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Asia Pacific Armored Vehicles Market
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Asia Pacific Armored Vehicles Market

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Asia Pacific Armored Vehicles Market, By Platform (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles); By Mobility (Wheeled, Tracked); By System (Ballistic Armor, Engine, Turret Drivers, Armaments, Ammunition Handling System, Countermeasure System, Command & Control System, Power System); By Country (China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Vietnam, Rest of APAC), Competitive Landscape & Forecast, 2019–2029

  • Published Date: August 2023
  • Report ID: BWC23662
  • Available Format: PDF
  • Page: 200

Report Overview

Increasing defense budgets, geopolitical tensions, modernization initiatives, and the need for advanced military capabilities to address security challenges in the region are propelling the growth of Asia-Pacific Armored Vehicles Market during the forecast period between 2023 and 2029.

Asia-Pacific Armored Vehicles Market – Industry Trends & Forecast Report, 2029

Asia-Pacific armored vehicles market size was estimated at USD 3.83 billion in 2022. During the forecast period between 2023 and 2029, the size of Asia-Pacific armored vehicles market is projected to grow at a CAGR of 5.02% reaching a value of USD 5.15 billion by 2029. Major factor driving the growth of the Asia-Pacific armored vehicles market is a growing demand for modernizing military capabilities, leading to increased investments in advanced armored vehicles by regional countries. Also, there was a focus on developing indigenous defense industries to reduce dependence on imports. The integration of advanced technologies such as unmanned systems and enhanced situational awareness features drove the market's evolution. The escalating territorial disputes and security concerns in the region further fueled the demand for armored vehicles. The market was expected to witness steady growth during the forecast period.

Asia-Pacific Armored Vehicles Market

Asia-Pacific Armored Vehicles Market - Overview

Armored vehicles are military machines designed to protect personnel and equipment in hostile environments. They are equipped with reinforced armor, providing enhanced resistance against various threats, including bullets, explosives, and other projectiles. These vehicles come in diverse types, such as tanks, armored personnel carriers (APCs), and mine-resistant ambush-protected (MRAP) vehicles. Armored vehicles play a crucial role in ground warfare, offering mobility, firepower, and survivability to military forces. They are extensively used in modern combat scenarios, providing a shield for troops during offensive and defensive operations while enabling them to maneuver effectively across challenging terrains.

Growth Drivers

Rising Geopolitical Tensions

In the Asia-Pacific region, the armored vehicles market is being driven by escalating geopolitical tensions among countries. Heightened security concerns and increasing military modernization efforts have led to a surge in demand for advanced armored vehicles. Nations are seeking to strengthen their defense capabilities, necessitating the procurement of modern, highly capable vehicles to safeguard their borders and strategic interests. As a result, defense budgets are being allocated to enhance armored warfare capabilities, creating significant growth opportunities for manufacturers and suppliers in the Asia-Pacific market. The need for state-of-the-art armored vehicles is set to fuel sustained growth in the coming years.

Restraints

Budgetary Constraints

In the rapidly evolving Asia-Pacific region, the armored vehicles market is poised for substantial growth, facing only minor budgetary restraints. The demand for technologically advanced military equipment, rising territorial conflicts, and increasing investments in defense modernization are expected to drive the market forward. However, some countries may experience limited defense budgets, which could pose challenges to market expansion. Nonetheless, with key players introducing cost-effective solutions and governments focusing on strengthening their military capabilities, the Asia-Pacific armored vehicles market is likely to witness steady progress and capitalize on emerging opportunities for innovation and strategic partnerships.

Impact of COVID-19 on Asia-Pacific Armored Vehicles Market

The COVID-19 pandemic significantly impacted the Asia-Pacific armored vehicles market. The region experienced disruptions in manufacturing and supply chains due to lockdowns and restrictions, leading to delays in production and deliveries. Defense budgets were affected as governments allocated resources to combat the healthcare crisis, potentially slowing down procurement and modernization programs. However, there was an increased focus on enhancing military capabilities for border security and internal stability amid regional tensions. As the pandemic recedes, the market is expected to gradually recover, with governments reevaluating their defense strategies and investing in advanced armored vehicles to address evolving security challenges.

