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Armored Vehicles Upgrade and Retrofit Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

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 refer to transportation and land combat vehicles used for various offensive and defensive operations. They are commonly employed for the transportation of military personnel and cargo as well as operating in active combats. These vehicles are often armed with weapons and protected by an armor against shell fragments, bullets and other projectiles.

 

 
 

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Several programs are being conducted to upgrade the equipment and systems in old armored vehicles across the globe. Led by the availability of modern and evolved warfare technologies, these programs are driving the growth of the upgrade and retrofit market. Additionally, many countries are expanding their military budgets on account of increasing terrorism and hostile activities. These activities have also resulted in the requirement of frequent repairing and installation of new parts in armored vehicles. Besides, there has been a rise in the demand for low-cost per mile military vehicles. As the processes of upgrade and retrofit are comparatively less expensive than manufacturing a fully equipped vehicle, it has positively influenced the market growth. Moreover, there has been a rise in investments for the advancement of military troop equipment for increased mobility and improved protection of land troops across both developed and emerging economies.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global armored vehicles upgrade and retrofit market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on vehicle type and design.

 Breakup by Vehicle Type:

 

 
 

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  • Armored Personnel Carrier (APC)
  • Infantry Fighting Vehicle (IFV)
  • Mine-Resistant Ambush Protected (MRAP)
  • Main Battle Tank (MBT)
  • Others
     

 Breakup by Design:

  • Wheeled Armored Vehicles 
  • Tracked Armored Vehicles
     

Breakup by Region:

 

 
 

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

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being AM General, FNSS Savunma Sistemleri, MKU, Oshkosh Defense, Sabiex International, BAE Systems, Diehl Defence, Elbit Systems, General Dynamics, Palbam, Rheinmetall, Thales Group, etc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Vehicle Type, Design, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered AM General, FNSS Savunma Sistemleri, MKU, Oshkosh Defense, Sabiex International, BAE Systems, Diehl Defence, Elbit Systems, General Dynamics, Palbam, Rheinmetall and Thales Group
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

1   Preface
2   Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   Global Armored Vehicles Upgrade and Retrofit Market
    5.1    Market Overview
    5.2    Market Performance 
    5.3    Impact of COVID-19
    5.4    Market Breakup by Vehicle Type 
    5.5    Market Breakup by Design
    5.6    Market Breakup by Region
    5.7    Market Forecast
6   Market Breakup by Vehicle Type 
    6.1    Armored Personnel Carrier (APC) 
        6.1.1    Market Trends
        6.1.2    Market Forecast
    6.2    Infantry Fighting Vehicle (IFV) 
        6.2.1    Market Trends
        6.2.2    Market Forecast
    6.3    Mine-Resistant Ambush Protected (MRAP) 
        6.3.1    Market Trends
        6.3.2    Market Forecast
    6.4    Main Battle Tank (MBT) 
        6.4.1    Market Trends
        6.4.2    Market Forecast
    6.5    Others 
        6.5.1    Market Trends
        6.5.2    Market Forecast
7   Market Breakup by Design
    7.1    Wheeled Armored Vehicles 
        7.1.1    Market Trends
        7.1.2    Market Forecast
    7.2    Tracked Armored Vehicles
        7.2.1    Market Trends
        7.2.2    Market Forecast
8   Market Breakup by Region
    8.1    North America
        8.1.1    Market Trends
        8.1.2    Market Forecast
    8.2    Europe 
        8.2.1    Market Trends
        8.2.2    Market Forecast
    8.3    Asia Pacific
        8.3.1    Market Trends
        8.3.2    Market Forecast
    8.4    Middle East and Africa
        8.4.1    Market Trends
        8.4.2    Market Forecast
    8.5    Latin America
        8.5.1    Market Trends
        8.5.2    Market Forecast
9   SWOT Analysis
    9.1    Overview
    9.2    Strengths
    9.3    Weaknesses
    9.4    Opportunities
    9.5    Threats
10  Value Chain Analysis
    10.1    Overview
    10.2    Research and Development  
    10.3    Parts Manufacturing
    10.4    System and Subsystem Assembly
    10.5    Final Integration
    10.6    Marketing and Sales
    10.7    Delivery to End Customers
    10.8    Aftermarket Services 
11  Porters Five Forces Analysis
    11.1    Overview
    11.2    Bargaining Power of Buyers
    11.3    Bargaining Power of Suppliers
    11.4    Degree of Competition
    11.5    Threat of New Entrants
    11.6    Threat of Substitutes
12  Price Analysis
13  Competitive Landscape

