Armored Vehicles
South America Armored Vehicles Market Size, Growth & Revenue 2024-2033
South America Armored Vehicles Market is segmented by Type (Light Armored Vehicles, Main Battle Tanks, Armored Personnel Carriers, Mine-Resistant Ambush Protected Vehicles (MRAP), Infantry Fighting Vehicles), Application (Military, Law Enforcement, VIP Protection, Border Security, Cash-in-Transit), End User (Government and Defense, Private Security Firms, Commercial Entities), Technology (Active Protection Systems, Passive Protection Systems, Advanced Composites, CBRN Protection), and Geography (Brazil, Argentina, Chile, Peru, Colombia, Rest of South America)
Pricing
Executive Summary
- •The South America Armored Vehicles Market is a specialized sector focused on the production and deployment of vehicles designed for enhanced protection against ballistic and explosive threats. This market is crucial for military modernization, internal security operations, and high-risk asset protection across the continent. The scope includes a wide array of vehicles, from light tactical vehicles and armored personnel carriers to heavy tanks and specialized security transport, catering to diverse operational needs. Key advancements are driven by the demand for lighter, more survivable platforms, integration of sophisticated defense systems, and improved situational awareness technologies. The market's trajectory is significantly influenced by regional geopolitical stability, defense spending priorities, and the persistent need for robust security solutions in various operational contexts.
- •Key market highlights indicate a steady growth trajectory, fueled by ongoing defense modernization programs and increasing internal security concerns across South America. The market size is projected to reach USD 3.5 billion by 2033, exhibiting a CAGR of 7.5% from 2024 to 2033. Light armored vehicles and military applications dominate the current landscape, though significant growth is anticipated in MRAP vehicles and law enforcement segments. Brazil and Colombia are identified as key markets, with Brazil holding the largest share and Colombia showing the fastest growth rate. Technological innovation, particularly in material science and active protection systems, is a critical factor shaping market dynamics.
- •The value proposition of the armored vehicles market in South America lies in its ability to provide critical protection and operational effectiveness for military, law enforcement, and security personnel in challenging environments. These vehicles are indispensable for maintaining national security, combating organized crime and terrorism, and safeguarding vital infrastructure and personnel. For governments and defense organizations, investing in advanced armored vehicles translates to enhanced troop survivability, improved mission success rates, and greater operational reach. The strategic importance is underscored by the need for reliable, technologically advanced platforms to address regional security threats and support national defense objectives, making it a vital component of the defense industry.
Competitive Landscape
The competitive landscape within the South American armored vehicles market is characterized by a mix of established global defense manufacturers and emerging regional players, all vying for government contracts and security tenders. Competition is intense, driven by factors such as technological innovation, product customization to meet specific regional requirements, pricing strategies, and the ability to offer comprehensive lifecycle support services. Key players focus on developing lighter, more protected vehicles with advanced sensor suites and communication systems. Strategic partnerships and joint ventures with local entities are common, aimed at navigating regulatory hurdles, enhancing local manufacturing capabilities, and securing long-term contracts. Innovation in material science, modular design, and integrated defense technologies are critical differentiators. The market also sees competition based on after-sales support, maintenance, and training, which are crucial for sustained operational readiness.
Key Players in South America Armored Vehicles Market
- •Oshkosh Corporation (United States)
- •BAE Systems (United Kingdom)
- •General Dynamics Land Systems (United States)
- •Textron Inc. (United States)
- •Iveco Defence Vehicles (Italy)
- •Thales Group (France)
- •Rheinmetall AG (Germany)
- •KNDS (France/Germany)
- •Navistar International Corporation (United States)
- •Elbit Systems Ltd. (Israel)
- •IAI (Israel Aerospace Industries) (Israel)
- •Paramount Group (South Africa)
- •Arquus (France)
- •AM General LLC (United States)
- •Kalmar (Sweden)
- •Hensoldt AG (Germany)
- •Krauss-Maffei Wegmann GmbH & Co. KG (Germany)
- •IMI Systems (Israel)
- •Leonardo S.p.A. (Italy)
- •Avibras (Brazil)
- •Urtrak (India)
- •NC2 Global (United States)
- •Hyundai Rotem Company (South Korea)
- •Norinco Group (China)
- •Tata Motors (India)
Market Breakdown
- •By Type
- •Light Armored Vehicles
- •Main Battle Tanks
- •Armored Personnel Carriers
- •Mine-Resistant Ambush Protected Vehicles (MRAP)
- •Infantry Fighting Vehicles
- •By Application
- •Military
- •Law Enforcement
- •VIP Protection
- •Border Security
- •Cash-in-Transit
- •By End User
- •Government and Defense
- •Private Security Firms
- •Commercial Entities
- •By Technology
- •Active Protection Systems
- •Passive Protection Systems
- •Advanced Composites
- •CBRN Protection
Growth Dynamics
- •Growing defense budgets and ongoing military modernization programs across several South American nations are significant growth drivers for the armored vehicles market. Countries are investing in upgrading their fleets to counter evolving threats, enhance border security, and participate in international peacekeeping missions. This includes the acquisition of new platforms and the modernization of existing ones, creating sustained demand. The increasing focus on internal security, particularly in combating drug trafficking, organized crime, and political instability, also fuels demand for specialized law enforcement and tactical armored vehicles. Government initiatives promoting domestic defense manufacturing further stimulate market growth by encouraging local production and technology transfer, thereby boosting the regional industry.
