Military Armored Vehicles

Military Armored Vehicles Market Outlook

The global military armored vehicles market is poised to reach approximately USD 30 billion by 2035, with a compound annual growth rate (CAGR) of around 4.5% during the forecast period of 2025-2035. This growth is primarily driven by increasing defense budgets across various nations, growing geopolitical tensions, and the necessity for advanced military technologies to enhance national security. Additionally, modernization programs and the rising demand for versatile armored platforms that can operate in different combat scenarios are expected to further propel market growth. The adoption of innovative technologies, such as artificial intelligence and improved armor materials, is also contributing to the growth of the market. Furthermore, the need for military forces to maintain operational readiness and effectiveness in various terrains plays a crucial role in the increasing procurement of armored vehicles worldwide.

Growth Factor of the Market

Several key factors are significantly contributing to the growth of the military armored vehicles market. Firstly, the escalation in geopolitical tensions and regional conflicts has led to increased military spending among nations, prompting investments in advanced armored vehicles. Secondly, defense modernization initiatives across various countries, particularly in North America, Europe, and Asia, are driving demand for updated and more capable military vehicles. Thirdly, the advent of new technologies, such as automation and enhanced connectivity, is leading to the development of smarter armored platforms that can perform complex missions efficiently. Additionally, the rising need for peacekeeping missions and counter-terrorism operations globally is promoting the procurement of versatile armored vehicles. Lastly, increased collaboration between defense manufacturers and armed forces is resulting in tailored solutions that meet specific operational requirements, thus fueling market growth.

Key Highlights of the Market

• Expected growth of the market to USD 30 billion by 2035.
• CAGR of approximately 4.5% from 2025 to 2035.
• Rising defense budgets and geopolitical tensions driving demand.
• Technological advancements enhancing the capabilities of armored vehicles.
• Increased focus on modernization programs across various nations.

By Vehicle Type

Main Battle Tanks:

Main battle tanks (MBTs) represent a crucial segment of the military armored vehicles market, characterized by their firepower, mobility, and armor. These tanks are designed to engage enemy forces and provide a formidable presence on the battlefield. The growing focus on ground warfare and the need for heavy firepower in military operations have stimulated the demand for advanced MBTs equipped with cutting-edge technology, including improved targeting systems and enhanced armor. Countries with large defense budgets, such as the United States, Russia, and China, are investing heavily in upgrading their tank fleets to ensure superiority in land combat scenarios. Furthermore, the integration of modern defense systems into MBTs is expected to bolster their role in future military operations, thereby driving market growth in this segment.

Armored Personnel Carriers:

Armored personnel carriers (APCs) are essential for transporting troops safely on the battlefield while providing protection against small arms fire and shrapnel. The demand for APCs has surged due to rising military operations focused on protecting personnel during missions, especially in conflict-prone regions. These vehicles are designed with advanced armor and defensive systems to ensure the safety of the soldiers inside. The growing emphasis on troop mobility and the need for rapid deployment of forces in diverse terrains are driving the demand for APCs. Additionally, the development of wheeled and tracked APCs with enhanced capabilities, including off-road performance and amphibious operations, is expected to further boost this segment of the market.

Infantry Fighting Vehicles:

Infantry fighting vehicles (IFVs) offer soldiers a versatile platform for transporting troops and engaging in direct combat. This segment has gained traction due to the increasing need for combined arms operations, which require infantry to be effectively integrated with armored vehicles. IFVs are typically equipped with heavy weapons and advanced protection systems, making them indispensable in modern warfare. The rising focus on counter-insurgency operations and asymmetric warfare is driving the demand for advanced IFVs that can operate in urban environments. Moreover, continuous advancements in technology, including lethality and survivability features, are expected to fuel growth in the IFV segment, as militaries seek to enhance their combat effectiveness.

