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Industry Research
Armoured Vehicles Industry Research Report 2026
Market perspective
The global Armoured Vehicles market was valued at US$ million in 2025 and is projected to reach US$ million by 2032, implying a CAGR of % over 2026–2032.
The North America market for Armoured Vehicles is forecast to increase from US$ million in 2026 to US$ million by 2032, corresponding to a CAGR of % over 2026–2032.
The Europe market for Armoured Vehicles is projected to rise from US$ million in 2026 to US$ million by 2032, registering a CAGR of % over 2026–2032.
Read the full market overview
The Asia Pacific market for Armoured Vehicles is expected to grow from US$ million in 2026 to US$ million by 2032, at a CAGR of % over 2026–2032.
Leading global manufacturers of Armoured Vehicles include , among others. In 2025, the top three vendors together accounted for approximately % of global revenue.
Report Scope
This report quantifies the global Armoured Vehicles market in revenue (US$ million) and, where applicable, sales volume (units), using 2025 as the base year and providing annual historical and forecast data for 2021–2032.
It standardizes definitions of types and applications, harmonizes vendor attribution, and presents comparable time series by company, type, application, and region/country, including indicative price bands (US$/units) and concentration ratios (CR5/CR10).
The outputs are intended to support strategy development, budgeting, and performance benchmarking for manufacturers, new entrants, channel partners, and investors; the report also reviews technology shifts and notable product introductions relevant to Armoured Vehicles.
Key Companies & Market Share Insights
This section profiles leading manufacturers, combining 2021–2025 results with a 2026–2032 outlook. It reports revenue, market share, price bands, product and application mix, regional and channel mix, and key developments (M&A, capacity additions, certifications). It also provides global revenue, average price, and—where applicable—sales volume by manufacturer, and calculates CR5/CR10 and rank changes to support comparative benchmarking.
Armoured Vehicles Market by Company
General Dynamics
BAE Systems
Oshkosh
Rheinmetall
China North Industrial
Nexter Systems
Hyundai Rotem
FNSS
Uralvagonzavod
STREIT Group
Thales Group
Textron
Iveco Defence Vehicles
ST Engineering
BMC
Otokar
NIMR Automotive
Mahindra
Armoured Vehicles Segment by Type
Wheeled Armoured Vehicle
Tracked Armoured Vehicles
Armoured Vehicles Segment by Application
Military
Non-military
Armoured Vehicles Segment by Region
North America
United States
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Spain
Netherlands
Switzerland
Sweden
Poland
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Southeast Asia
South America
Brazil
Argentina
Chile
Middle East & Africa
Egypt
South Africa
Israel
Türkiye
GCC Countries
Key Drivers & Barriers
High-impact rendering factors and drivers have been studied in this report to aid the readers to understand the general development. Moreover, the report includes restraints and challenges that may act as stumbling blocks on the way of the players. This will assist the users to be attentive and make informed decisions related to business. Specialists have also laid their focus on the upcoming business prospects.
Reasons to Buy This Report
1. This report will help the readers to understand the competition within the industries and strategies for the competitive environment to enhance the potential profit. The report also focuses on the competitive landscape of the global Armoured Vehicles market, and introduces in detail the market share, industry ranking, competitor ecosystem, market performance, new product development, operation situation, expansion, and acquisition. etc. of the main players, which helps the readers to identify the main competitors and deeply understand the competition pattern of the market.
2. This report will help stakeholders to understand the global industry status and trends of Armoured Vehicles and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand competitors better and gain more insights to strengthen their position in their businesses. The competitive landscape section includes the market share and rank (in volume and value), competitor ecosystem, new product development, expansion, and acquisition.
4. This report stays updated with novel technology integration, features, and the latest developments in the market
5. This report helps stakeholders to gain insights into which regions to target globally
6. This report helps stakeholders to gain insights into the end-user perception concerning the adoption of Armoured Vehicles.
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.
