Armored Fighting Vehicle
Publication Date
March 2024
USD 28.93 billion
USD 36.65 billion
USD 30.09 billion
Armored Fighting Vehicle Market by Type (Armored Personnel Carrier, Infantry Fighting Vehicle, Main Battle Tank), Propulsion Type (Tracked AFVs, Wheeled AFVs), Application, End-User - Global Forecast 2024-2030

[181 Pages Report] The Armored Fighting Vehicle Market size was estimated at USD 28.93 billion in 2023 and expected to reach USD 30.09 billion in 2024, at a CAGR 3.43% to reach USD 36.65 billion by 2030.

Armored Fighting Vehicle Market
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An armored fighting vehicle (AFV) is a combat vehicle protected by strong armor and generally armed with weapons. AFVs can be wheeled or tracked and are designed for frontline combat, combining operational mobility with offensive and defensive capabilities. They serve various roles on the battlefield, including transporting troops, providing fire support, and engaging in direct combat. The key drivers include increasing defense expenditure by nations to modernize their military, rising security concerns and geopolitical instabilities, and the demand for technologically advanced vehicles capable of network-centric warfare. Countries are investing in AFVs to provide their armed forces with enhanced protection and firepower capabilities. However, the restraints include the high manufacturing and maintenance costs of these vehicles, the long procurement cycles, and stringent regulations concerning arms transfer and defense procurements. Additionally, asymmetric warfare and threats from unconventional weapons such as IEDs pose design and protection challenges for AFV manufacturers. Moreover, the AVF industry presents significant opportunities driven by global military modernization programs and the trend of military force mechanization in developing countries. The increasing need for lighter, more agile, and more interconnected vehicles with reduced logistical footprints offers potential growth areas for the industry. Furthermore, the integration of new technologies such as artificial intelligence, composite armor materials, and unmanned systems provides an avenue for expanded capabilities and industry expansion.
Armored Fighting Vehicle Market - Global Forecast 2024-2030
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FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Armored Fighting Vehicle Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Armored Fighting Vehicle Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Armored Fighting Vehicle Market, highlighting leading vendors and their innovative profiles. These include BAE Systems PLC, BMC Otomotiv Sanayi ve Ticarest AS, Denel SOC Ltd., Elbit Systems Ltd., FNSS Savunma Sistemleri A.Ş., General Dynamics Corporation, Hanwha Corporation, Hyundai Rotem Company, International Armored Group, Krauss-Maffei Wegmann, Military Industries Corporation, Mitsubishi Heavy Industries Ltd., Nexter Group, NORINCO Group, Oshkosh Corporation, Otokar Otomotiv ve Savunma Sanayi A.Ş., Patria Group, Rheinmetall AG, Rostec, Saudi Arabian Military Industries (SAMI), and Textron Inc..

Market Segmentation & Coverage

This research report categorizes the Armored Fighting Vehicle Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Type
    • Armored Personnel Carrier
    • Infantry Fighting Vehicle
    • Main Battle Tank
    • Mine-Resistant Ambush Protected
    • Reconnaissance Vehicles
    • Seld-Propelled Howitzers
  • Propulsion Type
    • Tracked AFVs
    • Wheeled AFVs
  • Application
    • Commercial
    • Defence
  • End-User
    • Armed Forces
    • Homeland Security
    • Law Enforcement

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

The report offers valuable insights on the following aspects:

  1. Market Penetration: It presents comprehensive information on the market provided by key players.
  2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
  3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
  4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
  5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

  1. What is the market size and forecast of the Armored Fighting Vehicle Market?
  2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Armored Fighting Vehicle Market?
  3. What are the technology trends and regulatory frameworks in the Armored Fighting Vehicle Market?
  4. What is the market share of the leading vendors in the Armored Fighting Vehicle Market?
  5. Which modes and strategic moves are suitable for entering the Armored Fighting Vehicle Market?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Armored Fighting Vehicle Market, by Type
  7. Armored Fighting Vehicle Market, by Propulsion Type
  8. Armored Fighting Vehicle Market, by Application
  9. Armored Fighting Vehicle Market, by End-User
  10. Americas Armored Fighting Vehicle Market
  11. Asia-Pacific Armored Fighting Vehicle Market
  12. Europe, Middle East & Africa Armored Fighting Vehicle Market
  13. Competitive Landscape
  14. Competitive Portfolio
Companies Mentioned
  • BAE Systems PLC
  • BMC Otomotiv Sanayi ve Ticarest AS
  • Denel SOC Ltd.
  • Elbit Systems Ltd.
  • FNSS Savunma Sistemleri A.Ş.
  • General Dynamics Corporation
  • Hanwha Corporation
  • Hyundai Rotem Company
  • International Armored Group
  • Krauss-Maffei Wegmann
  • Military Industries Corporation
  • Mitsubishi Heavy Industries Ltd.
  • Nexter Group
  • NORINCO Group
  • Oshkosh Corporation
  • Otokar Otomotiv ve Savunma Sanayi A.Ş.
  • Patria Group
  • Rheinmetall AG
  • Rostec
  • Saudi Arabian Military Industries (SAMI)
  • Textron Inc.
This FREE sample includes market data points, ranging from trend analysis to market estimates & forecasts. See for yourself.
Frequently Asked Questions about the Armored Fighting Vehicle Market
The Global Armored Fighting Vehicle Market size was estimated at USD 28.93 billion in 2023 and expected to reach USD 30.09 billion in 2024.
The Global Armored Fighting Vehicle Market to grow USD 36.65 billion by 2030, at a CAGR of 3.43%
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