Light Protected Vehicles:

Light protected vehicles (LPVs) are gaining popularity due to their flexibility and capability to operate in diverse environments. These vehicles are designed to provide mobility and protection while being lightweight, making them ideal for various military operations, including reconnaissance and light combat. The rising need for rapid response forces and increased emphasis on special operations has contributed to the growth of the LPV market. Additionally, the integration of advanced protection technologies and communication systems into LPVs enhances their operational effectiveness, making them a preferred choice for modern militaries. The demand for LPVs is expected to continue increasing as military forces strive to maintain agility and versatility on the battlefield.

Mine-Resistant Ambush Protected Vehicles:

Mine-resistant ambush protected (MRAP) vehicles are specifically designed to withstand improvised explosive devices (IEDs) and ambush attacks, which makes them essential in modern warfare scenarios. The growing need to protect military personnel from such threats, particularly in conflict zones, has driven significant investment in MRAP vehicles. These vehicles are equipped with advanced armor and blast-resistant features, ensuring the safety of troops during operations. As conflicts in regions like the Middle East persist, the demand for MRAPs is expected to remain strong. Furthermore, ongoing technological advancements aimed at improving MRAP capabilities and survivability are likely to bolster this segment's growth in the coming years.

By Application

Combat:

The combat application of military armored vehicles is a primary driver of the market, as these vehicles are designed for direct engagement with enemy forces. The necessity for enhanced firepower, mobility, and survivability in combat scenarios has led to the development of advanced armored platforms. As geopolitical tensions continue to rise globally, armed forces are increasingly investing in combat vehicles to enhance their operational readiness. The integration of modern weapon systems and battlefield management technologies into combat vehicles is expected to further stimulate demand in this segment. Additionally, the need for armored vehicles that can effectively operate in urban warfare and asymmetric combat situations is propelling the evolution of combat-ready vehicles, ensuring their relevance in contemporary military strategies.

Transportation:

The transportation application of military armored vehicles focuses on safely moving troops and equipment to and from combat zones. As the need for rapid deployment increases, the demand for armored vehicles that can transport personnel while providing protection has gained traction. This segment is further driven by the necessity to ensure the safety of military personnel during missions, particularly in hostile environments. The development of versatile transport vehicles that can adapt to various operational needs is essential to military logistics. Furthermore, advancements in vehicle technology that enhance mobility and operational efficiency are expected to boost the demand for armored transportation solutions in the future.

Reconnaissance:

Reconnaissance missions are critical for gathering intelligence and assessing enemy positions, and armored vehicles play a vital role in this area. The demand for reconnaissance vehicles equipped with advanced sensors, surveillance systems, and stealth capabilities is on the rise as military operations become more data-driven. These vehicles must offer a balance between protection and mobility to navigate challenging terrains while conducting surveillance. As nations increasingly focus on strategic intelligence and information warfare, the need for specialized reconnaissance vehicles equipped for various operational environments is expected to grow, further driving the market.

Others:

In addition to combat, transportation, and reconnaissance applications, military armored vehicles serve various other purposes, including logistics, command and control, and medical evacuation. Each of these applications requires specific vehicle adaptations to enhance operational effectiveness. As militaries recognize the importance of versatility in armored platforms, the demand for multipurpose vehicles capable of fulfilling multiple roles is increasing. The integration of advanced technologies in these vehicles further expands their potential applications, contributing to market growth. Market players are actively working to develop solutions that cater to these diverse needs, ensuring that armored vehicles remain adaptable in the face of evolving military requirements.

By Propulsion Type

Diesel:

Diesel-powered military armored vehicles are the most common choice across the globe due to their proven reliability and fuel efficiency. The robustness of diesel engines offers a significant advantage in terms of operational range and durability in demanding environments. Many armed forces prefer diesel propulsion for heavy-duty applications, such as main battle tanks and armored personnel carriers, as these vehicles require substantial power and torque to navigate rugged terrains. Moreover, the existing infrastructure for diesel refueling makes it a practical choice for military operations. As military operations expand globally, the demand for diesel-powered armored vehicles is expected to remain strong.

