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 size reached US$ 6.2 Billion in 2022. Armored vehicle upgrade and retrofit refers to the process of improving the capabilities and performance of existing armored vehicles through modifications, upgrades, and the integration of new technologies. This process typically involves improving the vehicle's armor, weapons systems, and other critical components to enhance the operational effectiveness and survivability. These upgrades can include add-on armors, blast mitigation solutions, active and passive protection kits, and defensive aid suits to increase combat capabilities while protecting troops from kinetic and ballistic threats. The vehicles are often customized with modifications tailored to the mission requirements and operational environment, involving the integration of new technologies such as advanced sensors, weapons systems, and communication equipment. The main functions of armored vehicle upgrade and retrofit include enhancing survivability, improving mobility, and enhancing firepower. upgrading and retrofitting of existing armored vehicles to help extend their service life, thereby enabling them to remain in service for longer periods and reducing the need for new vehicle procurement.
Global Armored Vehicles Upgrade and Retrofit Market Trends:
The global market is majorly driven by the growing threat of terrorism, insurgency and cross-border attacks. This is due to the rising geopolitical tension among several countries across the globe. In addition to this, the widespread trend of modernizing the existing aging fleets of armored vehicles to extend their service life and improve their capabilities is providing an impetus to the market. Moreover, the growing investments by private and public agencies for upgrading the overall defense infrastructure, coupled with rising military expenditure is resulting in a higher service uptake, particularly in emerging economies with limited defense budgets, are bolstering the market. Besides this, the growing integration of new capabilities and systems into existing armored vehicles is driving the demand for modular upgrade and retrofit solutions to improve the communication, situational awareness, and firepower of these vehicles. Continual technological advancements in urban warfare technologies resulting in the augmenting need for armored vehicles to operate effectively in complex urban environments is also creating a positive outlook for the market. Furthermore, extensive research and development (R&D) activities focusing on upgrade and retrofit solutions to enhance the fuel efficiency and minimize environmental impact of armored vehicles is fueling the market growth. Some of the other factors contributing to the market include rapid urbanization, growing adoption of military vehicles for rescue operations, augmenting demand for multirole vehicles, and numerous innovations in the defense sector. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 7.5 Billion by 2028, exhibiting a CAGR of 3.2% during 2023-2028.
- Based on the 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 divided into the market has been segmented into wheeled armored vehicles and tracked armored vehicles.
- On the geographical front, the market has been segregated into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. 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.
|Base Year of the Analysis
||Vehicle Type, Design, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||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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