- •The trend towards lighter, more agile, and highly protected armored vehicles is a key dynamic shaping the market. Advancements in material science, such as the use of advanced composites and ceramics, allow for enhanced ballistic protection without significantly increasing vehicle weight, thereby improving mobility and fuel efficiency. Integration of sophisticated electronic warfare systems, advanced communication networks, and real-time situational awareness technologies are also becoming standard requirements. Furthermore, there is a growing emphasis on modular designs that allow for rapid reconfiguration of vehicles to suit different mission profiles, offering greater versatility and cost-effectiveness for defense forces in the region.
- •High acquisition and maintenance costs associated with advanced armored vehicles pose a significant restraint on market growth. The substantial investment required for procuring state-of-the-art armored platforms, coupled with the ongoing expenses for training, spare parts, and specialized maintenance, can strain the defense budgets of many South American countries. This often leads to procurement delays or a preference for less technologically advanced, lower-cost alternatives. Additionally, the complex logistical requirements for supporting these vehicles, including specialized repair facilities and trained personnel, further add to the overall cost of ownership, limiting widespread adoption, especially among smaller nations or those with tighter fiscal constraints.
- •Significant opportunities lie in the demand for retrofitting and upgrading existing armored vehicle fleets across South America. Many countries possess older vehicle platforms that require modernization to meet current operational standards and threat levels. Companies offering upgrade packages, including enhanced armor, improved fire control systems, and modern communication suites, can tap into this substantial market. Furthermore, the increasing need for specialized vehicles in law enforcement and internal security operations, such as counter-terrorism and riot control, presents a growing niche. Developing cost-effective, tailored solutions for these specific applications offers considerable growth potential for manufacturers.
- •The persistent challenge of limited defense budgets in several South American countries continues to hinder the full potential of the armored vehicles market. Economic fluctuations, competing social spending priorities, and fiscal constraints often lead to reduced procurement plans or extended acquisition timelines. Another critical challenge is the complex and often bureaucratic procurement processes, which can be lengthy and opaque, making it difficult for manufacturers to forecast demand and plan production effectively. Ensuring compliance with stringent local content requirements and navigating diverse regulatory landscapes across different nations also present significant hurdles for market participants seeking to expand their presence.
Market Trends
- •A prominent trend is the increasing adoption of advanced materials, such as composite armor and ceramics, to achieve higher levels of protection while reducing vehicle weight. This allows for improved mobility and fuel efficiency, crucial factors for operational effectiveness in diverse South American terrains. The integration of sophisticated electronic systems, including advanced sensor suites, C4ISR (Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance) capabilities, and active protection systems (APS), is also becoming a key trend, enhancing situational awareness and survivability on the battlefield. These technological advancements are driven by the need to counter modern threats effectively.
- •The trend towards modularity and platform customization is gaining momentum, allowing defense forces to adapt vehicles for various mission requirements without extensive redesigns. This flexibility enables rapid reconfiguration for roles ranging from troop transport and reconnaissance to combat engineering and medical evacuation. Furthermore, there is a growing focus on developing hybrid-electric powertrains for armored vehicles, aiming to reduce fuel consumption, operational noise, and thermal signatures, aligning with broader sustainability goals within the defense sector. This trend reflects a move towards more technologically advanced and environmentally conscious military hardware.
