Increasing demand for armoured vehicles due to a rise in the instances of cross-border conflicts and increasing incidences of asymmetric warfare across the globe are major factors driving the growth of the armoured vehicles market.

Based on platform, the armoured vehicles market has been segmented into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. The unmanned armoured ground vehicles segment is projected to grow at the highest CAGR during the forecast period. Increasing demand for unmanned systems in battlefields is fueling the growth of this segment of the market.

Based on mobility, the researchers have segmented the market into wheeled and tracked. The wheeled segment is projected by the analysts to grow at a higher CAGR as compared to the tracked segment during the forecast period. Increased demand for 4x4 light armoured vehicles by military forces to carry out intelligence, surveillance, and reconnaissance (ISR) activities and transport defense personnel and equipment from one location to another is fueling the growth of this segment of the market.

The North American region is projected to lead the armored vehicles market from 2018 to 2023. The growth of the market in this region can be attributed to the increasing investments being made by countries of the region to develop highly advanced and scalable armoured vehicles with strong ballistic capabilities. These investments are mainly driven by the US, which is issuing contracts for the development and launch of new products. The US is also procuring light armoured vehicles in large numbers and is also upgrading its fleet of main battle tanks and armored fighting vehicles with lethal capabilities. The continuous involvement of the US in various conflicts across the globe has increased the demand for armored vehicles in the North American region.

Major players cited in the report as operating in this market include Oshkosh Corporation, Uralvagonzavod, Ukroboronprom, General Dynamics, BAE Systems, Norinco, Rheinmetall, and Textron.