The Mark V Armor was Tony Stark's fifth Iron Man suit and the first specialized suit to focus on portability and easy access. When not in use the suit can be collapsed and concealed in a form that resembles a standard briefcase. When activated the suit will open, allowing the user to take hold of it as it assembles around their body.
A hologram of the Mark V armor's briefcase form could be seen among the various holograms Tony was examining when Pepper visited him in his workshop.
When Whiplash attacked Tony Stark during the Circuit de Monaco, Tony was caught on the track, defenseless, until Happy Hogan and Pepper Potts managed to get to him with the Mark V. Tony used the Mark V armor to defend himself against Vanko and narrowly managed to defeat him despite the suit's reduced combat abilities, receiving large amounts of damage to the suit.
Sometime after the battle the Mark V was repaired and kept in Stark's "Hall of Armor" with the other "classics". When Stark's mansion was attacked by the Mandarin's forces, it was destroyed due to damage to the mansion's systems; causing the suit to unintentionally detonate (possibly an overload of the miniature arc reactor). 
Specializing in portability and accessibility, the Mark V was designed to grant Tony Stark a portion of the benefits that the normal armor gives him no matter where he was or what situation he was in. With that in mind the Mark V was constructed to be much lighter than the previous armors. The suit is made up of a multitude of individual, miniature plates that allowed the suit to be collapsed and compacted into the unassuming form of a briefcase. When activated the briefcase can reform into the Iron Man armor within seconds.
Like previous models, the armor increased Stark's natural physical abilities to superhuman levels, granting him high levels of superhuman strength and durability. However, due to the lighter plating and gaps between the numerous plates this suit was slightly more vulnerable overall than the other models as several strikes from Vanko, in his arc-powered harness, began to tear through and severely damage Stark's armor.
Also due to it's focus on portability, the armor lacks any of the on-board weapons of the earlier and future models, but is still equipped with weapons level repulsor gauntlets for combat as well as a standard unibeam.
Behind the Scenes
- In the comics, the Iron Man armor seems to appear out of nowhere when Tony Stark activates it. The briefcase armor was the MCU's attempt to make a realistic version of Tony becoming Iron Man almost instantly.
| Mark I • Mark II • Mark III • Mark IV • Mark V • Mark VI • Mark VII|
Mark VIII • Mark IX • Mark X • Mark XI • Mark XII • Mark XIII • Mark XIV • Mark XV • Mark XVI • Mark XVII •
Mark XVIII • Mark XIX • Mark XX • Mark XXI • Mark XXII • Mark XXIII • Mark XXIV • Mark XXV • Mark XXVI •
Mark XXVII • Mark XXVIII • Mark XXIX • Mark XXX • Mark XXXI • Mark XXXII • Mark XXXIII • Mark XXXIV •
Mark XXXV • Mark XXXVI • Mark XXXVII • Mark XXXVIII • Mark XXXIX • Mark XL • Mark XLI
Mark XLII • Mark XLIII • Mark XLIV/Veronica • Mark XLV • Mark XLVI • Mark XLVII • Mark XLIX • Mark L
|Mark I • Mark II/Iron Patriot • Mark III • Mark IV|
|Mark I • Mark II|
|Tech Suit • Iron Spider Armor|