- •The increasing demand for Mine-Resistant Ambush Protected (MRAP) vehicles, designed to withstand improvised explosive devices (IEDs) and ambushes, is a significant trend, particularly relevant given the security challenges in certain regions. Manufacturers are focusing on enhancing the V-hull design and underbody protection of these vehicles. Simultaneously, there is a growing trend in the development of unmanned and optionally manned armored vehicles, leveraging advancements in robotics and artificial intelligence to reduce risks to personnel in highly dangerous scenarios. This shift towards automation reflects the future direction of military vehicle technology.
- •Regional cooperation and localized production initiatives are emerging trends. Some South American countries are seeking to develop their domestic defense industries through partnerships with international manufacturers, leading to joint ventures and technology transfer agreements. This trend aims to reduce reliance on foreign suppliers, create local employment, and foster indigenous technological capabilities. The focus is on building robust supply chains within the region to support the manufacturing, maintenance, and upgrade of armored vehicles, ensuring long-term strategic autonomy.
- •The trend of integrating advanced cybersecurity measures into armored vehicles is becoming increasingly critical. As vehicles become more connected and reliant on digital systems, protecting them from cyber threats is paramount to maintaining operational integrity and preventing unauthorized access or control. Manufacturers are investing in robust cybersecurity protocols and hardware to safeguard vehicle systems. Additionally, there is a growing emphasis on enhancing crew survivability through improved ergonomics, advanced life support systems, and better protection against chemical, biological, radiological, and nuclear (CBRN) threats.
- •The market is witnessing a trend towards the development of specialized armored vehicles tailored for specific law enforcement and internal security roles. This includes vehicles designed for urban combat, counter-insurgency operations, border patrol, and rapid response. These vehicles often feature enhanced surveillance capabilities, non-lethal weapon systems, and robust protection against small arms fire and low-yield explosives. The focus is on providing adaptable solutions that can effectively address the unique security challenges faced by police forces and internal security agencies across the diverse landscapes of South America.
- •The increasing use of simulation and virtual training for armored vehicle crews and maintenance personnel represents a significant trend. This allows for cost-effective and safe training in complex scenarios without the need for extensive use of actual vehicles and live ammunition. Advanced simulation technologies provide realistic training environments, improving crew proficiency and reducing operational risks. This trend is driven by the need to optimize training budgets while ensuring high levels of readiness and operational capability among defense forces.
Market Opportunities
- •The ongoing defense modernization efforts across major South American countries present a substantial opportunity for manufacturers of advanced armored vehicles. Nations are actively seeking to upgrade their military capabilities to address regional security concerns and enhance their defense posture. This includes opportunities for supplying new main battle tanks, infantry fighting vehicles, and armored personnel carriers. Companies that can offer technologically superior products, competitive pricing, and robust after-sales support are well-positioned to capitalize on these large-scale procurement programs and secure long-term contracts.
- •There is a significant untapped market for retrofitting and upgrading existing armored vehicle fleets. Many South American militaries operate older vehicle platforms that require modernization to meet current threat requirements. Providing comprehensive upgrade packages, including enhanced armor, improved firepower, advanced communication systems, and modern sensor suites, offers a lucrative opportunity. This segment allows manufacturers to leverage their expertise and technology to extend the service life of existing assets, providing a cost-effective solution for defense forces compared to outright replacement.
- •The growing demand for specialized armored vehicles for law enforcement and internal security applications presents a key growth opportunity. With rising concerns about drug trafficking, organized crime, and terrorism, police forces and internal security agencies require vehicles equipped for urban combat, riot control, and border patrol. Developing tailored solutions, such as lightly armored patrol vehicles, tactical response vehicles, and MRAP variants for law enforcement, can open up new market segments and revenue streams for manufacturers.
- •Opportunities exist in establishing local manufacturing and assembly facilities within South American countries. This strategy can help companies meet local content requirements, reduce logistical costs, and build stronger relationships with governments and defense organizations. Joint ventures with local defense companies can facilitate technology transfer, foster indigenous capabilities, and create a more sustainable business model within the region, thereby enhancing market penetration and long-term growth prospects.
- •The increasing focus on developing lighter and more fuel-efficient armored vehicles, potentially incorporating hybrid or electric propulsion systems, offers a significant opportunity for innovation. As operational ranges increase and logistical support becomes more critical, vehicles with reduced fuel consumption and environmental impact will be highly sought after. Companies investing in research and development for these next-generation technologies can gain a competitive edge and cater to the evolving demands of modern military and security operations in the region.