Asia-Pacific Armored Vehicles Market

Segmental Coverage

Asia-Pacific Armored Vehicles Market – By Platform

Based on platform, Asia-Pacific armored vehicles market is divided into Combat Vehicles, Combat Support Vehicles, and Unmanned Armored Ground Vehicles segments. Each segment caters to different military and defense requirements, and the market for these armored vehicles continues to grow in the region due to ongoing security concerns and modernization efforts. These segments are crucial in strengthening the armed forces capabilities and enhancing their operational efficiency in diverse combat scenarios, making the Asia-Pacific region a significant player in the global armored vehicles market.

Asia-Pacific Armored Vehicles Market – By Mobility

By mobility, Asia-Pacific armored vehicles market is split into Wheeled and Tracked segments. The wheeled segment is a larger contributor to the Asia-Pacific armored vehicles market. This category comprises a significant portion of the market and includes armored vehicles equipped with wheeled platforms. These vehicles are versatile, offering mobility and speed, making them ideal for various terrain types. In contrast, the Tracked segment, though still significant, involves armored vehicles that use continuous tracks for improved traction and stability in challenging terrains. However, the Wheeled segment dominates the market due to its adaptability and a broader range of applications across different scenarios within the region.

Asia-Pacific Armored Vehicles Market Size

Asia-Pacific Armored Vehicles Market – By System

Based on system, Asia-Pacific armored vehicles market is divided into Ballistic Armor, Engine, Turret drivers, Armaments, Ammunition Handling System, Countermeasure System, Command & Control System, and Power System segments. The ballistic armor segment encompasses the weaponry and firepower of the armored vehicles. It includes various types of guns, missiles, and other offensive and defensive armament systems, making it a critical aspect of the overall armored vehicle capabilities. As the region's defense requirements evolve, the demand for advanced and sophisticated armament systems continues to play a pivotal role in shaping the armored vehicles market in the Asia-Pacific region.

Asia-Pacific Armored Vehicles Market – By Country

On the basis of country, Asia-Pacific armored vehicles market is segmented into China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Vietnam, and Rest of APAC. China stands out as the largest and most significant country, holding a substantial share of the regional market for armored vehicles. Its large population, robust industrial and military capabilities, and geopolitical significance contribute to its prominence in the armored vehicles sector in the Asia-Pacific region.

Competitive Landscape

Major players in the Asia-Pacific armored vehicles market include General Dynamics Corporation, Rheinmetall AG, Elbit Systems Ltd., Textron Inc., Oshkosh Corporation, Mitsubishi Heavy Industries Ltd., BAE Systems plc, Saudi Arabian Military Industries (SAMI), and Nexter Group KNDS. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Scope of the Report

Attributes

Details

Years Considered

Historical Data – 2019–2022

Base Year – 2022

Estimated Year – 2023

Forecast Period – 2023–2029

Facts Covered

Revenue in USD Million

Market Coverage

China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Vietnam, Rest of APAC

Product/ Service Segmentation

Platform, Mobility, System, Country

Key Players

General Dynamics Corporation, Rheinmetall AG, Elbit Systems Ltd, Textron Inc., Oshkosh Corporation, Mitsubishi Heavy Industries Ltd., BAE Systems plc, Saudi Arabian Military Industries (SAMI), Nexter Group KNDS

 

 

