The latest report by IMARC Group, titled “Armored Vehicles Upgrade and Retrofit Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global armored vehicles upgrade and retrofit market reached a value of US$ 5.9 Billion in 2021. Armored vehicles are transportation and land combat vehicles used for offensive and defensive operations. They include high precision and heavily armed weapons and ammunitions that protect against shell fragments, bullets and projectiles. They also transport military personnel, cargo and aid in the operation of active combats. In recent years, armored vehicles upgrade and retrofit have gained prominence as they reduce the risk of attack and damage, and ensure the security of military personnel and cargo.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Armored Vehicles Upgrade and Retrofit Market Trends:
The market is primarily driven by the rising number of terrorist attacks, hostile activities, and cross-border disputes across the globe. This has resulted in the need for advanced technologies incorporated with existing land vehicles, which is facilitating the uptake of armored vehicles upgrade and retrofit solutions. Besides this, governments of various countries are undertaking major steps to upgrade the existing and aging fleet of military vehicles to prevent terrorism and terrorism-related attacks and casualties. They are also investing in improving vehicle performance, lethality, and onboard communication systems. Furthermore, ongoing research and development (R&D) activities have introduced advanced weapons systems, innovative materials for the protection and armor of the vehicles, and enhanced communication systems, thereby creating a positive outlook for the market. In addition, the integration of artificial intelligence and robotics that can automatically detect and track targets are fueling the market growth. Looking forward, the market is expected to exhibit a CAGR of 3.4% during 2022-2027.
- Based on the vehicle type, the market has been segmented into armored personnel carrier (APC), infantry fighting vehicle (IFV), mine-resistant ambush protected (MRAP), main battle tank (MBT), and others.
- On the basis of the design, the market has been classified into wheeled and tracked armored vehicles.
- Region-wise, the market has been divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been examined, with some of the key players being AM General LLC, FNSS Savunma Sistemleri A.S., MKU Limited, Oshkosh Defense, LLC, Sabiex International SA, BAE Systems plc, Diehl Defence (Diehl Stiftung & Co. KG), Elbit Systems Limited, General Dynamics Corporation, Palbam Advanced Metal Works, Rheinmetall AG, and Thales Group.
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