Electric:

The electric propulsion segment is emerging as a promising alternative within the military armored vehicles market. Electric vehicles offer several advantages, including lower emissions, reduced noise, and the potential for enhanced stealth capabilities. As environmental concerns grow and militaries seek to modernize their fleets, electric propulsion systems are being increasingly explored. The development of electric armored vehicles could lead to operational efficiencies in both urban and remote environments, enabling forces to conduct missions with reduced logistical footprints. As battery technology advances, the performance and range of electric military vehicles are expected to improve, driving further adoption in the coming years.

Hybrid:

Hybrid propulsion systems, combining traditional fuel engines with electric motors, are gaining traction in the military armored vehicles sector. This technology offers the benefits of both propulsion types, providing enhanced fuel efficiency alongside increased power and flexibility. Hybrid vehicles can operate silently during reconnaissance missions and switch to higher power during combat situations. The growing emphasis on reducing fuel consumption and minimizing the logistical burden of fuel supply is driving interest in hybrid armored vehicles. As military forces continue to seek innovative solutions for operational efficiency, the hybrid segment is expected to see significant growth in the market.

Gasoline:

Although gasoline-powered vehicles are less common in armored military applications compared to diesel, there remains a niche market for light protected vehicles and certain reconnaissance units. Gasoline engines can provide high power-to-weight ratios, which can be advantageous for light vehicles that require agility and speed. Additionally, gasoline engines typically offer quicker refueling times and lower initial costs, which can be appealing in specific operational scenarios. However, the trend is leaning toward more robust and fuel-efficient alternatives, such as diesel and hybrid systems, which may limit the growth of gasoline-powered armored vehicles in the long term.

By Armor Type

Composite:

Composite armor is increasingly favored in military armored vehicles due to its lightweight properties and high strength-to-weight ratio. This type of armor combines different materials, such as ceramics and metals, to create a protective barrier that can effectively mitigate various threats, including kinetic energy projectiles and explosives. The demand for composite armor is driven by the need for mobility in combat vehicles, as heavier armor can impede agility. As military forces strive to enhance protection without compromising mobility, the adoption of composite armor solutions is expected to grow significantly in the coming years.

Reactive:

Reactive armor provides a unique solution to counteract the impact of incoming projectiles by utilizing explosive materials that detonate upon contact with the threat. This innovative technology is particularly effective against shaped charges and tandem warheads. Reactive armor systems can enhance the overall survivability of armored vehicles, making them a popular choice among modern militaries. As threats on the battlefield become more sophisticated, the demand for vehicles equipped with reactive armor is expected to increase, especially in regions characterized by high-intensity conflicts. Continuous advancements in reactive armor technology are likely to improve its effectiveness and expand its applications.

Non-Reactive:

Non-reactive armor consists of materials that provide passive protection without the need for explosive elements. This type of armor is typically made from metals, ceramics, or polymers, offering reliable defense against ballistic and blast threats. Non-reactive armor is commonly used in various military vehicles, including main battle tanks and armored personnel carriers, due to its effectiveness and cost-efficiency. As military forces prioritize durability and reliability, the market for non-reactive armor is expected to maintain steady growth, particularly in conventional warfare scenarios where ballistic threats are prevalent.

Explosive Reactive:

Explosive reactive armor (ERA) serves a critical role in enhancing the protection of armored vehicles against shaped-charge munitions. This type of armor features explosive elements that detonate in response to incoming threats, effectively neutralizing the impact of projectiles. ERA has gained prominence in modern military strategy due to its effectiveness in countering advanced anti-tank weapons. As military engagements evolve and threat levels increase, the need for vehicles equipped with explosive reactive armor is anticipated to grow. The continuous development and refinement of ERA technologies will further drive its adoption among armed forces worldwide.

By Region

In North America, the military armored vehicles market is expected to witness significant growth, driven by increased defense budgets and modernization initiatives by the U.S. armed forces. The region is projected to account for approximately 35% of the global market share by 2035. The United States has been at the forefront of developing advanced armored platforms, focusing on enhancing combat capabilities and survivability. As geopolitical tensions rise and the need for operational readiness increases, investments in armored vehicles are anticipated to surge. Furthermore, collaborations with defense contractors are set to result in innovative solutions tailored to modern warfare needs, ensuring sustained growth in the North America segment.