By Platform

  • Combat Vehicles

  • Combat Support Vehicles

  • Unmanned Armored Ground Vehicles

By Mobility

  • Wheeled

  • Tracked

By System

  • Ballistic armor

  • Engine

  • Turret drivers

  • Armaments

  • Ammunition Handling System

  • Countermeasure System

  • Command & Control System, Power System

By Country

  • China

  • India

  • Japan

  • South Korea

  • Australia & New Zealand

  • Indonesia

  • Malaysia

  • Singapore

  • Vietnam

  • Rest of APAC

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. APAC Armored Vehicles Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Growing Defense Expenditure and Procurement Programs in Asian Countries Will Aid Market Growth
        2. Increasing Cross-Border Disputes to Spur Demand for Next-Generation Military Vehicles
      2. Restraints
        1. High chances of electrical and mechanical components failure in armored combat vehicles
      3. Opportunities
        1. Increasing adoption of unmanned combat ground vehicles by defense forces
      4. Challenges
        1. Hardware and software malfunctions
    3. Technological Advancements/Recent Developments
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  4. APAC Armored Vehicles Market Overview
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Platform
        1. Combat Vehicles
        2. Combat Support Vehicles
        3. Unmanned armored ground Vehicle
      2. By Mobility
        1. Wheeled
        2. Tracked
      3. By System
        1. Ballistic armor
        2. Engine
        3. Turret drivers
        4. Armaments
        5. Ammunition Handling System
        6. Countermeasure System
        7. Command & Control System, Power System
      4. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Australia & New Zealand
        6. Indonesia
        7. Malaysia
        8. Singapore
        9. Vietnam
        10. Rest of APAC
  5. China Armored Vehicles Market
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Platform
      2. By Mobility
      3. By System
  6. India Armored Vehicles Market
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Platform
      2. By Mobility
      3. By System
  7. Japan Armored Vehicles Market
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Platform
      2. By Mobility
      3. By System
  8. South Korea Armored Vehicles Market
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Platform
      2. By Mobility
      3. By System
  9. Australia & New Zealand Armored Vehicles Market
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Platform
      2. By Mobility
      3. By System
  10. Indonesia Armored Vehicles Market
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Platform
      2. By Mobility
      3. By System
  11. Malaysia Armored Vehicles Market
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Platform
      2. By Mobility
      3. By System
  12. Singapore Armored Vehicles Market
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Platform
      2. By Mobility
      3. By System
  13. Vietnam Armored Vehicles Market
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Platform
      2. By Mobility
      3. By System
  14. Rest of APAC Armored Vehicles Market
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Platform
      2. By Mobility
      3. By System
  15. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Asia-Pacific Armored Vehicles Company Market Share Analysis, 2022
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
  16. Impact of Covid-19 on Asia-Pacific Armored Vehicles Market
  17. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
    1. General Dynamics Corporation
    2. Rheinmetall AG
    3. Elbit Systems Ltd.
    4. Textron Inc.
    5. Oshkosh Corporation
    6. Mitsubishi Heavy Industries Ltd.
    7. BAE Systems plc
    8. Saudi Arabian Military Industries (SAMI)
    9. Nexter Group KNDS
    10. Other Prominent Players
  18. Key Strategic Recommendations
  19. Research Methodology
    1.       Qualitative Research
      1.   Primary & Secondary Research
    2.       Quantitative Research
    3.       Market Breakdown & Data Triangulation
      1.   Secondary Research
      2.   Primary Research
    4.       Breakdown of Primary Research Respondents, By Country
    5.       Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

 

 

 

List of Figures

 

Figure 1       Asia-Pacific Armored Vehicles Segmentation          

Figure 2       Asia-Pacific Armored Vehicles Market Value Chain Analysis         

Figure 3       Company Market Share Analysis, 2022         

Figure 4       Asia-Pacific Armored Vehicles Market Size, By Value (USD Million), 2019–2029                  

Figure 5       Asia-Pacific Armored Vehicles Market Share, By Platform, By Value, 2019–2029                  

Figure 6       Asia-Pacific Armored Vehicles Market Share, By Mobility, By Value, 2019–2029                  

Figure 7       Asia-Pacific Armored Vehicles Market Share, By System, By Value, 2019–2029                  

Figure 8       Asia-Pacific Armored Vehicles Market Share, By Country, By Value, 2019–2029                   

Figure 9       China Armored Vehicles Market Size, By Value (USD Million), 2019–2029                

Figure 10     China Armored Vehicles Market Share, By Platform, By Value, 2019–2029               

Figure 11     China Armored Vehicles Market Share, By Mobility, By Value, 2019–2029                

Figure 12     China Armored Vehicles Market Share, By System, By Value, 2019–2029                

Figure 13     India Armored Vehicles Market Size, By Value (USD Million), 2019–2029                 

Figure 14     India Armored Vehicles Market Share, By Platform, By Value, 2019–2029               

Figure 15     India Armored Vehicles Market Share, By Mobility, By Value, 2019–2029                

Figure 16     India Armored Vehicles Market Share, By System, By Value, 2019–2029                 

Figure 17     Japan Armored Vehicles Market Size, By Value (USD Million), 2019–2029                

Figure 18     Japan Armored Vehicles Market Share, By Platform, By Value, 2019–2029              

Figure 19     Japan Armored Vehicles Market Share, By Mobility, By Value, 2019–2029               

Figure 20     Japan Armored Vehicles Market Share, By System, By Value, 2019–2029                

Figure 21     South Korea Armored Vehicles Market Size, By Value (USD Million), 2019–2029                  

Figure 22     South Korea Armored Vehicles Market Share, By Platform, By Value, 2019–2029                  

Figure 23     South Korea Armored Vehicles Market Share, By Mobility, By Value, 2019–2029                  

Figure 24     South Korea Armored Vehicles Market Share, By System, By Value, 2019–2029                  