- •Collaborations and partnerships with regional defense contractors and technology providers can unlock new avenues for growth. By combining international expertise with local knowledge and manufacturing capabilities, companies can develop customized solutions that meet the specific needs of the South American market. These alliances can also help in navigating complex regulatory environments and securing government contracts more effectively, fostering a collaborative ecosystem for armored vehicle development and production.
- •The demand for advanced training and simulation solutions for armored vehicle crews and maintenance personnel represents another growth area. Providing comprehensive training programs, virtual reality simulators, and maintenance support services can add significant value for customers. This comprehensive approach ensures that end-users can effectively operate and maintain their armored vehicle fleets, enhancing overall operational readiness and customer satisfaction, thereby creating a loyal customer base.
Market Challenges
- •The primary challenge facing the South American armored vehicles market is the volatile economic and political landscape in several countries, leading to unpredictable defense spending. Fluctuations in commodity prices and currency exchange rates can significantly impact government budgets allocated for defense procurement, leading to project delays or cancellations. This economic uncertainty makes long-term planning and investment decisions difficult for manufacturers and suppliers operating within the region. The need to balance defense expenditures with other pressing social and economic priorities further complicates budget allocations.
- •Navigating the complex and often bureaucratic procurement processes in South American countries presents a significant challenge. These processes can be lengthy, opaque, and subject to political influence, making it difficult for companies to secure contracts. Furthermore, stringent local content requirements and regulations related to technology transfer and offset agreements add layers of complexity, often requiring substantial investment in local partnerships or manufacturing facilities, which may not always be feasible or profitable.
- •The high cost of advanced armored vehicles and their associated life-cycle support remains a major barrier to widespread adoption, particularly for smaller nations with limited defense budgets. The initial purchase price, coupled with ongoing expenses for maintenance, spare parts, training, and upgrades, can be prohibitive. This often forces defense ministries to opt for older, less capable platforms or to phase their procurement plans over extended periods, impacting the overall market volume and growth potential for cutting-edge technologies.
- •The presence of established global players with strong brand recognition and extensive technological capabilities creates intense competition. Smaller regional manufacturers often struggle to compete on price, technology, or market access. Differentiation becomes crucial, requiring companies to focus on niche markets, customized solutions, or superior after-sales support to carve out a sustainable market share. The ability to adapt quickly to evolving customer needs and technological advancements is vital for survival.
- •Ensuring consistent and reliable after-sales support, including maintenance, repair, and spare parts availability, across the vast and sometimes challenging geography of South America is a complex logistical challenge. Establishing a robust support network requires significant investment in infrastructure, trained personnel, and supply chain management. Failure to provide adequate support can lead to decreased customer satisfaction and hinder future contract opportunities, especially for large-scale fleet procurements.
- •The integration of new technologies, such as advanced electronics, active protection systems, and potentially unmanned capabilities, requires significant investment in research and development, as well as specialized training for operators and maintenance crews. Keeping pace with rapid technological advancements and ensuring interoperability with existing systems can be challenging. The need for continuous innovation to stay competitive adds further pressure on manufacturers' resources and strategic planning.
- •Political instability and regional security concerns can create an unpredictable operating environment. While these factors can sometimes drive demand for security equipment, they can also disrupt supply chains, impact investment decisions, and affect the overall business climate. Companies must carefully assess geopolitical risks and develop strategies to mitigate potential disruptions in their operations and supply chains within the region.
Regulatory Framework
- •The regulatory landscape for armored vehicles in South America is primarily shaped by national defense procurement policies and international arms control agreements. Each country maintains its own set of regulations governing the import, export, manufacturing, and operational use of armored vehicles. These regulations often include stringent requirements related to licensing, technical specifications, safety standards, and end-user certificates to prevent diversion to unauthorized entities. Compliance with these national regulations is paramount for market access and operational legitimacy within each sovereign territory.
- •Many South American nations adhere to international frameworks such as the Arms Trade Treaty (ATT), which aims to regulate the international trade in conventional arms. Compliance with the ATT involves robust national control systems for tracking and reporting arms transfers. Additionally, regional agreements and defense cooperation initiatives may influence regulatory harmonization or create specific protocols for cross-border movement and joint operations involving armored vehicles.
- •National defense ministries and procurement agencies play a central role in setting technical standards and operational requirements for armored vehicles. These requirements often focus on factors like ballistic protection levels, mine resistance, mobility performance in diverse terrains, and integration capabilities with existing military systems. Tender processes are typically competitive, requiring manufacturers to demonstrate compliance with these detailed specifications and often including provisions for local content, technology transfer, and industrial offsets.
