According to the latest report by IMARC Group, titled “Armored Vehicles Upgrade and Retrofit Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the market. The armored vehicles upgrade and retrofit market outlook report also includes competitor and regional analysis, and contemporary advancements in the market. The global armored vehicles upgrade and retrofit market size reached US$ 6.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.5 Billion by 2028, exhibiting a growth rate (CAGR) of 3.2% during 2023-2028.
Armored Vehicles Upgrade and Retrofit Market Overview:
Armored vehicles are used as transportation and land combat vehicles in various offensive and defensive operations. In addition to transporting military personnel and cargo, they frequently participate in active combat. The maintenance, repair, and overhaul services provided to these machines and new components to upgrade the initial machine are referred to as retrofitting. There are three main kinds of armored vehicles, including armored personnel carrier (APC), infantry fighting vehicle (IFV), main battle tank (MBT), and mine-resistant ambush-protected (MRAP).
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Armored Vehicles Upgrade and Retrofit Market Demand:
The global armored vehicle upgrade and retrofit market is primarily driven by the rise in terrorism. Considerable growth in hostile activities across the globe is leading to the upgradation of existing armored vehicles, which, in turn, is acting as a key driver for the market. Increasing investments in the programs to increase the efficiency, lethality, and connectivity of armored vehicles is also significantly boosting the market growth. Furthermore, the expanding development of advanced weapon systems, increasing usage of communication systems, and the influx of new materials for the armor of the vehicles are creating numerous growth opportunities in the market.
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Key Market Segmentation:
Competitive Landscape:
- AM General
- FNSS Savunma Sistemleri
- MKU
- Oshkosh Defense
- Sabiex International
- BAE Systems
- Diehl Defence
- Elbit Systems
- General Dynamics
- Palbam
- Rheinmetall
- Thales Group.
Market Breakup by Vehicle Type:
- Armored Personnel Carrier (APC)
- Infantry Fighting Vehicle (IFV)
- Mine-Resistant Ambush Protected (MRAP)
- Main Battle Tank (MBT)
- Others
Market Breakup by Design:
- Wheeled Armored Vehicles
- Tracked Armored Vehicles
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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