The Armored Vehicle Upgrade And Retrofit Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Armored Vehicle Upgrade And Retrofit Global Market Report 2024, The armored vehicle upgrade and retrofit market size has grown steadily in recent years. It will grow from $6.07 billion in 2023 to $6.36 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to cold war era arms race, evolving threats and tactics, emphasis on logistics and maintenance, budget allocations for defense spending, evolving threat landscape.
The armored vehicle upgrade and retrofit market size is expected to see steady growth in the next few years. It will grow to $7.52 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to increasing focus on hybrid and electric propulsion, adoption of unmanned ground vehicles (ugvs), growing demand for modular and scalable upgrades, emphasis on lightweight and survivable designs, global geopolitical tensions. Major trends in the forecast period include integration of artificial intelligence in vehicle systems, enhanced survivability through active protection systems, shift towards digitalization and connectivity, increased use of additive manufacturing in upgrades, sustainable and eco-friendly armored vehicle solutions.
The rise in terrorism and hostile activities is expected to propel the growth of the armored vehicle upgrade and retrofit market going forward. Terrorism and hostile activities refer to acts of violence, aggression, or threats perpetrated by individuals or groups to cause fear, harm, or disruption. Armored vehicles significantly counter-terrorism and hostile activities by providing security forces and military units with protection, mobility, and firepower. They are utilized in various scenarios to mitigate the risks of terrorist attacks and hostile activities. For instance, in March 2022, according to Global Terrorism Index 2022 report from the Institute for Economics and Peace, an Australia-based thinktank, terrorism attacks rose by 17% to 5,226 in 2021. Afghanistan leads the world in terrorist attacks, notably in August 2021, a devastating incident occurred at Kabul International Airport, where a suicide bomber tragically claimed the lives of at least 170 people and left over 200 others wounded when the explosives were detonated. Therefore, the rise in terrorism and hostile activities will drive the future armored vehicle upgrade and retrofit market.
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The armored vehicle upgrade and retrofit market covered in this report is segmented –
1) By Design: Wheeled Armored Vehicles, Tracked Armored Vehicles
2) By Vehicle Type: Tactical Truck, Main Battle Tanks (MBT), Assault Amphibious Vehicles (AAV), Armored Personnel Carrier (APC), Armored Recovery Vehicle, Armored Fighting Vehicle, Other Vehicle Types
3) By Armor Level Type: Rifle, Mine Resistant
4) By Point of Sale: Original Equipment Manufacturer (OEM), Retrofit
Technological advancements are a key trend gaining popularity in the armored vehicle upgrade and retrofit market. Major companies operating in the armored vehicle upgrade and retrofit market are focused on the latest technology to sustain their position. For instance, in June 2022, Texelis SAS, a France-based manufacturing company, introduced a new technological solution to wheeled armored vehicle electrification for military operators looking to take the next step toward a greener battlefield. This solution combines proven electric vehicle components to offer a faster route to vehicle electrification than whole-vehicle electric design programs. It can be implemented on existing wheeled military vehicles to retain advanced mobility while harnessing technologies to enable the ability to export electric power to charge soldier systems and run in full-electric silent mode for limited periods.
The armored vehicle upgrade and retrofit market report table of contents includes:
1. Executive Summary
2.Armored Vehicle Upgrade And Retrofit Market Characteristics
3.Armored Vehicle Upgrade And Retrofit Market Trends And Strategies
4. Armored Vehicle Upgrade And Retrofit market analysis
5. Armored Vehicle Upgrade And Retrofit Market Size And Growth
6.Armored Vehicle Upgrade And Retrofit Segmentation
7.Armored Vehicle Upgrade And Retrofit Regional And Country Analysis
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27.Armored Vehicle Upgrade And Retrofit Competitive Landscape And Company Profiles
28.Armored Vehicle Upgrade And Retrofit Key Mergers And Acquisitions
29. Armored Vehicle Upgrade And Retrofit Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Hyundai Motor Group
- SAIC Motor Corporation Limited.
- Hanwha Group
- Tata Motors Limited
- General Dynamics Corporation
- Northrop Grumman Corporation
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