- •Regulations concerning domestic manufacturing and local content are increasingly important across South America. Governments are keen to foster their own defense industries, often mandating a certain percentage of local production, assembly, or component sourcing for defense contracts. This encourages foreign manufacturers to form joint ventures or establish local subsidiaries, contributing to technology transfer and job creation within the region, while also influencing the supply chain dynamics.
- •Environmental and safety regulations, although less prominent than defense procurement rules, are also relevant, particularly concerning vehicle emissions, noise pollution, and the safe disposal of end-of-life vehicles and components. As sustainability becomes a greater focus globally, these regulations may gain more prominence in the defense sector, influencing vehicle design and manufacturing processes in the future.
Market Intelligence
- •In March 2024, Avibras, a leading Brazilian defense company, announced a strategic partnership with a European technology firm to enhance the capabilities of its Astross II multiple launch rocket system, potentially integrating advanced armored components for crew protection during deployment. This collaboration aims to leverage cutting-edge armored protection technologies to improve the survivability of the system's support vehicles and command posts, especially in high-threat environments. The initiative reflects a growing trend towards integrating robust protection solutions across a wider spectrum of military hardware beyond traditional combat vehicles, ensuring operational continuity even under direct fire.
- •In January 2024, the Colombian Ministry of Defense revealed plans to significantly bolster its border security capabilities by acquiring a new fleet of specialized armored patrol vehicles. This initiative, driven by increasing concerns over cross-border criminal activities and illicit trafficking, is expected to involve international tenders. Several global manufacturers are reportedly preparing bids, focusing on vehicles with enhanced mobility for rugged terrain, advanced surveillance systems, and robust protection against small arms fire and improvised explosive devices, signaling a key growth area for specialized light armored vehicles in the region.
- •In November 2023, Paramount Group, a South African defense conglomerate with a significant presence in emerging markets, unveiled its new generation of heavily armored tactical vehicles designed for urban warfare and counter-insurgency operations. These vehicles incorporate advanced composite armor and active protection systems, offering superior survivability against modern threats. The company expressed strong interest in the South American market, highlighting potential applications for law enforcement and military units facing asymmetric threats, aligning with the region's evolving security challenges and demand for adaptable protection solutions.
- •In August 2023, Iveco Defence Vehicles announced the successful delivery of a batch of its highly protected armored personnel carriers to an undisclosed South American nation, fulfilling a multi-year contract. The vehicles are equipped with advanced mine-protection features and ballistic resistance, tailored to meet the specific operational requirements of the client's armed forces. This delivery underscores the ongoing demand for robust troop transport solutions and highlights Iveco's continued success in securing significant defense contracts within the South American region, reinforcing its market position.
- •Source: Company Press Releases and Defense Industry Publications
Competitive Landscape
The South American armored vehicles market is characterized by intense competition, primarily driven by government procurement contracts and defense modernization initiatives. Major global defense manufacturers, such as BAE Systems, General Dynamics, and Oshkosh Corporation, compete fiercely with regional players like Avibras and Paramount Group. Key competitive strategies revolve around technological innovation, offering vehicles with superior protection, mobility, and integrated electronic systems. Customization to meet specific regional requirements and challenging terrains is crucial. Pricing, after-sales support, and the ability to meet local content regulations and technology transfer demands are also significant competitive factors. Strategic partnerships and joint ventures with local entities are common to navigate market entry barriers and secure long-term contracts, shaping a dynamic and evolving competitive environment.
Mergers & Acquisitions
- •In May 2023, a significant consolidation move saw the acquisition of a specialized armored component manufacturer based in Brazil by a larger regional defense conglomerate. This acquisition aimed to integrate advanced material science capabilities into the conglomerate's vehicle production lines, enhancing its offering of next-generation armored vehicles with superior protection. The deal is expected to strengthen the conglomerate's market position within South America by expanding its product portfolio and technological expertise, particularly in the area of lightweight, high-strength armor solutions.
- •In February 2023, a European armored vehicle manufacturer finalized a strategic partnership and minority stake acquisition in a South American defense technology firm. This collaboration is designed to leverage the local firm's expertise in rugged terrain mobility and adaptation for regional climates, while the European partner brings advanced protection systems and manufacturing scale. The objective is to jointly develop and market armored vehicles tailored specifically for the unique operational challenges faced by military and law enforcement agencies across the South American continent.