    13.1    Market Structure
    13.2    Key Players
    13.3    Profiles of Key Players
        13.3.1    AM General  
        13.3.2    FNSS Savunma Sistemleri 
        13.3.3    MKU 
        13.3.4    Oshkosh Defense 
        13.3.5    Sabiex International 
        13.3.6    BAE Systems
        13.3.7    Diehl Defence
        13.3.8    Elbit Systems
        13.3.9    General Dynamics
        13.3.10      Palbam 
        13.3.11      Rheinmetall
        13.3.12      Thales Group

List of Figures

Figure 1: Global: Armored Vehicles Upgrade and Retrofit Market: Major Drivers and Challenges
Figure 2: Global: Armored Vehicles Upgrade and Retrofit Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Armored Vehicles Upgrade and Retrofit Market: Breakup by Vehicle Type (in %), 2022
Figure 4: Global: Armored Vehicles Upgrade and Retrofit Market: Breakup by Design (in %), 2022
Figure 5: Global: Armored Vehicles Upgrade and Retrofit Market: Breakup by Region (in %), 2022
Figure 6: Global: Armored Vehicles Upgrade and Retrofit Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 7: Global: Armored Vehicles Upgrade and Retrofit Industry: SWOT Analysis
Figure 8: Global: Armored Vehicles Upgrade and Retrofit Industry: Value Chain Analysis
Figure 9: Global: Armored Vehicles Upgrade and Retrofit Industry: Porter’s Five Forces Analysis
Figure 10: Global: Armored Vehicles Upgrade and Retrofit (Armored Personnel Carrier) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Armored Vehicles Upgrade and Retrofit (Armored Personnel Carrier) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Armored Vehicles Upgrade and Retrofit (Infantry Fighting Vehicle) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Armored Vehicles Upgrade and Retrofit (Infantry Fighting Vehicle) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Armored Vehicles Upgrade and Retrofit (Mine-Resistant Ambush Protected) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Armored Vehicles Upgrade and Retrofit (Mine-Resistant Ambush Protected) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Armored Vehicles Upgrade and Retrofit (Main Battle Tank) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Armored Vehicles Upgrade and Retrofit (Main Battle Tank) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Armored Vehicles Upgrade and Retrofit (Other Vehicle Types) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Armored Vehicles Upgrade and Retrofit (Other Vehicle Types) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Armored Vehicles Upgrade and Retrofit (Wheeled Armored Vehicles) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Armored Vehicles Upgrade and Retrofit (Wheeled Armored Vehicles) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Armored Vehicles Upgrade and Retrofit (Tracked Armored Vehicles) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Armored Vehicles Upgrade and Retrofit (Tracked Armored Vehicles) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: North America: Armored Vehicles Upgrade and Retrofit Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: North America: Armored Vehicles Upgrade and Retrofit Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Europe: Armored Vehicles Upgrade and Retrofit Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Europe: Armored Vehicles Upgrade and Retrofit Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Asia Pacific: Armored Vehicles Upgrade and Retrofit Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Asia Pacific: Armored Vehicles Upgrade and Retrofit Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Middle East and Africa: Armored Vehicles Upgrade and Retrofit Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Middle East and Africa: Armored Vehicles Upgrade and Retrofit Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: Latin America: Armored Vehicles Upgrade and Retrofit Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: Latin America: Armored Vehicles Upgrade and Retrofit Market Forecast: Sales Value (in Million US$), 2023-2028

List of Tables

Table 1: Global: Armored Vehicles Upgrade and Retrofit Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Armored Vehicles Upgrade and Retrofit Market Forecast: Breakup by Vehicle Type (in Million US$), 2023-2028
Table 3: Global: Armored Vehicles Upgrade and Retrofit Market Forecast: Breakup by Design (in Million US$), 2023-2028
Table 4: Global: Armored Vehicles Upgrade and Retrofit Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 5: Global: Armored Vehicles Upgrade and Retrofit Market Structure
Table 6: Global: Armored Vehicles Upgrade and Retrofit Market: Key Players


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Key Questions Answered in This Report

The global armored vehicles upgrade and retrofit market was valued at US$ 6.2 Billion in 2022.

We expect the global armored vehicles upgrade and retrofit market to exhibit a CAGR of 3.2% during 2023-2028.

The growing incidences of border threats, the rising geopolitical conflicts, and the increasing adoption of armored vehicles upgrade and retrofit to transport military personnel and cargo and operate in active combats, are primarily driving the global armored vehicles upgrade and retrofit market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for armored vehicles upgrade and retrofit.

On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific currently dominates the global market.

Some of the major players in the global armored vehicles upgrade and retrofit market include AM General, FNSS Savunma Sistemleri, MKU, Oshkosh Defense, Sabiex International, BAE Systems, Diehl Defence, Elbit Systems, General Dynamics, Palbam, Rheinmetall, Thales Group, etc.

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