Leading Armored Vehicle Product 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. MBT segment is expected to be the highest contributor to this market, with $8,763.0 Million in 2025, and is anticipated to reach $10,974.3 Million by 2032, registering a CAGR of 3.31%. APC segment is anticipated to reach $4,879.2 Million by 2032 with the highest CAGR of 3.42%. MBT and IFV segments collectively expected to account for about 54.6% share of the Armored Vehicle market in 2025, with the former constituting around 30.1% share. APC and MBT segments are expected to witness significant growth rates at a CAGR of 3.42% and 3.31% respectively, during the forecast period. Presently, share of these two segments is estimated to be around 43.4% in the overall Armored Vehicle market in 2025, and is anticipated to reach 44.0% by 2032.