According to the latest report by IMARC Group, titled "Armored Vehicles Upgrade and Retrofit Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global armored vehicles upgrade and retrofit market reached a value of US$ 6.2 Billion in 2022. Armored vehicles are widely used by military groups during various offensive and defensive operations. They are utilized for internal security, reconnaissance, subordinate battlefield tasks and armed escorting that provide protection against shell fragments, bullets and other projectiles. These land combat vehicles are upgraded and retrofitted using armors and weapons that are field-tested and support defense groups in multiple missions, including personnel transport and security in challenging environments. They include add-on armors, blast mitigating solutions, active and passive protection kits and defensive aid suits that enhance the combat capabilities of their troops while protecting them against kinetic and ballistic threats.
Global Armored Vehicles Upgrade and Retrofit Market Trends:
The global market is primarily driven by the escalating incidences of border threats. This is due to the rising geopolitical conflicts among various countries and the increasing hostile activities. Moreover, the growing investments by private and public agencies in upgrading the overall defense infrastructure are creating a positive market outlook. In line with this, the rising number of aging fleets of armored vehicles has impelled leading players to heavily spend in upgrading and retrofitting programs in order to increase efficiency, lethality, and connectivity. Along with this, continual technological advancements across the defense sector and the widespread development of advanced weapon systems and new materials for vehicle protection are also providing a boost to the market growth. Furthermore, the widespread adoption of military vehicles for rescue operations are acting as another growth-inducing factor. Other factors, including rapid urbanization, continual improvements in the defense sector and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$
7.5 Billion by 2028, growing at a CAGR of
3.2% during 2023-2028.
- On the basis of vehicle type, the market has been bifurcated 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 segmented into wheeled and tracked armored vehicles.
- On the basis of region, the market has been divided into North America, Europe, Asia Pacific, the Middle East and Africa and Latin America.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include AM General, FNSS Savunma Sistemleri, MKU, Oshkosh Defense, Sabiex International, BAE Systems, Diehl Defence, Elbit Systems, General Dynamics, Palbam, Rheinmetall and Thales Group.
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