The global armoured vehicle market is estimated to increase from $24.3 billion in 2019 to $33.3 billion in 2029, say analysts at Shephard in a market forecast report.

The analysts at Shephard say that this growth is driven primarily by China, India, Australia and Pakistan in Asia-Pacific, Saudi Arabia, Israel and the UAE in the Middle East, the US, and a resurgent Russia in Europe.

Shephard Media publishes a range of specialist magazines covering a wide range of current events and latest developments in the aerospace and defence industry; each regularly attracting a readership of senior personnel and industry leaders. I was lucky enough to be sent a preview of the publication, I can see why work by Shephard is popular, the analysis is very detailed.

According to the forecasts by Shephard, wheeled and tracked IFVs and APCs are among the top three largest segments, with mine-protected vehicles or MRAPs being the smallest market segment.

The report states:

“As is evident from the aftermath of operations in Afghanistan, which relied heavily on MRAPs to offer protection against IED threats, the strategic landscape is now moving back towards high-end warfare and increased procurement of IFVs and APCs.

Technological advancements have widened the range of armoured vehicles currently being developed and procured. Unmanned ground vehicles (UGVs), active protection systems (APS), artificial intelligence (AI) – used mainly for vehicle autonomy and predictive maintenance – reconfigurable wheel tracks and hybrid engines are some of the latest technologies disrupting the market.”

Also of note is the reports run down of the largest armoured vehicles programmes globally.

These include the US’s Joint Light Tactical Vehicle (JLTV) with a spending of $20.3 billion during the forecast period, the Armoured Multi-Purpose Vehicle (AMPV) – $7.9 billion, Russia’s BMD-4M – $7.5 billion, the UK’s Boxer Mechanised Infantry Vehicle (MIV) – US$6.2 billion, Australia’s Land 400 Phase 3 – $5.7 billion, India’s Future Ready Combat Vehicle (FRCV) – $4.5 billion, the US Mobile Protected Firepower – $4.5 billion and India’s Future Infantry Combat Vehicle (FICV) – $2.8 billion.

Shephard also publishes a range of niche industry handbooks, known for providing a complete, convenient and portable reference source to the industry with features such as: product, vehicle and payload specifications; and manufacturer, operator and supplier guides.

Check them out here.

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An opportunity for the UK defence industry to be a serious supplier?


Does the UK still have production lines? I think remember reading one would have to be opened for when Boxer is adopted if that is still going ahead, but otherwise you stopped producing armoured vehicles after Challenger. Please correct me if wrong


Boxer and Lynx are the two leading APC’s going into the next decade. Both Reinmettal products. The UK might get some work share from Boxer exports as Germany has completed its exports.
I don’t think Ajax will win many exports but who knows its 40mm canan is top of the field.
The French Jaguar is also very competitive.

CV90 might still be able to win some exports but its made in Sweden so who cares.


Germany has completed its order (not exports)


If Reinmettal opens a production line for Boxers in the U.K., would that give it the opportunity to circumvent Germany’s overseas arms bans by selling U.K. built ones? ?


Ajax has the potential for a large number of exports with the MPF contract. Albeit a very heavily modified Ajax chassis.

Cam Hunter

We produce foxhound and did used to build a range of armoured armoured vehicles. And no doubt we could build and design new vehicles if the Will was there.

Julian Davies

Not certain UK have the capability to produce armoured vehicles other than being manufactured by UK based wholly owned foreign or jointly owned companies

Gavin Gordon

Shame Warrior upgrade still stuck in neutral. What is it with the army procurement processes.

Daniele Mandelli

Warrior. FRES. All the same.

I read over on Think Defence once the UK had spent 1 billion on the FRES program at one point to get to the level of zilch. Endless appraisals, initial gates, trials, plans, more appraisals, more confusion, more pork to the Military Industrial Complex as HMG and MoD thinking goes round and round.

Still, the CGS got promoted to CDS so he must have pleased a shareholder somewhere!

john martin

The loons are in charge so what do you expect.

Daniele Mandelli

Lol. I remember John. Officers….