Market Size of North America Armored Fighting Vehicles Industry
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 6.51 Billion |
| Market Size (2029) | USD 8.95 Billion |
| CAGR (2024 - 2029) | 5.18 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Armored Fighting Vehicles Market Analysis
The North America Armored Fighting Vehicles Market size is estimated at USD 6.51 billion in 2024, and is expected to reach USD 8.95 billion by 2029, growing at a CAGR of 5.18% during the forecast period (2024-2029).
- The main factors that are driving this market can be attributed to the increasing defense budget of various countries, leading to frequent upgradation of armored vehicles to make them more compliant with the changing battlefield scenario and the increasing demand for low-cost armor for military vehicles. Moreover, the rise in hostile activities has been increasing the demand for incorporating the latest technologies into land vehicles coupled with the aging fleet of armored vehicles, which has been forcing various countries to invest in upgrade programs to increase efficiency, lethality, and connectivity.
- Furthermore, the aging armored vehicle fleet in the region has necessitated frequent upgrades and modernization, which also supports the market's growth. The United States is also shifting its research and development focus toward robotic ground vehicles. It is expected to procure several unmanned armored trucks and cargo vehicles in the coming years, which may further propel the market's growth. However, a scarcity of workforce, which is needed to upgrade the armored vehicle, can hamper the market growth in the long run.