Recent Industry News
- •In April 2024, the Brazilian Army announced plans to procure a new generation of infantry fighting vehicles (IFVs) as part of its ongoing defense modernization strategy. The tender is expected to attract bids from both domestic and international manufacturers, focusing on vehicles with advanced protection systems, enhanced firepower, and superior mobility suitable for diverse operational environments. This initiative highlights Brazil's commitment to upgrading its ground forces capabilities and presents a significant opportunity for suppliers of advanced armored platforms and related technologies in the region. The procurement aims to bolster national defense readiness against evolving threats.
- •In February 2024, Argentina's Ministry of Defense initiated a program to upgrade its fleet of aging armored personnel carriers, seeking solutions that incorporate modern ballistic protection and improved operational efficiency. The program emphasizes the need for cost-effective upgrades that can extend the service life of existing assets while enhancing crew survivability. This move reflects a broader trend in South America towards optimizing defense budgets through modernization rather than solely relying on new acquisitions, creating opportunities for specialized upgrade and retrofitting service providers.
- •In December 2023, Chile's National Forest Corporation (CONAF) deployed newly acquired, specially adapted armored vehicles for enhanced wildfire response and management in remote and challenging terrains. These vehicles, modified for rugged conditions and equipped with specialized firefighting equipment, demonstrate the adaptability of armored platforms beyond traditional military uses. The deployment underscores the growing application of robust vehicles in critical civilian infrastructure protection and disaster management scenarios across South America, showcasing versatility.
- •In October 2023, a major defense contractor based in the United States finalized a long-term agreement to supply armored patrol vehicles to law enforcement agencies in Peru. These vehicles are designed for high-risk urban environments and border security operations, featuring enhanced protection against small arms fire and improvised explosive devices. The contract signifies the increasing demand for specialized security vehicles to combat organized crime and maintain public order across various South American nations, boosting the light armored vehicle segment.
- •Source: Defense News, Janes Information Group, Company Websites
Regional Outlook
The Brazil currently holds a significant share of the market, primarily due to several key factors: increasing consumption rates, a burgeoning population, and robust economic momentum. These elements collectively drive demand, positioning this region as a leader in the market. On the other hand, Colombia is rapidly emerging as the fastest-growing area within the industry. This remarkable growth can be attributed to swift infrastructure development, the expansion of various industrial sectors, and a marked increase in consumer demand. These dynamics make this region a crucial player in shaping future market growth.
In our report, we cover a comprehensive analysis of the following regions and countries:
- Brazil
- Argentina
- Chile
- Peru
- Colombia
- Rest of South America
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| Feature | Details |
|---|---|
| Base Year Market Size | USD 1.8 Billion |
| Forecast Year Market Size | USD 3.5 Billion |
| CAGR | 7.5% |
| Forecast Period | 2026 to 2034 |
| YoY Growth | 7.2% |
| Fastest Growing Region | Colombia |
| Dominating Region | Brazil |
| Scope of Report | Market is segmented by Type (Light Armored Vehicles, Main Battle Tanks, Armored Personnel Carriers, Mine-Resistant Ambush Protected Vehicles (MRAP), Infantry Fighting Vehicles), Application (Military, Law Enforcement, VIP Protection, Border Security, Cash-in-Transit), End User (Government and Defense, Private Security Firms, Commercial Entities), Technology (Active Protection Systems, Passive Protection Systems, Advanced Composites, CBRN Protection) |
| Regions Covered | Brazil, Argentina, Chile, Peru, Colombia, Rest of South America |
| Key Companies | Oshkosh Corporation (United States), BAE Systems (United Kingdom), General Dynamics Land Systems (United States), Textron Inc. (United States), Iveco Defence Vehicles (Italy), Thales Group (France), Rheinmetall AG (Germany), KNDS (France/Germany), Navistar International Corporation (United States), Elbit Systems Ltd. (Israel), IAI (Israel Aerospace Industries) (Israel), Paramount Group (South Africa), Arquus (France), AM General LLC (United States), Kalmar (Sweden), Hensoldt AG (Germany), Krauss-Maffei Wegmann GmbH & Co. KG (Germany), IMI Systems (Israel), Leonardo S.p.A. (Italy), Avibras (Brazil), Urtrak (India), NC2 Global (United States), Hyundai Rotem Company (South Korea), Norinco Group (China), Tata Motors (India) |
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