Chapter Outline
Chapter 1: Research objectives, research methods, data sources, data cross-validation;
Chapter 2: Introduces the report scope of the report, executive summary of different market segments (by region, product type, application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 3: Detailed analysis of Armoured Vehicles manufacturers competitive landscape, price, production and value market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product production/output, value, price, gross margin, product introduction, recent development, etc.
Chapter 5: Production/output, value of Armoured Vehicles by region/country. It provides a quantitative analysis of the market size and development potential of each region in the next six years.
Chapter 6: Consumption of Armoured Vehicles in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and production of each country in the world.
Chapter 7: Provides the analysis of various market segments by type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 8: Provides the analysis of various market segments by application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 9: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 10: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 11: The main points and conclusions of the report.
More report detail
Tables and figures
Scope & coverage.
Types
- Wheeled Armoured Vehicle
- Tracked Armoured Vehicles
Applications
- Military
- Non-military
Companies covered
- General Dynamics
- BAE Systems
- Oshkosh
- Rheinmetall
- China North Industrial
- Nexter Systems
- Hyundai Rotem
- FNSS
- Uralvagonzavod
- STREIT Group
- Thales Group
- Textron
- Iveco Defence Vehicles
- ST Engineering
- BMC
- Otokar
- NIMR Automotive
- Mahindra
Inside the report.
1 Preface
- 1.1 Scope of Report
- 1.2 Reasons for Doing This Study
- 1.3 Research Methodology
- 1.4 Research Process
- 1.5 Data Source
- 1.5.1 Secondary Sources
- 1.5.2 Primary Sources
2 Market Overview
- 2.1 Product Definition
- 2.2 Armoured Vehicles by Type
- 2.2.1 Market Value Comparison by Type (2021 VS 2025 VS 2032) & (US$ Million)
- 2.2.2 Wheeled Armoured Vehicle
- 2.2.3 Tracked Armoured Vehicles
- 2.3 Armoured Vehicles by Application
- 2.3.1 Market Value Comparison by Application (2021 VS 2025 VS 2032) & (US$ Million)
- 2.3.2 Military
- 2.3.3 Non-military
- 2.4 Global Market Growth Prospects
- 2.4.1 Global Armoured Vehicles Production Value Estimates and Forecasts (2021-2032)
- 2.4.2 Global Armoured Vehicles Production Capacity Estimates and Forecasts (2021-2032)
- 2.4.3 Global Armoured Vehicles Production Estimates and Forecasts (2021-2032)
- 2.4.4 Global Armoured Vehicles Market Average Price (2021-2032)
3 Market Competitive Landscape by Manufacturers
- 3.1 Global Armoured Vehicles Production by Manufacturers (2021-2026)
- 3.2 Global Armoured Vehicles Production Value by Manufacturers (2021-2026)
- 3.3 Global Armoured Vehicles Average Price by Manufacturers (2021-2026)
- 3.4 Global Armoured Vehicles Industry Manufacturers Ranking, 2024 VS 2025 VS 2026
- 3.5 Global Armoured Vehicles Key Manufacturers, Manufacturing Sites & Headquarters
- 3.6 Global Armoured Vehicles Manufacturers, Product Type & Application
- 3.7 Global Armoured Vehicles Manufacturers Established Date
- 3.8 Global Armoured Vehicles Market CR5 and HHI
- 3.9 Global Manufacturers Mergers & Acquisition
4 Manufacturers Profiled
- 4.1 General Dynamics
- 4.1.1 General Dynamics Armoured Vehicles Company Information
- 4.1.2 General Dynamics Armoured Vehicles Business Overview
- 4.1.3 General Dynamics Armoured Vehicles Production, Value and Gross Margin (2021-2026)
- 4.1.4 General Dynamics Product Portfolio
