The India Armored Vehicle market was valued at $2,314.0 Million in 2025, and is projected to reach $3,455.2 Million by 2032 growing at a CAGR of 5.93% from 2026 to 2032. MBT segment is expected to be the highest contributor to this market, with $714.8 Million in 2025, and is anticipated to reach $1,072.1 Million by 2032, registering a CAGR of 6.00%. APC segment is anticipated to reach $477.2 Million by 2032 with the highest CAGR of 6.29%. MBT and IFV segments collectively expected to account for about 55.7% share of the India Armored Vehicle market in 2025, with the former constituting around 30.9% share. APC and MBT segments are expected to witness significant growth rates at a CAGR of 6.29% and 6.00% respectively, during the forecast period. Presently, share of these two segments is estimated to be around 44.4% in the overall India Armored Vehicle market in 2025, and is anticipated to reach 44.8% by 2032.
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