Military armored-vehicle market to grow to $31.2 billion in 2027, study predicts

AMSTERDAM. The global market for military armored vehicles is expected to grow from $24 billion in 2019 to $31.2 billion in 2027, according to a study from Market Forecast, "Global Military Armored Vehicles -- Market and Technology Forecast to 2027."

The study authors found that the armored-vehicle market will be driven in large part by the market in Asia, which is expected to account for more than 30% of the total market over the study period. Driving spending in this region will be an increase in defense spending plus additional spending on upgrades.

The study also shows that the biggest evolution in the armored-vehicle market has been the slow but steady transformation from passive armor to active protection systems (APS); APS focuses on eliminating the source of threat, compared to the earlier generation of passive armor, which focused on withstanding the impact of the projectile. The cost of the APS system -- one of the fastest-growing sectors of the military armored-vehicle market -- was found to vary from $200,000 to $1 million, depending on the functionalities and platform.

Among the companies playing major roles in this market are BAE Systems, Raytheon, Lockheed Martin, Northrop Grumman, General Dynamics, Rheinmetall, Elbit, and Textron.

For additional information on this study please visit the Market Forecast website.