The armored vehicles market is projected to grow at a CAGR 4.87% rate during the forecast period. Growing demand for armored vehicles due to rise in the instances of cross-border conflicts and increasing incidences of asymmetric warfare across the globe. However, the absence of major OEMs of armored vehicles in the Middle East and Asia Pacific region and occurrence of mechanical, electrical, and other kinds of failure in armored vehicles are projected to hinder the growth of the market.
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The combat vehicles segment is projected to lead the market during the forecast period. Increasing demand for Armored Personnel Carriers (APCs) and Light Armored Vehicles (LAVs) across the globe is leading to the growth of the combat vehicles segment of the market.
Geographically, global armored vehicles market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

The prominent players in the global armored vehicles market include Oshkosh Corporation (US), UralVagonZavod (Russia), Ukroboronprom (Ukraine), General Dynamics Corporation (US), BAE Systems plc (UK), NORINCO (China), Rheinmetall AG (Germany), and Textron Inc. (US).

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