Armored Vehicles Market

The armored vehicles market is valued at USD 51.6 billion in 2024 and is projected to reach USD 60.7 billion by 2029, at a CAGR of 3.3% from 2024 to 2029. The armored vehicles market encompasses the production, sale, and maintenance of military vehicles designed to provide protection for personnel and equipment in combat situations. Key drivers fueling market growth include increasing defense budgets, geopolitical tensions, and technological advancements in vehicle protection and firepower. Major players in the market include General Dynamics Corporation, BAE Systems, Rheinmetall AG, Oshkosh Corp., and Hanwha Defense. These industry leaders drive innovation, technology development, and global market competition, shaping the landscape of wheeled armored vehicle procurement and deployment.

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Major Armored Vehicles companies include:

• Rheinmetall AG (Germany)
• General Dynamics Corporation (US)
• Oshkosh Corporation (US)
• BAE Systems (UK)
• Hanwha Defense (South Korea)

Rheinmetall AG  (Germany)

Rheinmetall AG serves as the parent company and management holding company of the Rheinmetall Group, headquartered in Düsseldorf, Germany. Established in 1889, Rheinmetall specialize in components, systems, and services for the security and civil industries. With a workforce exceeding 33,700 employees and a presence across 174 locations worldwide, Rheinmetall AG operates through 4 segments, namely Vehicle Systems, Weapon & Ammunition, Electronic Solutions, Sensors & Actuators and Material & Trade. 

The Vehicle Systems Europe division offers a comprehensive range of wheeled and tracked vehicles, including combat, support, logistics, and special vehicles, continually advancing to meet evolving operational requirements. Leveraging sensors, guidance systems, protection technologies, and effectors from partner divisions, Rheinmetall's vehicles are renowned for their effectiveness. Along with the European market, Vehicle Systems Europe is expanding its presence in North and South America, Africa, and Asia.

GENERAL DYNAMICS (US)

General Dynamics is a global aerospace and defense company, providing essential products and services for safety and security worldwide. The company is organized into four business groups: Aerospace, Marine Systems, Combat Systems, and Technologies. Offering innovative products and services in business aviation, combat vehicles, weapons systems, IT solutions, shipbuilding, and ship repair, General Dynamics caters to a broad spectrum of needs.

General Dynamics European Land Systems, a Europe-based business unit headquartered in Madrid, Spain. With a team of approximately 2,400 skilled professionals across sites in Austria, the Czech Republic, Germany, Romania, Spain, and Switzerland, the unit specializes in wheeled armored and tracked combat vehicles, amphibious bridges, and ferry systems, serving clients globally.

1 As a global leader in military equipment design, development, production, support, and sustainment, General Dynamics Land Systems is renowned for its tracked and wheeled military equipment. The flagship products are Abrams Main Battle Tank, the Stryker and LAV family of vehicles, the AJAX armored brigade, and autonomous platforms like MUTT and S-MET.

Oshkosh Corporation (US)

Oshkosh Corporation is a prominent provider of access equipment, specialty military vehicles, fire & emergency vehicles, commercial vehicles, and vehicle bodies. Established in 1917 and headquartered in Wisconsin (US), the corporation operates across three key segments: access equipment, defense, and manufacturing operations in multiple countries including the US, Australia, Canada, China, and France. Its services reach customers in over 150 countries globally.

Under its subsidiary, Oshkosh Defense, the company has a longstanding track record spanning more than 90 years in designing, manufacturing, and supplying military tactical wheeled vehicles to the US Department of Defense (DoD). Recognized as a leader in the field, Oshkosh Defense specializes in heavy, medium, and light tactical wheeled vehicles, including those capable of transporting tanks fitted with missile systems and ammunition. These vehicles are instrumental in supporting a wide spectrum of missions undertaken by troops.

Some of the key subsidiaries of the company are JLG Industries, JerrDan Corporation, Oshkosh Defense, Pierce Manufacturing Inc., Oshkosh Airport Products, Kewaunee Fabrications, McNeilus Companies, Concrete Equipment Company, London Machinery Inc, Iowa Mold Tooling Co., and Oshkosh Commercial Products.

BAE Systems (UK)

BAE Systems, the world's second-largest defense contractor, operates across five distinct business segments: Electronic Systems, Platforms & Services, Air, and Maritime. Its diverse array of products and services spans air, land, maritime, and cybersecurity domains, serving the needs of military and defense organizations worldwide. BAE Systems is renowned for its development and delivery of cutting-edge defense systems tailored for air, military, and naval forces. The company maintains a significant presence in key strategic locations including Australia, India, Saudi Arabia, the UK, and the US.

Among its notable subsidiaries are BAE Systems Integrated System Technologies, BAE Systems Maritime - Submarines, and BAE Systems Military Air & Information. Under its Electronic Systems business segment, BAE Systems offers a range of armored vehicles designed to meet the stringent requirements of military and law enforcement applications. These vehicles are recognized for their cost-effectiveness and high-performance capabilities, addressing the needs of customers across various markets globally, including Australia, India, Saudi Arabia, the UK, and the US.

Hanwha Corporation (South Korea)

Hanwha Corporation is among the Fortune Global 500 companies. The company was founded in 1952 and is headquartered in Seoul (South Korea). It is a public limited company listed on the Korea Exchange with the ticker symbol 000880.

In Hanwha Aerospace business, the company's diversified portfolio extends to the defense and marine sectors, with a strong focus on technological innovation and product competitiveness. Under Land Systems, the company specializes in developing advanced artillery solutions for modern warfare. Their flagship products include the K9 self-propelled howitzer and the K10 ammunition resupply vehicle, both recognized for their firepower and automation. Additionally, the company is pioneering new technologies such as defense robots and remote-controlled weapon stations.

Related Reports:

Armored Vehicles Market by Platform (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Vehicles), Mobility (Wheeled, Tracked), Type, Systems, Mode of Operation (Manned, Unmanned), Point of sale and Region - Global Forecast to 2029

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