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The military armored vehicles and counter-ied vehicles market size is estimated to grow at a CAGR of 3.71% between 2023 and 2028. The market size is forecast to increase by USD 6.86 billion. The growth of the market depends on several factors, such as the asymmetric warfare leading to the procurement of arsenal, the upgrade of defense capabilities to counter emerging security threats, and the ongoing digitization of battlefield operations. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
This report extensively covers market segmentation by product (infantry fighting vehicle (IFV), armored personnel carrier (APC), main battle tank (MBT), self-propelled howitzer (SPH), and others), mobility type (wheeled and tracked), and geography (APAC, North America, Middle East and Africa, Europe, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Military Armored Vehicles and Counter-IED Vehicles Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Several military transport systems are susceptible targets of terrorist organizations for inflicting huge casualties and causing psychological trauma to the military infrastructure of a country. In addition, the frequency of terrorist attacks on surface transportation targets, such as military convoys, has increased and resulted in numerous casualties worldwide over the years.
As a result, it has forced governments to procure advanced machinery for protecting soldiers, such as APCs and IFVs. In addition, the current clash between Chinese and Indian troops has accelerated the purchase of armored vehicles, with Stryker, Tata WhAP, and Humvee being the biggest contenders. Furthermore, most prominent nations have already launched modernization initiatives for their armored vehicle fleet to deliver an augmented level of safety and mission readiness. Hence, such factors are driving the market growth during the forecast period.
APS significantly improves the survivability of armored vehicles by providing an additional layer of defense against several threats, such as anti-tank guided missiles, rocket-propelled grenades (RPGs), and other projectiles. Therefore, armored vehicles equipped with APS have become more resilient in the face of modern anti-armor threats. In addition, the use of APS reduces the vulnerability of both the crew inside the vehicle and the vehicle itself.
Moreover, by intercepting threats before they reach the vehicle, APS mitigates the impact of explosive penetrators and shaped charge warheads, which are commonly used in anti-armor munitions. In addition, many APS systems are designed to be modular and can be retrofitted onto existing armored vehicle platforms. Furthermore, this modularity enables military forces to upgrade their existing fleets with APS technology without the need for complete vehicle replacement. Hence, such factors are driving the market growth during the forecast period.
As several military armored vehicles and counter-IED vehicles become increasingly dependent on advanced electronic systems, such as communication, navigation, and weapon control, they are prone to cyberattacks. In addition, cybersecurity measures are essential to protect these systems from hacking, data breaches, and remote control by adversaries.
Moreover, the integration of robust cybersecurity features is critical to safeguarding vehicle systems and sensitive data. In addition, the supply chain for military vehicles involves numerous components and subsystems from various suppliers. Furthermore, cyber supply chain security is a growing concern in the defense industry. Hence, such factors are negatively impacting the market which in turn hinders the market growth during the forecast period.
The infantry fighting vehicle (IFV) segment is estimated to witness significant growth during the forecast period. Earlier, this segment used to be focused on providing mobility and firepower to the forces while compromising protection, but recent trends have witnessed the integration of superior artillery and damage-resistant armor into modern IFVs. In addition, the high demand for IFVs is attributable to the variety of features they possess and the plethora of strategic options they can deliver when deployed on the battlefield.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Mobility Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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