According to the latest report by IMARC Group, titled "Armored Vehicles Upgrade and Retrofit Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global armored vehicles upgrade and retrofit market size reached US$ 6.1 Billion in 2019. Armored vehicles are extensively used in the defense sector for transportation and land combat purposes. They are utilized by the military forces for transporting cargo and military personnel during active combat. These vehicles are heavily armed with high precision weapons and ammunitions that are safeguarded by an armor against bullets, projectiles and shell fragments. With the significant rise in global terrorism, these vehicles find extensive application in the defense and military sector of several nations across the globe.
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 global market is primarily driven by the rising incidences of terrorist attacks and cross-border disputes. Governments of numerous countries are heavily investing in the development of efficient military modules, which is providing a thrust to the market growth. In line with this, the aging fleet of vehicles has propelled the requirement for their upgradation and retrofit for enhancing their capabilities and connectivity. Furthermore, manufacturers are increasingly integrating advanced technologies with existing land vehicles to offer improved functionality and efficiency, thereby facilitating the uptake of armored vehicles. For instance, robotics and artificial intelligence (AI) are extensively being utilized for upgrading these vehicles, which help in automatic detection and tracking of the target. The rising demand for military troop equipment with improved mobility and increasing defense spending by governments are acting as other major growth-inducing factors. Moreover, the development of more advanced weapon and communication systems, along with new materials for the armor of these vehicles, is expected to create a positive outlook for the market. On account of the aforementioned factors, the market is expected to exhibit moderate growth during 2020-2025.
- On the basis of the vehicle type, the market has been divided into armored personnel carrier (APC), infantry fighting vehicle (IFV), mine-resistant ambush protected (MRAP), main battle tank (MBT), and others.
- Based on the design, the market has been bifurcated into wheeled and tracked armored vehicles.
- On the geographical front, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been analyzed with the detailed profiles of the key players operating in the market. Some of these players include AM General, FNSS Savunma Sistemleri A.?., MKU, Oshkosh Corporation, Sabiex International, BAE Systems plc, Diehl Stiftung & Co. KG, Elbit Systems Ltd., General Dynamics Corporation, Palbam Class Ltd, Rheinmetall AG, and Thales Group.
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