Figure 25     Australia & New Zealand Armored Vehicles Market Size, By Value (USD Million), 2019–2029          

Figure 26     Australia & New Zealand Armored Vehicles Market Share, By Platform, By Value, 2019–2029          

Figure 27     Australia & New Zealand Armored Vehicles Market Share, By Mobility, By Value, 2019–2029          

Figure 28     Australia & New Zealand Armored Vehicles Market Share, By System, By Value, 2019–2029          

Figure 29     Indonesia Armored Vehicles Market Size, By Value (USD Million), 2019–2029          

Figure 30     Indonesia Armored Vehicles Market Share, By Platform, By Value, 2019–2029          

Figure 31     Indonesia Armored Vehicles Market Share, By Mobility, By Value, 2019–2029          

Figure 32     Indonesia Armored Vehicles Market Share, By System, By Value, 2019–2029          

Figure 33     Malaysia Armored Vehicles Market Size, By Value (USD Million), 2019–2029            

Figure 34     Malaysia Armored Vehicles Market Share, By Platform, By Value, 2019–2029          

Figure 35     Malaysia Armored Vehicles Market Share, By Mobility, By Value, 2019–2029           

Figure 36     Malaysia Armored Vehicles Market Share, By System, By Value, 2019–2029            

Figure 37     Singapore Armored Vehicles Market Size, By Value (USD Million), 2019–2029          

Figure 38     Singapore Armored Vehicles Market Share, By Platform, By Value, 2019–2029                  

Figure 39     Singapore Armored Vehicles Market Share, By Mobility, By Value, 2019–2029          

Figure 40     Singapore Armored Vehicles Market Share, By System, By Value, 2019–2029          

Figure 41     Vietnam Armored Vehicles Market Size, By Value (USD Million), 2019–2029            

Figure 42     Vietnam Armored Vehicles Market Share, By Platform, By Value, 2019–2029           

Figure 43     Vietnam Armored Vehicles Market Share, By Mobility, By Value, 2019–2029            

Figure 44     Vietnam Armored Vehicles Market Share, By System, By Value, 2019–2029            

Figure 45     Rest of APAC Armored Vehicles Market Size, By Value (USD Million), 2019–2029                  

Figure 46     Rest of APAC Armored Vehicles Market Share, By Platform, By Value, 2019–2029                  

Figure 47     Rest of APAC Armored Vehicles Market Share, By Mobility, By Value, 2019–2029                  

Figure 48     Rest of APAC Armored Vehicles Market Share, By System, By Value, 2019–2029                  

 

List of Tables

 

Table 1        Asia-Pacific Armored Vehicles Market Size, By Value (USD Million), 2019–2029         

Table 2        Asia-Pacific Armored Vehicles Market Size, By Platform, By Value, 2019–2029

Table 3        Asia-Pacific Armored Vehicles Market Size, By Mobility, By Value, 2019–2029

Table 4        Asia-Pacific Armored Vehicles Market Size, By System, By Value, 2019–2029

Table 5        Asia-Pacific Armored Vehicles Market Size, By Country, By Value, 2019–2029

Table 6        China Armored Vehicles Market Size, By Value (USD Million), 2019–2029      

Table 7        China Armored Vehicles Market Size, By Platform, By Value, 2019–2029       

Table 8        China Armored Vehicles Market Size, By Mobility, By Value, 2019–2029

Table 9        China Armored Vehicles Market Size, By System, By Value, 2019–2029

Table 10      India Armored Vehicles Market Size, By Value (USD Million), 2019–2029       

Table 11      India Armored Vehicles Market Size, By Platform, By Value, 2019–2029        

Table 12      India Armored Vehicles Market Size, By Mobility, By Value, 2019–2029

Table 13      India Armored Vehicles Market Size, By System, By Value, 2019–2029

Table 14      Japan Armored Vehicles Market Size, By Value (USD Million), 2019–2029      

Table 15      Japan Armored Vehicles Market Size, By Platform, By Value, 2019–2029       

Table 16      Japan Armored Vehicles Market Size, By Mobility, By Value, 2019–2029        

Table 17      Japan Armored Vehicles Market Size, By System, By Value, 2019–2029

Table 18      South Korea Armored Vehicles Market Size, By Value (USD Million), 2019–2029         

Table 19      South Korea Armored Vehicles Market Size, By Platform, By Value, 2019–2029         

Table 20      South Korea Armored Vehicles Market Size, By Mobility, By Value, 2019–2029         

