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.
Market Summary:
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