Europe is also experiencing a notable expansion in the military armored vehicles market, with a projected market share of around 30% by 2035. The need for enhanced border security and participation in NATO operations is prompting European countries to invest in modern armored fleets. The region benefits from a strong defense industry, with several key players engaged in the design and manufacturing of armored vehicles. The growing emphasis on collaborative defense projects and international partnerships is expected to fuel innovation and competitiveness, driving further growth in the European armored vehicles market. Moreover, the integration of advanced technologies in armored platforms to meet emerging threats is set to reshape the landscape in this region.

Opportunities

The military armored vehicles market presents numerous opportunities for growth and innovation in the coming years. With the continuous evolution of warfare, there is an increasing demand for advanced armored platforms that can operate in diverse environments and adapt to new threats. Manufacturers are positioned to capitalize on this opportunity by investing in research and development to create vehicles equipped with cutting-edge technologies such as artificial intelligence, autonomous systems, and enhanced connectivity features. Furthermore, partnerships between defense contractors and military organizations can lead to tailored solutions that meet specific operational requirements, ensuring that armored vehicles remain relevant and effective in modern warfare scenarios. As nations prioritize defense modernization initiatives, the need for versatile armored vehicles is expected to drive significant investment in this sector across the globe.

Additionally, the trend toward sustainability and environmental responsibility is creating opportunities for manufacturers to explore alternative propulsion systems, such as electric and hybrid technologies, in military armored vehicles. As military forces seek to reduce their carbon footprint and enhance operational efficiency, the demand for eco-friendly armored solutions is likely to increase. This shift will not only open new avenues for innovation but also enable companies to differentiate their offerings in a competitive market. Moreover, the growing focus on training and simulation technologies presents opportunities for armored vehicle manufacturers to develop integrated training solutions that ensure personnel are well-prepared for real-world scenarios. With these opportunities on the horizon, the military armored vehicles market is positioned for robust growth and transformation.

Threats

The military armored vehicles market faces several threats that could impact its growth trajectory. One significant threat is the rapid advancement of asymmetric warfare tactics employed by non-state actors and insurgent groups. These entities are increasingly utilizing unconventional methods and technologies, such as improvised explosive devices (IEDs) and anti-tank guided missiles (ATGMs), to challenge traditional armored vehicles. This evolution in warfare can lead to increased risks for armored forces and may necessitate additional investments in vehicle protection and countermeasures, straining defense budgets. Additionally, geopolitical uncertainties and shifts in alliances can create instability in defense procurement, impacting the long-term planning and investments in the military armored vehicles sector.

Another notable threat is the emergence of advanced technologies that could rival or replace traditional armored vehicles. The rise of unmanned ground vehicles (UGVs) and robotic systems is changing the landscape of military operations, as these technologies offer unique advantages in terms of reconnaissance, logistics, and even combat capabilities. As these innovations become more prevalent, traditional armored vehicle manufacturers may face pressure to adapt and incorporate these technologies into their offerings. Failure to do so could result in a loss of market share and relevance in an evolving defense environment. Consequently, it is crucial for industry players to remain agile and responsive to these threats to sustain their competitive edge in the military armored vehicles market.

Competitor Outlook

• General Dynamics Corporation
• BAE Systems plc
• Northrop Grumman Corporation
• Rheinmetall AG
• Lockheed Martin Corporation
• Oshkosh Corporation
• Thales Group
• Krauss-Maffei Wegmann GmbH & Co. KG
• Navistar Defense LLC
• Elbit Systems Ltd.
• Patria Oyj
• Saab AB
• Textron Inc.
• Hanwha Defense Co., Ltd.
• ICBC (Industrial and Commercial Bank of China)

The competitive landscape of the military armored vehicles market is characterized by the presence of several established players and new entrants striving to innovate and adapt to changing defense requirements. Major companies such as General Dynamics Corporation and BAE Systems plc dominate the market, leveraging their extensive expertise in vehicle design, manufacturing, and integration of advanced technologies. These companies continue to invest in research and development, focusing on enhancing the capabilities and survivability of armored vehicles. Strategic partnerships and collaborations with governmental defense organizations further strengthen their market positions, allowing them to create tailored solutions that meet specific operational needs.

