Armored Vehicles Market worth $60.81 billion by 2031 - Exclusive Report by MarketsandMarkets™

DELRAY BEACH, Fla., Oct. 7, 2026 /PRNewswire/ -- According to MarketsandMarkets™, the Armored Vehicles Market is projected to grow from USD 39.67 billion in 2026 to USD 60.81 billion by 2031, at a CAGR of 11.3% during the forecast period. In terms of volume, the market is projected to grow from 87,159 units in 2026 to 130,039 units by 2031, at a CAGR of 10.8%.

Browse 200 market data Tables and 100 Figures spread through 300 Pages and in-depth TOC on "Armored Vehicles Market - Global Forecast to 2031"

Armored Vehicles Market Size & Forecast:

• Market Size Available for Years: 2021–2031
• 2026 Market Size: USD 39.67 billion
• 2031 Projected Market Size: USD 60.81 billion
• CAGR (2026–2031): 11.3%

Armored Vehicles Market Trends & Insights:

• The armored vehicles market is developing as armed forces require platforms with improved protection, mobility, firepower, survivability, and networked operational capabilities. Advances in sensors, communication systems, digital vehicle architecture, command and control, active protection systems, and onboard electronics are enabling armored vehicles to operate more effectively in complex combat environments. Modernization programs are also supporting wider adoption of digitally connected armored platforms for reconnaissance, direct combat, fire support, engineering, recovery, logistics, air defense, and CBRN-related missions.
• By Platform, the armored CBRNE vehicles segment is expected to register the highest CAGR of 21.5% between 2026 and 2031.
• By Mobility, the wheeled segment is estimated to account for the largest market share in 2026.
• By region, the Middle East & Africa armored vehicles market is expected to register the highest CAGR of 16.9% between 2026 and 2031.

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The market is expanding as defense forces increase procurement and modernization of armored vehicles for direct combat, troop transport, reconnaissance, fire support, engineering, recovery, logistics, and other battlefield missions. Demand is also being supported by the need for improved survivability, mobility, firepower, situational awareness, and battlefield connectivity. Advances in active protection systems, digital vehicle architectures, sensors, secure communications, modular mission systems, and onboard power management are improving vehicle capability and supporting future upgrades. Modern armored platforms such as Rheinmetall's Panther KF51 combine a fully digitized vehicle architecture with integrated survivability, advanced sensors, and networked operational capabilities.

The armored vehicle industry is moving toward common vehicle families and standardized chassis architectures that can support multiple mission variants from the same production base. This approach enables armed forces to field troop carriers, command vehicles, recovery vehicles, mortar carriers, reconnaissance variants, and other configurations while sharing major mechanical components. Programs such as Boxer demonstrate how a common vehicle architecture can support multiple mission roles, helping reduce fleet complexity, spare-parts requirements, and training burden as well.

By mobility, the wheeled segment is projected to account for the largest market share during the forecast period.

The wheeled segment is expected to retain the largest share as armed forces require vehicles that combine protected mobility with road speed, deployment flexibility, and lower infrastructure requirements than many heavy tracked platforms. Wheeled platforms such as Stryker, Boxer, Piranha, AMV, and PARS are used across troop transport, reconnaissance, command, fire support, and other roles. Recent European procurement activity also continues to support demand for 6×6 and 8×8 armored vehicle families.

By end user, the army segment is projected to account for the largest market share during the forecast period.

The army segment is expected to remain the largest end-user category because armored vehicles form a core part of land maneuver, protected troop movement, direct fire, artillery, engineering, reconnaissance, recovery, and logistics operations. Army modernization programs typically cover multiple vehicle classes and require both new platform procurement and long-term fleet support. This creates sustained demand across combat vehicles, tactical wheeled platforms, artillery systems, engineering vehicles, and specialized support variants.

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Europe is projected to remain a major region in the armored vehicles market during the forecast period.

The Europe armored vehicles industry is supported by large-scale fleet recapitalization, higher production requirements, and expansion of regional land-systems capacity. Germany ordered 200 additional Puma infantry fighting vehicles under a contract valued at about EUR 4.2 billion, while Romania placed an order for 298 Lynx infantry fighting vehicles in 2026. Rheinmetall's Vehicle Systems backlog reached EUR 28.83 billion by June 2026, reflecting strong demand for wheeled and tracked military vehicles across European customers.

General Dynamics Corporation (US), KNDS (Netherlands), Rheinmetall AG (Germany), BAE Systems (UK), and Oshkosh Corporation (US) are the major players in the armored vehicles companies. These companies have strong distribution networks across regions like North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

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