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06 May 2022

Five Leading Manufacturers Of Armoured Vehicles

The armoured vehicles market is enormous, valuing over sixteen billion USD in 2018 alone. Fortunately, it’s also one of the handfuls of global industries that remained unscathed due to the pandemic. In fact, while the supply of armoured vehicles was reduced because of lockdowns, lack of supply chains, and limited economic production, their demand continued expanding.


One crucial driver for the sector is the growing government spending on military and armed equipment for better national protection. In addition, technological advancements ensure safer, practical, and more effective updates in armoured vehicles, resulting in military forces getting the latest vehicles for their force structures. With several countries notching up their armoured vehicle supply after the pandemic, a few businesses continue enjoying significant market shares. Below we list five of the leading armoured vehicle manufacturers worldwide.


Oshkosh Corporation


The company is headquartered in Oshkosh, Wisconsin, USA, and has production plants in twenty-nine localities. It’s an industrial organization specializing in designing and manufacturing military vehicles, specialty trucks, truck bodies, access equipment, and airport fire apparatus. Oshkosh Corporation was established in 1917 by William Besserdich and Berhhard Mosling and, today, owns several companies, including the JLG Industries and Pierce Manufacturing.


BAE Systems


BAE Systems was established in 1999 and, today is the biggest European defence contractor. With its headquarters situated in London, United Kingdom, the multinational business specializes in manufacturing aerospace, arms, and security essentials. Its services include consultancy, training, and maintenance, while its products consist of defence electronics, naval vessels, land warfare systems, and munitions. BAE Systems also has several subsidiaries, including BAE Systems Inc., BAE Systems Australia, and BAE Systems Applied Intelligence.




The Russian-based company deals with machine building, offering products like mortars, naval artillery, howitzers, military vehicles, heavy equipment, and autocannons. It’s among Russia's biggest industrial and scientific complexes and is headquartered in Nizhny, Tagil, Russia. Founded in 1936, the public limited company is a subsidiary of Rostec, and as of 2017, it had a yearly revenue of over two billion USD and over thirty thousand employees.


Iveco SPA


Better known as the Industrial Vehicles Corporation, Iveco was founded in 1975 and is headquartered in Turin, Italy. The Dutch multinational specializes in manufacturing transport vehicles and designing and creating light, medium, and heavy commercial vehicles. It has several subsidiaries and employs more than twenty-five thousand workers. With production plants in more than 160 countries, Iveco reported annual revenue of approximately €10 billion.


Hyundai Rotem


Headquartered in Uiwang, Gyeonggi-do, South Korea, Hyundai Rotem was established in 1977. It caters to producing defence products, plant equipment, and rolling stock for its consumers and is a part of the Hyundai Motor Group. The business changed its legal name to Rotem in 2007 to highlight its parent company. Today, the organization serves its clients worldwide and, as of 2019, reported yearly revenue of over twenty-four billion South Korean won (₩).


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