Armored Vehicle Market Booming Across the Globe Growth by 2030

  • Jun 10, 2024
  • | 73

The global armored vehicles market was worth around $19.5 billion in 2022. This market is expected to continue growing in the coming years. Specifically, the armored vehicle market is projected to increase from $22.2 billion in 2023 to $33.9 billion by the year 2030. That represents an annual growth rate, or CAGR (compound annual growth rate), of 6.2% during the 2023 to 2030 forecast period. In other words, the global armored vehicle market is forecasted to see solid, steady growth of around 6% per year over the next several years. This growth will see the overall market size expand from $22.2 billion currently to nearly $34 billion by the end of the decade. The key drivers behind this expected growth include increasing demand for armored vehicles for military, law enforcement, and security applications around the world. Technological advancements in armor, firepower, and other capabilities are also fueling this projected expansion of the global armored vehicle market in the coming years.

Informational Source:

https://www.fortunebusinessinsights.com/industry-reports/armored-vehicle-market-101817

Key Companies Covered in Armored Vehicle Market are:

  • BAE Systems (U.K.)
  • General Dynamics Corporation (U.S.)
  • Rheinmetall AG (Germany)
  • Krauss-Maffei Wegmann GmbH (Germany)
  • Denel SOC ltd (South Africa)
  • IVECO DEFENCE VEHICLES (Italy)
  • NORINCOGROUP.com Inc. (China)
  • Oshkosh Defense, LLC An Oshkosh Corporation Company (U.S.)
  • Otokar, a KOC Group Company (Turkey)
  • Textron Systems (U.S.)

Armored vehicles have been an integral part of military operations for over a century, evolving from early armored cars to the formidable main battle tanks and infantry fighting vehicles of today. These heavily protected and armed platforms have played a crucial role in securing battlefield dominance, force projection, and the protection of personnel. As technology has advanced, so too have the capabilities of armored vehicles, ushering in a new era of enhanced mobility, firepower, and survivability.

Armor Composition and Design

The foundation of any armored vehicle lies in its armor composition and design. Traditional armor plating, often made of steel, has given way to more advanced materials that provide superior protection at reduced weight. Composite armor, which combines layers of materials like ceramics, fiberglass, and high-strength alloys, has become increasingly common, offering enhanced ballistic protection against a wide range of threats.

Reactive armor, which uses explosive elements to neutralize incoming projectiles, has also been a game-changer in the world of armored vehicles. These specialized panels, when struck by a shaped-charge or armor-piercing round, detonate and deflect the projectile, shielding the vehicle and its occupants.

The incorporation of Active Protection Systems (APS) has further elevated the defensive capabilities of modern armored vehicles. These systems use sensors, tracking algorithms, and defensive countermeasures to detect, track, and intercept incoming threats, such as anti-tank missiles and rocket-propelled grenades, before they can strike the vehicle.

Mobility and Maneuverability

Armored vehicles have also undergone significant advancements in terms of mobility and maneuverability. Powerful engines, advanced suspension systems, and improved powertrains have enhanced the off-road capabilities of these platforms, allowing them to traverse challenging terrain with ease.

The use of high-performance diesel and turbine engines has provided armored vehicles with greater speed, acceleration, and hill-climbing abilities, enabling them to outmaneuver adversaries and respond rapidly to changing tactical situations. Innovations in tracked and wheeled designs have further expanded the operational versatility of armored vehicles, allowing them to adapt to a wide range of mission requirements.

Firepower and Targeting Systems

The firepower of modern armored vehicles has also been significantly enhanced, with a wide range of armaments and targeting systems at their disposal. Main battle tanks, for instance, are typically equipped with high-caliber smoothbore or rifled guns capable of engaging enemy armor, infantry, and even low-flying aircraft.

The integration of advanced fire control systems, which incorporate stabilized sights, laser rangefinders, and ballistic computers, has significantly improved the accuracy and lethality of armored vehicle armaments. These systems can quickly acquire and track targets, even while the vehicle is in motion, ensuring rapid and precise engagement.

