ARMORED VEHICLE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In December 2022, Japan chose Patria-built armored modular vehicles (AMV) to replace the Type-96 8x8 wheeled armored personnel carriers used by the Japan Ground Self-Defense Force.
• In March 2023, Australian and German officials signed an agreement to cooperate on the procurement of new combat reconnaissance vehicles based on the Boxer family of armored fighting vehicles, equipped with a 30-millimeter gun. The deliveries are scheduled to begin in 2025.
• In March 2022, Otokar, a Turkey-based military vehicle manufacturer based in Sakarya, aimed to expand its presence in the Asia Pacific region. The company exhibited its ARMA 6x6 wheeled armored vehicle and COBRA II tactical armored vehicle at the Defence Services Asia (DSA) expo in Kuala Lumpur, Malaysia.
• In April 2021, INKAS Armored Vehicle Manufacturing, a Canada-based company specializing in manufacturing, security, and development, accelerated the procurement of its vehicles for the U.S. government. The company expanded its capacity and expertise to provide high-quality armored vehicles and fleets, which are now available through the U.S. General Services Administration’s GSA Advantage program. The growth in defense budgets, particularly in the Asia Pacific region, is expected to drive market growth, with industry goodwill playing a crucial role in contract allotments.
• In February 2021, Bharat Forge, a leading engineering and technology company, and Paramount Group, an international aerospace and technology conglomerate, joined forces to leverage their combined skills, technologies, and expertise to develop armored vehicles in India. This strategic collaboration brings together two prominent manufacturing and technology companies with matching synergies and complementary capacities.
• In January 2021, Elbit Systems, an Israel-based international military technology company and defense contractor signed a contract with an unnamed Asia-Pacific nation to supply the Sabrah light tank and the Pandur II vehicle as the prime contractor for a three-year project.