Leading Armored Vehicle Application Markets

The Armored Vehicle market was valued at $29,108.2 Million in 2025, and is projected to reach $36,012.0 Million by 2032 growing at a CAGR of 3.14% from 2026 to 2032. Defense segment is expected to be the highest contributor to this market, with $23,599.5 Million in 2025, and is anticipated to reach $29,024.8 Million by 2032, registering a CAGR of 3.05%. Commercial segment is anticipated to reach $1,271.6 Million by 2032 with the highest CAGR of 3.86%. Defense and Homeland security segments collectively expected to account for about 96.6% share of the Armored Vehicle market in 2025, with the former constituting around 81.1% share. Commercial and Homeland security segments are expected to witness significant growth rates at a CAGR of 3.86% and 3.43% respectively, during the forecast period. Presently, share of these two segments is estimated to be around 18.9% in the overall Armored Vehicle market in 2025, and is anticipated to reach 19.4% by 2032.