Overview and Scope
Armored vehicle upgrades and retrofits are standard practices to enhance existing armored vehicles’ performance, capabilities, and lifespan. These upgrades can range from simple improvements to more comprehensive modifications, depending on the specific requirements and objectives.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the armored vehicle upgrade and retrofit market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the armored vehicle upgrade and retrofit market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the armored vehicle upgrade and retrofit market report are Hyundai Motor Group, SAIC Motor Corporation Limited., Hanwha Group, Tata Motors Limited, General Dynamics Corporation, Northrop Grumman Corporation, Mitsubishi Heavy Industries Ltd., Rostec State Corporation, BAE Systems PLC, Lockheed Martin Corporation, Thales Group, L3Harris Technologies Inc., Leonardo S.p.A., Iveco S.p.A, Textron Inc., Navistar Inc., ST Engineering, Oshkosh Corporation, Rheinmetall AG, Elbit Systems Ltd., Nexter Systems, Krauss-Maffei Wegmann GmbH and Co. KG, Ukroboronprom, RUAG Holding, AM General LLC, Patria Plc., CMI Group Inc., FNSS Savunma Sistemleri AS., Denel Land Systems, MKU Limited.
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 – Macro Economic Scenario
5. Global Armored Vehicle Upgrade And Retrofit Market Size and Growth
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31. Armored Vehicle Upgrade And Retrofit Market Other Major And Innovative Companies
32. Global Armored Vehicle Upgrade And Retrofit Market Competitive Benchmarking
33. Global Armored Vehicle Upgrade And Retrofit Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Armored Vehicle Upgrade And Retrofit Market
35. Armored Vehicle Upgrade And Retrofit Market Future Outlook and Potential Analysis
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