Asia Pacific Armored Fighting Vehicle Market to Grow with a CAGR of 5.7% through 2030
The Asia Pacific Armored Fighting Vehicle Market is
driven by the escalating defense budgets, increasing modern defense
initiatives, and heightened security concerns in the region. These factors are
propelling the market forward during the forecast period 2026-2030.
According to TechSci Research report, “Asia Pacific Armored
Fighting Vehicle Market – By Country, Competition, Forecast & Opportunities, 2020-2030F”, The Asia Pacific
Armored Fighting Vehicle Market was valued at USD 5.2 billion in 2024 and is
expected to reach USD 7.3 billion by 2030 with a CAGR of 5.7% during the
forecast period.
The Armored Fighting Vehicle (AFV) market in the Asia
Pacific region is expanding rapidly due to increasing defense spending and the
desire to upgrade military forces. With geopolitical tensions in various parts
of the region, countries are prioritizing their defense strategies by
incorporating advanced armored vehicles to ensure the protection of military
personnel and maintain strategic advantage.
Technological innovations are significantly transforming the
AFV market, with a strong focus on automating systems, enhancing armor
strength, and integrating advanced communication and navigation features. These
upgrades allow AFVs to perform better in complex combat zones, where mobility
and protection are essential. The adoption of modern technologies ensures that
these vehicles remain highly effective in combat situations, providing greater
operational capabilities and safeguarding soldiers.
Despite the positive outlook, the Asia Pacific market faces
challenges such as the high cost of development and the difficulties associated
with upgrading aging vehicles to meet modern combat requirements. Nevertheless,
ongoing investments in defense modernization programs and increasing military
budgets are expected to sustain the growth of the market, offering new
opportunities for both manufacturers and defense contractors.
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Armored Fighting Vehicle Market Is Segmented By Type,
Vehicle, Application, and Region.
2024, wheeled armored fighting vehicles (AFVs) experienced
the fastest growth in the Asia-Pacific region, outpacing tracked vehicles due
to rising demand for mobility, cost-efficiency, and urban deployment
capability. Governments increasingly favored wheeled platforms like APCs, IFVs,
and combat support vehicles for their versatility, ease of maintenance, and
rapid deployment features. Enhanced suspension systems, blast protection, and
modular armor made them ideal for both internal security and cross-border
threats. The wheeled segment saw significant procurement surges as militaries
sought lighter, more adaptable vehicles to respond swiftly to dynamic conflict
zones, especially in urban and rugged environments.
Among all Asia-Pacific subregions, East Asia recorded the
highest growth in wheeled AFV adoption. Japan approved new wheeled IFVs and
mortar carriers, while South Korea expanded their 8×8 armored fleets to boost
rapid-response capabilities. These nations prioritized local production and
tactical modernization programs, positioning East Asia as a major hub for
advanced wheeled AFV development in 2024.
Major Market Players Operating in Asia Pacific Armored
Fighting Vehicle Market Are:
- Ashok
Leyland Defence Systems
- China
North Industries Group Corporation (NORINCO)
- Defence
Research and Development Organisation (DRDO)
- Doosan
DST
- Hanwa
Techwin
- Korea
Aerospace Industries (KAI)
- Mahindra
Defence Systems
- Mitsubishi
Heavy Industries
- Samsung
Techwin
- Tata
Motors
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The Asia Pacific Armored Fighting Vehicle (AFV) market is
growing rapidly due to increasing defense budgets, modernization efforts, and
rising security concerns. Countries in the region are investing in advanced
AFVs, such as Main Battle Tanks, Infantry Fighting Vehicles, and Armored
Personnel Carriers, to enhance military capabilities. Technological
innovations, including automation and advanced armor, are key drivers, ensuring
better protection and mobility. India is expected to be the fastest-growing market
in 2024, with ongoing defense modernization initiatives and the need for more
sophisticated armored vehicles to address regional threats and improve military
preparedness., According to Mr. Karan Chechi, Research Director at TechSci
Research, a global research-based management consulting firm.
“Asia Pacific Armored Fighting Vehicle
Market By Type (Armored Personnel Carriers (APCs), Combat Support Vehicles,
Infantry Fighting Vehicles (IFVs), Main Battle Tanks (MBTs), Reconnaissance
Vehicles, Self-Propelled Artillery), By Vehicle (Tracked, Wheeled), By
Application, By Country, Competition, Forecast & Opportunities,
2020-2030F”, assesses the market's future growth potential and provides data on
market size, trends, and forecasts. It aims to offer comprehensive market
insights, helping decision-makers make informed investment choices. The report
also highlights emerging trends, key drivers, challenges, and opportunities in
the Asia Pacific Armored Fighting Vehicle Market.
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