- 4.1.5 General Dynamics Recent Developments
- 4.2 BAE Systems
- 4.2.1 BAE Systems Armoured Vehicles Company Information
- 4.2.2 BAE Systems Armoured Vehicles Business Overview
- 4.2.3 BAE Systems Armoured Vehicles Production, Value and Gross Margin (2021-2026)
- 4.2.4 BAE Systems Product Portfolio
- 4.2.5 BAE Systems Recent Developments
- 4.3 Oshkosh
- 4.3.1 Oshkosh Armoured Vehicles Company Information
- 4.3.2 Oshkosh Armoured Vehicles Business Overview
- 4.3.3 Oshkosh Armoured Vehicles Production, Value and Gross Margin (2021-2026)
- 4.3.4 Oshkosh Product Portfolio
- 4.3.5 Oshkosh Recent Developments
- 4.4 Rheinmetall
- 4.4.1 Rheinmetall Armoured Vehicles Company Information
- 4.4.2 Rheinmetall Armoured Vehicles Business Overview
- 4.4.3 Rheinmetall Armoured Vehicles Production, Value and Gross Margin (2021-2026)
- 4.4.4 Rheinmetall Product Portfolio
- 4.4.5 Rheinmetall Recent Developments
- 4.5 China North Industrial
- 4.5.1 China North Industrial Armoured Vehicles Company Information
- 4.5.2 China North Industrial Armoured Vehicles Business Overview
- 4.5.3 China North Industrial Armoured Vehicles Production, Value and Gross Margin (2021-2026)
- 4.5.4 China North Industrial Product Portfolio
- 4.5.5 China North Industrial Recent Developments
- 4.6 Nexter Systems
- 4.6.1 Nexter Systems Armoured Vehicles Company Information
- 4.6.2 Nexter Systems Armoured Vehicles Business Overview
- 4.6.3 Nexter Systems Armoured Vehicles Production, Value and Gross Margin (2021-2026)
- 4.6.4 Nexter Systems Product Portfolio
- 4.6.5 Nexter Systems Recent Developments
- 4.7 Hyundai Rotem
- 4.7.1 Hyundai Rotem Armoured Vehicles Company Information
- 4.7.2 Hyundai Rotem Armoured Vehicles Business Overview
- 4.7.3 Hyundai Rotem Armoured Vehicles Production, Value and Gross Margin (2021-2026)
- 4.7.4 Hyundai Rotem Product Portfolio
- 4.7.5 Hyundai Rotem Recent Developments
- 4.8 FNSS
- 4.8.1 FNSS Armoured Vehicles Company Information
- 4.8.2 FNSS Armoured Vehicles Business Overview
- 4.8.3 FNSS Armoured Vehicles Production, Value and Gross Margin (2021-2026)
- 4.8.4 FNSS Product Portfolio
- 4.8.5 FNSS Recent Developments
- 4.9 Uralvagonzavod
- 4.9.1 Uralvagonzavod Armoured Vehicles Company Information
- 4.9.2 Uralvagonzavod Armoured Vehicles Business Overview
- 4.9.3 Uralvagonzavod Armoured Vehicles Production, Value and Gross Margin (2021-2026)
- 4.9.4 Uralvagonzavod Product Portfolio
- 4.9.5 Uralvagonzavod Recent Developments
- 4.10 STREIT Group
- 4.10.1 STREIT Group Armoured Vehicles Company Information
- 4.10.2 STREIT Group Armoured Vehicles Business Overview
- 4.10.3 STREIT Group Armoured Vehicles Production, Value and Gross Margin (2021-2026)
- 4.10.4 STREIT Group Product Portfolio
- 4.10.5 STREIT Group Recent Developments
- 4.11 Thales Group
- 4.11.1 Thales Group Armoured Vehicles Company Information
- 4.11.2 Thales Group Armoured Vehicles Business Overview
- 4.11.3 Thales Group Armoured Vehicles Production, Value and Gross Margin (2021-2026)
- 4.11.4 Thales Group Product Portfolio
- 4.11.5 Thales Group Recent Developments
- 4.12 Textron
- 4.12.1 Textron Armoured Vehicles Company Information
- 4.12.2 Textron Armoured Vehicles Business Overview
- 4.12.3 Textron Armoured Vehicles Production, Value and Gross Margin (2021-2026)
- 4.12.4 Textron Product Portfolio
- 4.12.5 Textron Recent Developments
- 4.13 Iveco Defence Vehicles
- 4.13.1 Iveco Defence Vehicles Armoured Vehicles Company Information
- 4.13.2 Iveco Defence Vehicles Armoured Vehicles Business Overview
- 4.13.3 Iveco Defence Vehicles Armoured Vehicles Production, Value and Gross Margin (2021-2026)
- 4.13.4 Iveco Defence Vehicles Product Portfolio
