personal 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 Country
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2.2.1 Germany
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2.2.2 United Kingdom
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2.2.3 France
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2.2.4 Russia
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2.2.5 Spain
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2.2.6 Rest of Europe
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Europe Armored Fighting Vehicles Market Size FAQs
How big is the Europe Armored Fighting Vehicles Market?
The Europe Armored Fighting Vehicles Market size is expected to reach USD 9.01 billion in 2024 and grow at a CAGR of 5.62% to reach USD 11.84 billion by 2029.
What is the current Europe Armored Fighting Vehicles Market size?
In 2024, the Europe Armored Fighting Vehicles Market size is expected to reach USD 9.01 billion.
