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

Regional Analysis

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North America has dominated the global armored vehicle market with 36.4% share in 2024 for decades owing to significant military spending and substantial demand from defense and homeland security agencies. The U.S. is the largest military spender in the world and has high demands for technologically advanced protection solutions. Major American companies like General Dynamics, Oshkosh, and Textron have dominated the indigenous production of light, medium, and heavy armored vehicles. These firms have decades of experience and capabilities developed to cater to the exact requirements of the U.S. military and security forces. Additionally, North American nations import certain types of vehicles to supplement their fleets. The extensive defense budgets allotted every year guarantee a steady flow of contracts and support the North American regional market's top position.

The Asia Pacific region has emerged as the fastest-growing market for armored vehicles globally in recent years. Growing defense expenditures, evolving geopolitical scenarios, and increasing indigenization efforts are some key factors driving the APAC market growth. China has become a major player in the domestic production and export of vehicles. Other nations are also boosting their Military, Police, and Peacekeeping capabilities through new procurements. The openness to imports from other established makers in the past few years has nurtured healthy competition and technology transfers in the region. Moreover, some Asian nations have started joint ventures with European and American OEMs to manufacture armored vehicles as per their needs utilizing global expertise. The large and rapidly expanding market size along with lucrative opportunities presented by domestic requirements as well as external exports make Asia Pacific the future hotspot for global armored vehicle manufacturers.