- 4.13.5 Iveco Defence Vehicles Recent Developments
- 4.14 ST Engineering
- 4.14.1 ST Engineering Armoured Vehicles Company Information
- 4.14.2 ST Engineering Armoured Vehicles Business Overview
- 4.14.3 ST Engineering Armoured Vehicles Production, Value and Gross Margin (2021-2026)
- 4.14.4 ST Engineering Product Portfolio
- 4.14.5 ST Engineering Recent Developments
- 4.15 BMC
- 4.15.1 BMC Armoured Vehicles Company Information
- 4.15.2 BMC Armoured Vehicles Business Overview
- 4.15.3 BMC Armoured Vehicles Production, Value and Gross Margin (2021-2026)
- 4.15.4 BMC Product Portfolio
- 4.15.5 BMC Recent Developments
- 4.16 Otokar
- 4.16.1 Otokar Armoured Vehicles Company Information
- 4.16.2 Otokar Armoured Vehicles Business Overview
- 4.16.3 Otokar Armoured Vehicles Production, Value and Gross Margin (2021-2026)
- 4.16.4 Otokar Product Portfolio
- 4.16.5 Otokar Recent Developments
- 4.17 NIMR Automotive
- 4.17.1 NIMR Automotive Armoured Vehicles Company Information
- 4.17.2 NIMR Automotive Armoured Vehicles Business Overview
- 4.17.3 NIMR Automotive Armoured Vehicles Production, Value and Gross Margin (2021-2026)
- 4.17.4 NIMR Automotive Product Portfolio
- 4.17.5 NIMR Automotive Recent Developments
- 4.18 Mahindra
- 4.18.1 Mahindra Armoured Vehicles Company Information
- 4.18.2 Mahindra Armoured Vehicles Business Overview
- 4.18.3 Mahindra Armoured Vehicles Production, Value and Gross Margin (2021-2026)
- 4.18.4 Mahindra Product Portfolio
- 4.18.5 Mahindra Recent Developments
5 Global Armoured Vehicles Production by Region
- 5.1 Global Armoured Vehicles Production Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 5.2 Global Armoured Vehicles Production by Region: 2021-2032
- 5.2.1 Global Armoured Vehicles Production by Region: 2021-2026
- 5.2.2 Global Armoured Vehicles Production Forecast by Region (2027-2032)
- 5.3 Global Armoured Vehicles Production Value Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 5.4 Global Armoured Vehicles Production Value by Region: 2021-2032
- 5.4.1 Global Armoured Vehicles Production Value by Region: 2021-2026
- 5.4.2 Global Armoured Vehicles Production Value Forecast by Region (2027-2032)
- 5.5 Global Armoured Vehicles Market Price Analysis by Region (2021-2026)
- 5.6 Global Armoured Vehicles Production and Value, YOY Growth
- 5.6.1 North America Armoured Vehicles Production Value Estimates and Forecasts (2021-2032)
- 5.6.2 Europe Armoured Vehicles Production Value Estimates and Forecasts (2021-2032)
- 5.6.3 China Armoured Vehicles Production Value Estimates and Forecasts (2021-2032)
- 5.6.4 Japan Armoured Vehicles Production Value Estimates and Forecasts (2021-2032)
- 5.6.5 South Korea Armoured Vehicles Production Value Estimates and Forecasts (2021-2032)
- 5.6.6 India Armoured Vehicles Production Value Estimates and Forecasts (2021-2032)
6 Global Armoured Vehicles Consumption by Region
- 6.1 Global Armoured Vehicles Consumption Estimates and Forecasts by Region: 2021 VS 2025 VS 2032
- 6.2 Global Armoured Vehicles Consumption by Region (2021-2032)
- 6.2.1 Global Armoured Vehicles Consumption by Region: 2021-2026
- 6.2.2 Global Armoured Vehicles Forecasted Consumption by Region (2027-2032)
- 6.3 North America
- 6.3.1 North America Armoured Vehicles Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.3.2 North America Armoured Vehicles Consumption by Country (2021-2032)
- 6.3.3 United States
- 6.3.4 Canada
- 6.3.5 Mexico
- 6.4 Europe
- 6.4.1 Europe Armoured Vehicles Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.4.2 Europe Armoured Vehicles Consumption by Country (2021-2032)
- 6.4.3 Germany
- 6.4.4 France
- 6.4.5 U.K.
