Top Companies in Armored Vehicle Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research

Vantage Market Research has recently published a new report on the "Armored Vehicle Market” Global Industry Assessment & Forecast to identify key trends and challenges. The report offers insights into the competitive landscape, prospects, and key investment considerations for businesses operating in Armored Vehicle Market. Some of the key statistics in the report highlight that the Global Armored Vehicle Market was valued at USD 17.2 Billion in 2022 and is projected to reach a value of USD 108.5 Billion by 2030 at a CAGR of 30.01% over the forecast period.  The rising focus on protecting soldiers from external and internal threats is expected to propel market growth. The rising awareness about commercial security is expected to drive the demand for personnel armored vehicles.

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The Global Armored Vehicle market is dominated by well-known players like BAE Systems (UK), General Dynamics Corporation (U.S.), INKAS Armored Vehicle Manufacturing (Canada), International Armored Group (U.S.), Krauss-Maffei Wegmann GmbH & Co. (Germany), Lenco Armored Vehicles (U.S.), Lockheed Martin Corporation UK (UK), Rheinmetall AG (Germany), Iveco Defence Vehicles (Italy), and Textron Systems (U.S.). These market participants also pursue strategies like investments, partnerships, acquisitions, and mergers to increase their market dominance. Furthermore, businesses are investing in the creation of better services.

Let’s Take a Look at the Top Market Players that are Captivating the Armored Vehicle Market

1. BAE Systems (UK)

BAE Systems develops, delivers, and supports advanced defense and aerospace systems. The company produces guided weapon systems, radar, avionics, communications, surface ships, submarines, and military aircraft. For the American military, BAE Systems is concentrating on enhancing the durability, lethality, and survivability of new and existing armored platforms. The company is also working on several cutting-edge technologies that might be used with the armored multipurpose vehicle.

2. General Dynamics Corporation (U.S.)

Defense firm General Dynamics Corporation offers a variety of services. The company provides many goods and services in business aviation, weapons systems, combat vehicles, ammunition, shipbuilding design, construction, information systems, and technology. In addition, the company is a significant supplier of armored vehicles of all kinds, including the M1 Abrams, LAV 25, Stryker, and a wide range of vehicles.

3. INKAS Armored Vehicle Manufacturing (Canada)

INKAS Armored Vehicle Manufacturing, a well-known Canadian business, specializes in designing and manufacturing various armored vehicles, such as bulletproof luxury cars, executive SUVs, special purpose vehicles, personnel carriers, cash-in-transit vehicles, and others. INKAS Armored Vehicle Manufacturing has produced armored vehicles since 2000 and offers them to banks, law enforcement organizations, business clients, and private individuals worldwide. The company's international sales offices and post-sale workshops are spread across the globe.

4. International Armored Group (U.S.)

With over 30 years of experience, the International Armored Group is a manufacturer of quality-conscious armored vehicles with a focus on the design, engineering, prototyping, and production of armored commercial and tactical vehicles, including armored cars, SUVs, buses, ambulances, trucks, APCs, CITs, and MRAPs, as well as armored components and ballistic glass and framing systems. In addition, the firm offers a complete vehicle armoring solution to ensure that all potential weaknesses are addressed throughout the design and engineering phases. The United States of America, Canada, the United Arab Emirates, Turkey, the United Kingdom, Bulgaria, Iraq, Pakistan, and South Africa are among the countries where the International Armored Group has sales offices and manufacturing facilities.

5. Krauss-Maffei Wegmann GmbH & Co. (Germany)

Krauss-Maffei Wegmann (KMW) was founded in 1999 after Wegmann GmbH acquired Krauss-Maffei AG's military division. The company has now developed into Europe's market leader for heavily armored tracked and wheeled vehicles. Today, KMW is a systems supplier with over 4,000 workers in Germany, Brazil, Greece, Hungary, the United Kingdom, Singapore, and the USA. KMW develops, produces, and supports a wide range of products. The company specializes in military and civilian simulation skills and produces heavy armored wheeled and tracked vehicles. To help clients ensure mobility in the deployment of military operations and disaster relief missions, the company offers automatic air-transportable wheeled vehicles, anti-aircraft and artillery systems, battle tanks, armored personnel carriers, bridge-laying systems, information systems, as well as remote-controlled carriages with observation devices.

6. Lenco Armored Vehicles (U.S.)

Since 1981, Lenco Armored Vehicles has supplied more than 5,000 APCs to more than 40 countries, making it the top US designer and manufacturer of tactical armored vehicles. The Lenco BEAR and Lenco BearCat tactical vehicles are used daily by more than 600 US federal and state tactical response and rescue teams around the country, including nearly 40 state police agencies. In addition, numerous multi-hit strikes from IEDs, battle mortar fragments, and high-powered guns have been deflected by Lenco vehicles.

7. Lockheed Martin UK (UK)

The UK-based division of Lockheed Martin Corporation, Lockheed Martin UK, has been doing business there for almost 80 years. Their ideas and collaborations have long supported the UK's defense, security, and prosperity, from mail-sorting technology to aiding in the construction of the country's first commercial spaceport. Ampthill, Bedfordshire, is the location of Lockheed Martin UK's advanced manufacturing capacity. The 64-acre location has benefited from multimillion-dollar investments and has 20,000 m2 of cutting-edge production facilities. The company is the UK's only center of excellence for integrating vehicle systems, turret systems, and armored fighting vehicles. Numerous highly qualified engineers are employed on significant initiatives, including two high-profile programs for the UK MoD.

8. Rheinmetall AG (Germany)

"Rheinische Metallwaaren- und Maschinenbaufabrik Aktiengesellschaft" was the name under which Rheinmetall AG was established in 1889. Today, Rheinmetall is a top, internationally engaged, integrated technological corporation that creates and markets parts, systems, and services for the defense and civil sectors. The range of wheeled armored vehicles created by Rheinmetall offers optimum support for airmobile troops because of its adaptability, mobility, and rapid operational readiness. For example, Rheinmetall’s Boxer 8x8 Combat Reconnaissance Vehicle “Boxer CRV” is a world-leading armored vehicle platform developed for Australia's Land 400 Phase 2 program.

9. Iveco Defence Vehicles (Italy)

IDV, an Iveco Group brand, is committed to providing cutting-edge vehicle and protection solutions to satisfy the demands of military customers throughout. In its facility in Bolzano, Northern Italy, the company produces specialized logistic, protected, and armored vehicles in addition to marketing the full line of IVECO commercial vehicles, which have been modified as necessary to meet the needs of the military user. As a result, IDV offers a complete line of vehicles to satisfy a wide range of defensive requirements.

10. Textron Systems (U.S.)

One of the most well-known multinational corporations in the world, Textron Systems is known for its powerful brands, including Bell, Cessna, Beechcraft, E-Z-GO, and many others. To provide consumers with cutting-edge goods and services, the company uses its extensive global network of businesses in the aerospace, defense, industrial, and financial sectors. In addition, the COMMANDO® line of armored vehicles from Textron Systems offers maximum lethality, survivability, mobility, and sustainability; all demonstrated in actual conflict. During combat, contemporary construction keeps troops secure inside a cozy environment. COMMANDO® vehicles are equipped to take on any mission, whether as a command-and-control vehicle, a reconnaissance vehicle, or an infantry fighting vehicle (IFV) with battle experience.

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