Another key player, Lockheed Martin Corporation, is known for its innovation in military technologies, including armored vehicles. The company has been actively involved in developing advanced platforms that integrate cutting-edge systems for enhanced battlefield performance. Their commitment to modernization and collaboration with other defense contractors has enabled them to maintain a competitive edge in the market. Similarly, Rheinmetall AG has made significant strides in producing advanced armored vehicles, focusing on next-generation technologies and modular designs that allow for customization based on mission requirements.

Elbit Systems Ltd. and Oshkosh Corporation are also notable competitors in the military armored vehicles market, offering specialized solutions that cater to the evolving needs of armed forces globally. Elbit Systems focuses on integrating advanced electronics and software into its armored platforms, enhancing situational awareness and combat effectiveness. In contrast, Oshkosh Corporation is renowned for its expertise in tactical vehicles, providing solutions that prioritize mobility and protection for military personnel. As these companies continue to innovate and adapt, the competitive landscape is expected to remain dynamic, with established players and newcomers striving to capture market share and meet the demands of modern warfare.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Saab AB
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Patria Oyj
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Textron Inc.
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Thales Group
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Rheinmetall AG
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 BAE Systems plc
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Elbit Systems Ltd.
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Oshkosh Corporation
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Navistar Defense LLC
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Hanwha Defense Co., Ltd.
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Lockheed Martin Corporation
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 General Dynamics Corporation
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Northrop Grumman Corporation
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Krauss-Maffei Wegmann GmbH & Co. KG
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 ICBC (Industrial and Commercial Bank of China)
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Military Armored Vehicles Market, By Armor Type
    • 6.1.1 Composite
    • 6.1.2 Reactive
    • 6.1.3 Non-Reactive
    • 6.1.4 Explosive Reactive
  • 6.2 Military Armored Vehicles Market, By Application
    • 6.2.1 Combat
    • 6.2.2 Transportation
    • 6.2.3 Reconnaissance
    • 6.2.4 Others
  • 6.3 Military Armored Vehicles Market, By Vehicle Type
    • 6.3.1 Main Battle Tanks
    • 6.3.2 Armored Personnel Carriers
    • 6.3.3 Infantry Fighting Vehicles
    • 6.3.4 Light Protected Vehicles
    • 6.3.5 Mine-Resistant Ambush Protected Vehicles
  • 6.4 Military Armored Vehicles Market, By Propulsion Type
    • 6.4.1 Diesel
    • 6.4.2 Electric
    • 6.4.3 Hybrid
    • 6.4.4 Gasoline

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Military Armored Vehicles Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Military Armored Vehicles market is categorized based on

By Vehicle Type

• Main Battle Tanks
• Armored Personnel Carriers
• Infantry Fighting Vehicles
• Light Protected Vehicles
• Mine-Resistant Ambush Protected Vehicles

By Application

• Combat
• Transportation
• Reconnaissance
• Others

By Propulsion Type

• Diesel
• Electric
• Hybrid
• Gasoline

By Armor Type

• Composite
• Reactive
• Non-Reactive
• Explosive Reactive

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• General Dynamics Corporation
• BAE Systems plc
• Northrop Grumman Corporation
• Rheinmetall AG
• Lockheed Martin Corporation
• Oshkosh Corporation
• Thales Group
• Krauss-Maffei Wegmann GmbH & Co. KG
• Navistar Defense LLC
• Elbit Systems Ltd.
• Patria Oyj
• Saab AB
• Textron Inc.
• Hanwha Defense Co., Ltd.
• ICBC (Industrial and Commercial Bank of China)