Table 21      South Korea Armored Vehicles Market Size, By System, By Value, 2019–2029

Table 22      Australia & New Zealand Armored Vehicles Market Size, By Value (USD Million), 2019–2029 

Table 23      Australia & New Zealand Armored Vehicles Market Size, By Platform, By Value, 2019–2029 

Table 24      Australia & New Zealand Armored Vehicles Market Size, By Mobility, By Value, 2019–2029 

Table 25      Australia & New Zealand Armored Vehicles Market Size, By System, By Value, 2019–2029 

Table 26      Indonesia Armored Vehicles Market Size, By Value (USD Million), 2019–2029

Table 27      Indonesia Armored Vehicles Market Size, By Platform, By Value, 2019–2029 

Table 28      Indonesia Armored Vehicles Market Size, By Mobility, By Value, 2019–2029  

Table 29      Indonesia Armored Vehicles Market Size, By System, By Value, 2019–2029  

Table 30      Malaysia Armored Vehicles Market Size, By Value (USD Million), 2019–2029  

Table 31      Malaysia Armored Vehicles Market Size, By Platform, By Value, 2019–2029   

Table 32      Malaysia Armored Vehicles Market Size, By Mobility, By Value, 2019–2029    

Table 33      Malaysia Armored Vehicles Market Size, By System, By Value, 2019–2029    

Table 34      Singapore Armored Vehicles Market Size, By Value (USD Million), 2019–2029

Table 35      Singapore Armored Vehicles Market Size, By Platform, By Value, 2019–2029

Table 36      Singapore Armored Vehicles Market Size, By Mobility, By Value, 2019–2029  

Table 37      Singapore Armored Vehicles Market Size, By System, By Value, 2019–2029  

Table 38      Vietnam Armored Vehicles Market Size, By Value (USD Million), 2019–2029  

Table 39      Vietnam Armored Vehicles Market Size, By Platform, By Value, 2019–2029   

Table 40      Vietnam Armored Vehicles Market Size, By Mobility, By Value, 2019–2029    

Table 41      Vietnam Armored Vehicles Market Size, By System, By Value, 2019–2029     

Table 42      Rest of APAC Armored Vehicles Market Size, By Value (USD Million), 2019–2029         

Table 43      Rest of APAC Armored Vehicles Market Size, By Platform, By Value, 2019–2029         

Table 44      Rest of APAC Armored Vehicles Market Size, By Mobility, By Value, 2019–2029         

Table 45      Rest of APAC Armored Vehicles Market Size, By System, By Value, 2019–2029         

Table 46      General Dynamics Corporation Company Overview

Table 47      General Dynamics Corporation Financial Overview

Table 48      Rheinmetall AG Company Overview

Table 49      Rheinmetall AG Financial Overview

Table 50      Elbit Systems Ltd. Company Overview

Table 51      Elbit Systems Ltd. Financial Overview

Table 52      Textron Inc. Company Overview

Table 53      Textron Inc. Financial Overview

Table 54      Oshkosh Corporation Company Overview

Table 55      Oshkosh Corporation Financial Overview

Table 56      Mitsubishi Heavy Industries Ltd. Company Overview

Table 57      Mitsubishi Heavy Industries Ltd. Financial Overview

Table 58      BAE Systems plc Company Overview

Table 59      BAE Systems plc Financial Overview

Table 60      Saudi Arabian Military Industries (SAMI) Company Overview

Table 61      Saudi Arabian Military Industries (SAMI) Financial Overview

Table 62      Nexter Group KNDS Company Overview

Table 63      Nexter Group KNDS Financial Overview

Market Segmentation

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Frequently Asked Questions (FAQs):

Ans: China accounts for the highest market share in Asia-Pacific Armored Vehicles Market.
Ans: The wheeled segment accounts for the highest market share in Asia-Pacific Armored Vehicles Market by mobility.
Ans: Asia-Pacific Armored Vehicles Market size was estimated at USD 3.83 billion in 2022.
Ans: Major factors driving the growth of Asia-Pacific Armored Vehicles Market include increasing defense budgets, geopolitical tensions, modernization initiatives, and the need for advanced military capabilities to address security challenges in the region.
Ans: Key players in Asia-Pacific Armored Vehicles Market include General Dynamics Corporation, Rheinmetall AG, Elbit Systems Ltd., Textron Inc., Oshkosh Corporation, Mitsubishi Heavy Industries Ltd, BAE Systems plc, Saudi Arabian Military Industries (SAMI), and Nexter Group KNDS.