Armored Vehicles Market

The armored vehicles market is estimated at USD 51.6 billion in 2025 and is projected to reach USD 60.7 billion by 2030 at a CAGR of 3.3% from 2025 to 2030. The 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 Corporation, and Hanwha Defense. These companies drive innovation, technology development, and global market competition, shaping the landscape of 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, a German automotive and defense technology group, is among the top companies in the global market for armored vehicles with dominance across both tracked and wheeled platforms. Rheinmetall produces an extensive range of combat and support vehicles specially designed to fit the needs of future, high-end, multi-domain warfare through its defense sector. Its products include the Puma Infantry Fighting Vehicle (which was co-developed with Krauss-Maffei Wegmann for the German Army), the Lynx KF41 Modular Infantry Fighting Vehicle, and the Boxer 8x8 armored vehicle, which is in service with a number of NATO countries. They are characterized by modularity, very high mobility, levels of protection, and digital battlefield integration. Rheinmetall also manufactures derivative armored support vehicles, including recovery, engineering, command, and ambulance variants on its base chassis. Rheinmetall has further expanded its presence with manufacturing and joint ventures in Hungary, Australia, and the US, making it a primary supplier to Western military modernization programs. Latest orders from countries like Hungary and Australia for Lynx and Boxer platforms have considerably increased the company’s order backlog. Rheinmetall's emphasis on digitization, survivability, and modular lethality continues to underpin its global competitiveness in the armored vehicle market.

General Dynamics Corporation (US)

General Dynamics Corporation is a major US defense contractor and one of the world's largest manufacturers of armored vehicles through its business division, General Dynamics Land Systems (GDLS). The company is best known for producing some of the most common and combat-tested armored combat vehicles, including the M1A2 Abrams Main Battle Tank, Stryker 8x8 Armored Vehicle Family, and the M10 Booker mobile protected firepower vehicle recently procured by the US Army. GDLS is skilled in the design, manufacture, and maintenance of wheeled and tracked armored vehicles designed for battlefield superiority, mobility, and survivability. It also supports large vehicle upgrade and digitization programs with next-generation technologies such as active protection systems (APS), hybrid-electric propulsion, and open-system architectures. General Dynamics has captured major foreign orders, supplying platforms to allies such as Egypt, Australia, and Poland and collaborating with the US Army for modernization programs such as Optionally Manned Fighting Vehicles (OMFV) and Mobile Short-Range Air Defense (M-SHORAD) variants. Its global logistics, lifecycle maintenance, and modularity of vehicle configurations make the company more strategic. With the growing demand for highly mobile, networked, and survivable ground systems, General Dynamics is the principal supplier to NATO and allied militaries worldwide.

Oshkosh Corporation (US)

Oshkosh Corporation, with its defense division Oshkosh Defense, is a leading US-based supplier of tactical wheeled vehicles and light armored systems, with a key position in the armored vehicle industry, particularly in the mobility and logistics area. Oshkosh is renowned for having built the Joint Light Tactical Vehicle (JLTV) for the US Marine Corps and Army—a new-generation platform to replace the older Humvee fleet. The JLTV provides a balance of off-road mobility, ballistic and blast protection, and high-level networking capabilities, making it both combat-capable and capable of support roles. In addition to the JLTV, Oshkosh produces a broad family of Mine-Resistant Ambush Protected (MRAP) vehicles, Heavy Expanded Mobility Tactical Trucks (HEMTTs), Palletized Load Systems (PLS), and Medium Tactical Vehicles (FMTVs), which the US military and its allies use extensively for logistics, troop transport, recovery, and route clearing missions. Mission equipment packages, weapon stations, and command-and-control systems are also integrated into Oshkosh platforms. Oshkosh has increased its global presence through international sales, foreign military sales (FMS), and technology transfer partnerships. With a focus on mobility, survivability, and sustainment, Oshkosh Defense continues to solidify its role as a decisive enabler of tactical readiness and operational mobility in contemporary military operations.

BAE Systems (UK)

BAE Systems, the world's second-largest defense contractor, operates across four distinct business segments: Electronic Systems, Platforms & Services, Air, and Maritime. Its 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 globally.

Hanwha Defense (South Korea)

Hanwha Defense is among the Fortune Global 500 companies. The company was founded in 1952 and 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.

Market Ranking

Based on a thorough analysis of their revenues across all market sectors, product portfolios, individual product performance, recent advancements, and geographic reach, the top five players in the armored vehicles market have been ranked. Revenue earnings from this specific market, offering diversification and innovation, strategic growth initiatives including partnerships, and technological advancement are all included. The strength of the companies' global presence and leadership of key regional markets must also be taken into consideration when determining their level of competitive positioning.

 Related Reports:

Armored Vehicles Market by Platform (Combat Vehicles, Combat Support Vehicles, Unmanned Ground Vehicles), Mobility (Wheeled, Tracked), Propulsion (Conventional, Electric), System, Operation Mode, Point of Sale and Region - Global Forecast to 2030

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