Market Size of Europe Armored Fighting Vehicles Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 9.01 Billion |
| Market Size (2029) | USD 11.84 Billion |
| CAGR (2024 - 2029) | 5.62 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Armored Fighting Vehicles Market Analysis
The Europe Armored Fighting Vehicles Market size is estimated at USD 9.01 billion in 2024, and is expected to reach USD 11.84 billion by 2029, growing at a CAGR of 5.62% during the forecast period (2024-2029).
Due to the COVID-19 pandemic, industries were badly affected in Europe, and many countries in the region were on the verge of a recession that would exceed the economic depression that followed the 2008 financial crisis. Since the ramifications of such a situation for the defense sector could be catastrophic, the governments of the nations in the region mitigated the impact on the defense sector at an early phase. The market showcased strong recovery post covid due to increased procurement of armored vehicles and growing defense expenditure.
The Russia-Ukraine conflict has altered the European defense landscape. With NATO countries supplying large caches of weapons and other defense equipment to Ukraine, the demand has witnessed a new high due to the continuation of the war and the use of sophisticated weaponry on both sides.Thus, to defend political and defense interests, EU and NATO member states acted collaboratively and aggressively. A progressive and strategic increase in the European defense budget and the launch of infantry support projects are expected to create demand for sophisticated new-generation ammunition with advanced capabilities, thereby driving the market in focus during the forecast period.