- 6.4.6 Italy
- 6.4.7 Russia
- 6.4.8 Spain
- 6.4.9 Netherlands
- 6.4.10 Switzerland
- 6.4.11 Sweden
- 6.4.12 Poland
- 6.5 Asia Pacific
- 6.5.1 Asia Pacific Armoured Vehicles Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.5.2 Asia Pacific Armoured Vehicles Consumption by Country (2021-2032)
- 6.5.3 China
- 6.5.4 Japan
- 6.5.5 South Korea
- 6.5.6 India
- 6.5.7 Australia
- 6.5.8 Taiwan
- 6.5.9 Southeast Asia
- 6.6 South America, Middle East & Africa
- 6.6.1 South America, Middle East & Africa Armoured Vehicles Consumption Growth Rate by Country: 2021 VS 2025 VS 2032
- 6.6.2 South America, Middle East & Africa Armoured Vehicles Consumption by Country (2021-2032)
- 6.6.3 Brazil
- 6.6.4 Argentina
- 6.6.5 Chile
- 6.6.6 Turkey
- 6.6.7 GCC Countries
7 Segment by Type
- 7.1 Global Armoured Vehicles Production by Type (2021-2032)
- 7.1.1 Global Armoured Vehicles Production by Type (2021-2032) & (units)
- 7.1.2 Global Armoured Vehicles Production Market Share by Type (2021-2032)
- 7.2 Global Armoured Vehicles Production Value by Type (2021-2032)
- 7.2.1 Global Armoured Vehicles Production Value by Type (2021-2032) & (US$ Million)
- 7.2.2 Global Armoured Vehicles Production Value Market Share by Type (2021-2032)
- 7.3 Global Armoured Vehicles Price by Type (2021-2032)
8 Segment by Application
- 8.1 Global Armoured Vehicles Production by Application (2021-2032)
- 8.1.1 Global Armoured Vehicles Production by Application (2021-2032) & (units)
- 8.1.2 Global Armoured Vehicles Production Market Share by Application (2021-2032)
- 8.2 Global Armoured Vehicles Production Value by Application (2021-2032)
- 8.2.1 Global Armoured Vehicles Production Value by Application (2021-2032) & (US$ Million)
- 8.2.2 Global Armoured Vehicles Production Value Market Share by Application (2021-2032)
- 8.3 Global Armoured Vehicles Price by Application (2021-2032)
9 Value Chain and Sales Channels Analysis of the Market
- 9.1 Armoured Vehicles Value Chain Analysis
- 9.1.1 Armoured Vehicles Key Raw Materials
- 9.1.2 Raw Materials Key Suppliers
- 9.1.3 Armoured Vehicles Production Mode & Process
- 9.2 Armoured Vehicles Sales Channels Analysis
- 9.2.1 Direct Comparison with Distribution Share
- 9.2.2 Armoured Vehicles Distributors
- 9.2.3 Armoured Vehicles Customers
10 Global Armoured Vehicles Analyzing Market Dynamics
- 10.1 Armoured Vehicles Industry Trends
- 10.2 Armoured Vehicles Industry Drivers
- 10.3 Armoured Vehicles Industry Opportunities and Challenges
- 10.4 Armoured Vehicles Industry Restraints
11 Report Conclusion
12 Disclaimer
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