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Armored Vehicle Market Size Worth USD 26.12 Billion by 2026; Contract Between OSHKOSH and U.S. Army to Accelerate Business Potential

March 13, 2020 | Aerospace & Defense

The global armored vehicle market size is predicted to reach USD 26.12 billion by 2026. The increasing demand for fuel-efficient and lightweight armored vehicle to create new sales opportunities for the armored vehicle market revenue in the forthcoming years, mentioned in a report, titled “Armored Vehicle Market Size, Share and Industry Analysis, By Platform (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles), By Mobility (Wheeled, Tracked), By System (Engine, Drive Systems, Ballistic Armor, Turret Drives, Ammunition Handling Systems, Others) and Regional Forecast, 2019-2026” the market size stood at  USD 17.18 billion in 2018 and is predicted to exhibit a CAGR of 5.36% between 2019 to 2026.

Contract Between OSHKOSH and U.S. Army to Augment Market Expansion

Oshkosh Defense, LLC, a leader in defense vehicles, components, and technologies for military announced It has signed a contract with the U.S. Army for $803.9 million with a delivery of 2,721 Joint Light Tactical Vehicles (JLTVs). The contract includes the delivery of JLTVs for the U.S. Army, U.S. Marine Corps, U.S. Air Force, and U.S. Navy alongside vehicles for the country of Montenegro via Foreign Military Sale (FMS).

The agreement between Oshkosh Defense and the U.S. Army can be a critical factor in boosting the armored vehicle market share in the forthcoming years owing to the distribution of JLTVs for multiple branches in the United States military. The delivery of light tactical vehicles will spur demand among other countries to deploy armored vehicles to strengthen their defense system. Moreover, the up-gradation of battle tanks by the U.S. Federal Government will accelerate the sales of armored vehicles in the foreseeable future. For instance, in April 2019 - Krauss-Maffei Wegmann was awarded a contract worth USD 832.0 million by the U.S. Federal Government for upgrading its 104 Leopard 2 Battle Tank. This new development will simplify the logistical footprint of the system and therefore reinforce the defense system.

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Surge in Terrorist Activities to Spur Business Opportunities for the Market

The increasing disputes, terrorist activities, and wars around the world can be a vital factor for the deployment of armored vehicles. Moreover, the growing border disputes among various nations such as Syria and Iraq have led to up-gradation and modernization of the existing defense system. In addition, the rising focus of countries towards reinforcing their defense systems and deployment of advanced light protecting vehicles (LPVs), main battle tanks (MBTs), infantry fighting vehicles (IFVs), and others will augur well for the market.

However, mechanical stresses and failures in armored vehicles caused by uneven topographies will consequently restrict the growth of the market. In addition, malfunctioning and failures such as a breakdown of components, jamming of parts, power failures, and others during battlefield operations can also be a restricting factor for the armored vehicle market growth.

Marketing Strategies of Key players to Maintain Strong Position

Key players in the market are emphasizing on collaborations and partnerships to get a staong foothold in the market. The manufacturing of advanced systems and components by key players to provide innovative products with cutting-edge technologies for better combat capabilities will enhance market potential. Moreover, the key players in the market are focused on R&D for the development of active protection systems, AI-based smart object recognition and tracking technology, navigation algorithms for unmanned armored vehicles, and others, which in turn will augment healthy growth of the market.

The Report Lists the Main Companies in the Global Armored Vehicle Market:

  • Oshkosh Corporation (the U.S)

  • General Dynamics Corporation (the U.S.)

  • BAE Systems plc (the U.K)

  • UralVagonZavod (Russia)

  • Ukroboronprom (Ukraine)

  • NORINCO (China)

Further Report Findings:

  • Regional Analysis: The market in North America generated a revenue of USD 6.61 billion in 2018. The growth in the region is attributed to rising R&D by key players for the development of advanced armored vehicles.

  • Leading Segment: Combat vehicles are expected to account for the lion’s share in the forthcoming years owing to the rising demand for light armored vehicles (LAVs) and armored personnel carriers (APCs)

The Armored Vehicle Market is Segmented into:



Study Period


Base Year


Forecast Period


Historical Period



  Value (USD Billion)

By Platform

  • Combat Vehicles

    • Main Battle Tanks

    • Infantry Fighting Vehicles

    • Armored Personal Carriers

    • Armored Amphibious Vehicles

    • Mine-Resistant Ambush Protected Vehicles

    • Self-Propelled Howitzers

    • Air Defense Vehicles

    • Armored Mortar Carriers

  • Combat Support Vehicles

    • Armored Supply Trucks

    • Armored Command and Control Vehicles

    • Repair and Recovery Vehicles

    • Others

  • Unmanned Armored Ground Vehicles

By Mobility

  • Wheeled

  • Tracked

By System

  • Engine

  • Drive System

  • Ballistic Armor

  • Turret Drives

  • Ammunition Handling System

  • Fire Control Systems (FCS)

  • Armaments

  • Countermeasure System

  • Command & Control (C2) System

  • Power System

  • Navigation System

  • Observation & Display System

  • Hulls/Frames

By Region

  • North America (the U.S. and Canada)

  • Europe (the U.K., Germany, France, Russia, Ukraine and Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, South Korea, Rest of Asia Pacific)

  • The Middle East (the UAE, Saudi Arabia, Israel, Turkey, Rest of the Middle East & Africa)

  • Rest of the World (Latin America and Africa)

Armored Vehicle Market
  • PDF
  • 2018
  • 2015-2017
  • 200


  • 4850

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