Europe Armored Fighting Vehicle Market to Grow with a CAGR of 6.02% through 2030
The Europe Armored Fighting Vehicle Market is influenced
by the rising demand for advanced defense systems, technological innovations,
and increasing military budgets. These factors are driving the market in the
forecast period 2026-2030.
According to TechSci Research report, “Europe Armored
Fighting Vehicle Market – By Country, Competition, Opportunities and
Forecast, 2020-2030F”, The Europe Armored Fighting Vehicle
Market was valued at USD 9.1 billion in 2024 and is expected to reach USD 12.8
billion by 2030 with a CAGR of 6.02% during the forecast period.
The Europe Armored Fighting Vehicle (AFV) sector is
experiencing growth driven by rising defense requirements and technological
advancements. To stay competitive, countries are investing heavily in modern
armored systems that ensure the safety of military personnel during operations.
With global security concerns on the rise, European nations are prioritizing
defense strategies that include AFVs to strengthen their armed forces'
capabilities and readiness.
The market is characterized by the integration of
cutting-edge technologies such as AI, automation, and advanced armor solutions,
which improve vehicle resilience and operational efficiency. These technologies
are essential in meeting the evolving demands of modern warfare, where
precision, mobility, and adaptability are critical. AFVs equipped with these
innovations can operate in diverse settings, providing superior protection
while enhancing battlefield efficiency.
However, challenges persist in the form of high production
costs, as well as the difficulty in upgrading and maintaining these vehicles to
meet modern warfare standards. Despite these obstacles, opportunities remain,
particularly in the expansion of defense budgets and military modernization
initiatives, which are expected to fuel continued demand for AFVs in the near
future.
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Europe Armored Fighting Vehicle Market Is Segmented By Type,
Vehicle, Application, and Region.
Infantry Fighting Vehicles are typically used to transport
soldiers to the frontline while providing fire support during combat. These
vehicles are equipped with advanced weaponry, armor, and communication systems,
making them suitable for modern warfare environments. Main Battle Tanks, on the
other hand, serve as the backbone of armored ground forces, offering superior
firepower, protection, and mobility on the battlefield. Armored Personnel
Carriers are designed to safely transport troops across dangerous terrain,
ensuring that soldiers can quickly reach their destinations without
compromising their safety. These vehicles are often equipped with advanced armor,
weapons, and electronics to enhance their performance. The demand for these
vehicle types is largely driven by the increasing need for modern defense
systems in response to rising security threats and the growing importance of
mobility and protection in military operations.
In 2024, the fastest-growing region in the Europe Armored
Fighting Vehicle market is expected to be the United Kingdom. The UK has
significantly increased its defense spending and committed to expanding its
fleet of armored vehicles as part of its strategic defense initiatives. The
growing security concerns in Europe, particularly in relation to geopolitical
tensions and defense readiness, have further driven the demand for advanced
AFVs. As the UK modernizes its military forces, there is an increasing emphasis
on upgrading existing vehicle fleets and acquiring new, technologically
advanced systems to maintain operational superiority. This shift towards
modernization is expected to boost the demand for armored vehicles across the
UK in the coming years.
Major Market Players Operating in Europe Armored Fighting
Vehicle Market Are:
- BAE Systems
- General Dynamics European Land
Systems (GDELS)
- Krauss-Maffei Wegmann (KMW)
- Lockheed
Martin
- Nexter
Systems
- Oshkosh
Defense
- Polska Grupa Zbrojeniowa (PGZ)
- Rheinmetall AG
- Rosoboronexport
- Thales
Group
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The Europe Armored Fighting Vehicle (AFV) market is
expanding due to increasing defense spending, geopolitical tensions, and
modernization programs across the region. Countries are focused on upgrading
their military fleets with advanced AFVs such as Main Battle Tanks and Infantry
Fighting Vehicles to enhance defense capabilities. Key drivers include the need
for improved mobility, protection, and operational efficiency. The market is
also witnessing advancements in technology, particularly in armor and automation.
The region’s largest defense spenders, including the UK, France, and Germany,
are expected to see significant growth in the AFV market through 2024 as they
strengthen military forces to address emerging threats., According to Mr. Karan
Chechi, Research Director at TechSci Research, a global research-based
management consulting firm, these trends are expected to contribute
significantly to the market's expansion.
“Europe 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 (Defense, Homeland Security), 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 Europe Armored Fighting
Vehicle Market.
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