What is Armored Vehicles Upgrade and Retrofit Market?
Armored vehicles are vehicles for transport and land combat vehicles that are used for various offensive and defensive operations. These vehicles are commonly used for the transport of military personnel and cargo, as well as for operations in active combat. These vehicles are armed with weapons and protected by armor against grenade fragments, bullets and other projectiles. The armored vehicles give a country's army considerable strength. They are used in large numbers by armed forces around the world. These vehicles are armored and, in many cases, armed with weapons. Armored vehicles add considerable strength to a country's army.
Highlights from Armored Vehicles Upgrade and Retrofit Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | AM General (United States), FNSS Savunma Sistemleri (UAE), MKU (India), Oshkosh Defense (United States), Sabiex International (Belgium), BAE Systems (United Kingdom), Diehl Defence (Germany), Elbit Systems (Israel), General Dynamics (United States), Palbam (Israel), Rheinmetall (Germany) and Thales Group (France) |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that European Manufacturers will contribute to the maximum growth of Global Armored Vehicles Upgrade and Retrofit market throughout the forecasted period.
AM General (United States), FNSS Savunma Sistemleri (UAE), MKU (India), Oshkosh Defense (United States), Sabiex International (Belgium), BAE Systems (United Kingdom), Diehl Defence (Germany), Elbit Systems (Israel), General Dynamics (United States), Palbam (Israel), Rheinmetall (Germany) and Thales Group (France) are some of the key players profiled in the study. Armored Vehicles Upgrade and Retrofit Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Military and Commercial |
Type | Main Battle Tank, Light Protected Vehicles, Amphibious Armored Vehicles, Mine-Resistant Ambush Protected, Infantry Fighting Vehicles, Armored Personnel Carriers and Others |
Vehicle Type | Tracked Armored Vehicles,Wheeled Armored Vehicles |
Upgrade Type | Laser Safety,Bulletproof,Fire Resistant,Ballistic Protection,Others |
Material Used | Steel,Aluminium,Iron,Titanium,Uranium,Glass,Ceramic,Composite |
On the basis of geography, the market of Armored Vehicles Upgrade and Retrofit has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Upgradation to Improve the Functionality and Capabilities of the Vehicles and Increasing Usage of New Materials for the Protection/Armor of the Vehicles
Market Growth Drivers:
The Rise in Terrorism and Hostile Activities around the World and The Growing Demand For “Low-Cost per Mile” Military Vehicles
Challenges:
Decreasing National Defense Budgets
Restraints:
High Cost of the Vehicles
Opportunities:
The Rising Development of Advanced Weapon Systems and Communication Systems and Growing Investment in Upgrade Programs to Increase the Efficiency, Lethality, and Connectivity of the Vehicles
Key Target Audience
Providers of Reservation and Booking Software, End-Users, Potential Investors, Market Research Firms and Others
Market Leaders & Development Strategies
In January 18, 2023, Oshkosh Defense, LLC, an Oshkosh Corporation received order from the U.S. Army Tank-Automotive and Armaments Command (TACOM) Life Cycle Management Command (LCMC) OF USD 141 Million order for 414 Family of Medium Tactical Vehicles A2 (FMTV A2) and 56 FMTV trailers. This helped company to expand its presence in armored vehicles upgrade and retrofit market
In Jan 2021, the United States Defense Advanced Research Projects Agency announced funding to Honeywell to create the next generation of inertial sensor technology in the coming years it will be used in both commercial and defense navigation applications. This develops the next generation of high precision “navigation grade” IMU technology across armored vehicles.