The introduction of modern munitions, such as armor-piercing fin-stabilized discarding sabot (APFSDS) rounds and precision-guided missiles, has further expanded the firepower and reach of armored vehicles. These specialized munitions can penetrate the most advanced armor, allowing armored platforms to engage and defeat heavily protected enemy forces.

Situational Awareness and Command and Control

Armored vehicles have also benefited from advancements in situational awareness and command and control capabilities. Integrated sensor suites, including thermal imagers, night vision devices, and advanced optics, provide crews with enhanced visibility and target identification, even in low-light or adverse weather conditions.

The incorporation of digital communication systems, battle management software, and data-sharing capabilities has enabled armored vehicles to seamlessly integrate with broader military operations. This improved situational awareness and connectivity allow commanders to make more informed decisions, coordinate movements, and effectively direct the actions of their armored formations.

Unmanned and Autonomous Capabilities

The integration of unmanned and autonomous technologies has been a significant development in the field of armored vehicles. Unmanned ground vehicles (UGVs) and remote-controlled turrets have expanded the operational capabilities of armored platforms, allowing them to perform tasks such as reconnaissance, security, and remote weapons engagement without exposing human crews to unnecessary risk.

Advancements in artificial intelligence and machine learning have also paved the way for the development of autonomous armored vehicles. These platforms can navigate complex environments, detect and engage targets, and perform a wide range of tasks with minimal human intervention, enhancing the overall efficiency and lethality of armored forces.

Logistics and Sustainability

The logistical and sustainability aspects of armored vehicles have also seen notable improvements. Advancements in engine and powertrain technologies have increased fuel efficiency, reducing the logistical burden of fuel resupply and transportation. Additionally, the use of modular and standardized components has simplified maintenance and repair, allowing for faster turnaround times and improved readiness rates.

The introduction of integrated diagnostic systems and remote monitoring capabilities has further enhanced the maintenance and support of armored vehicles. These systems can quickly identify and diagnose issues, enabling preventative maintenance and reducing the downtime associated with repairs.

Emerging Trends and Future Developments

As technology continues to evolve, the future of armored vehicles promises even more remarkable advancements. Some emerging trends and potential future developments include:

  1. Directed Energy Weapons: The integration of high-energy laser systems and electromagnetic pulse weapons on armored platforms could provide a highly precise and cost-effective defense against a variety of threats, including missiles, drones, and even enemy armored vehicles.

  2. Hybrid and Electric Propulsion: The adoption of hybrid and all-electric powertrain technologies could significantly enhance the fuel efficiency and environmental sustainability of armored vehicles, while also providing silent mobility and reduced thermal signatures.

  3. Advanced Camouflage and Signature Management: Cutting-edge camouflage systems, including active camouflage and adaptive infrared/thermal masking, could enable armored vehicles to better blend into their surroundings, reducing their vulnerability to detection and engagement.

  4. Swarm Robotics: The integration of swarming UAVs and UGVs could allow armored vehicles to extend their reconnaissance and strike capabilities, overwhelming adversaries with coordinated, autonomous attacks.

  5. Additive Manufacturing and Self-Repair: The use of 3D printing and self-healing materials could revolutionize the field of armored vehicle maintenance, enabling on-site production of spare parts and the autonomous repair of battle damage.

Conclusion

Armored vehicles have come a long way since their early beginnings, evolving into highly capable and sophisticated platforms that play a crucial role in modern military operations. The advancements in armor composition, mobility, firepower, and situational awareness have transformed these vehicles into formidable assets on the battlefield.

As technology continues to advance, the future of armored vehicles promises even more remarkable capabilities, from directed energy weapons to autonomous swarming tactics. These developments will undoubtedly reshape the landscape of modern warfare, ensuring that armored vehicles remain an essential component of the military's arsenal for years to come.