Market Size of Asia-Pacific Armored Fighting Vehicles Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 5.37 Billion |
| Market Size (2029) | USD 6.91 Billion |
| CAGR (2024 - 2029) | 5.13 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Asia-Pacific Armored Fighting Vehicles Market Analysis
The Asia-Pacific Armored Fighting Vehicles Market size is estimated at USD 5.37 billion in 2024, and is expected to reach USD 6.91 billion by 2029, growing at a CAGR of 5.13% during the forecast period (2024-2029).
The impact of the COVID-19 pandemic on the military industry was considerably low. However, in the military sector, the pandemic led to disruptions in the supply chain. This was caused by lockdowns in some countries, which led to delays in the delivery of the final products.
Nevertheless, the investments in the procurement and development of new armored vehicles remained unaffected. The market showcased a strong recovery post covid due to increased procurement of armored vehicles and growing defense expenditure.
The existent geopolitical rift, coupled with the increased threat of terrorism and cross-border infiltration, has driven the demand for armored fighting vehicles in the Asia-Pacific region. Several countries in the region have initiated fleet modernization plans. Hence, several contracts are underway to replace the aging fleet of armored vehicles with newer generation vehicles in the upcoming period, thereby driving the growth of the market.
