What is Global Armored Vehicles Upgrade and Retrofit Market?
The Global Armored Vehicles Upgrade and Retrofit Market is a sector that focuses on the enhancement and modernization of armored vehicles. These vehicles are primarily used by military and defense forces worldwide for combat operations, peacekeeping missions, and during times of war. The upgrade and retrofit market involves the integration of advanced technologies and systems into existing armored vehicles to improve their performance, survivability, and lethality. This includes the installation of new engines, transmission systems, armor protection, fire control systems, and other components. The market also involves the retrofitting of older armored vehicles to extend their service life and make them compatible with modern warfare requirements. The demand for armored vehicles upgrade and retrofit is driven by the increasing threats of terrorism, border disputes, and the need for advanced and efficient military equipment. The market is also influenced by the technological advancements in the defense sector and the increasing defense budgets of various countries.
Main Battle Tank, Light Protected Vehicles, Amphibious Armored Vehicles, Mine-Resistant Ambush Protected, Infantry Fighting Vehicles, Armored Personnel Carriers, Others in the Global Armored Vehicles Upgrade and Retrofit Market:
The Global Armored Vehicles Upgrade and Retrofit Market encompasses a wide range of armored vehicles such as Main Battle Tanks, Light Protected Vehicles, Amphibious Armored Vehicles, Mine-Resistant Ambush Protected Vehicles, Infantry Fighting Vehicles, Armored Personnel Carriers, and others. Each of these vehicles has a specific role in military operations and requires different types of upgrades and retrofits. Main Battle Tanks, for instance, are the primary armored fighting vehicles of any army and are often upgraded with advanced fire control systems, improved armor protection, and new engines to enhance their combat capabilities. Light Protected Vehicles, on the other hand, are used for reconnaissance, surveillance, and transport missions and are usually retrofitted with advanced communication systems, surveillance equipment, and improved mobility features. Similarly, Amphibious Armored Vehicles, which are used for amphibious assaults and river crossing operations, are upgraded with water propulsion systems, improved buoyancy features, and enhanced firepower. Mine-Resistant Ambush Protected Vehicles are specifically designed to withstand improvised explosive device (IED) attacks and ambushes and are often retrofitted with blast-resistant underbodies and advanced armor protection. Infantry Fighting Vehicles and Armored Personnel Carriers, which are used to transport infantry into the battlefield, are upgraded with advanced weapon systems, improved armor protection, and enhanced mobility features. Other types of armored vehicles such as self-propelled artillery, armored recovery vehicles, and armored engineering vehicles also form part of the upgrade and retrofit market.
Military, Commercial in the Global Armored Vehicles Upgrade and Retrofit Market:
The Global Armored Vehicles Upgrade and Retrofit Market finds its usage primarily in the Military and Commercial sectors. In the military sector, armored vehicles are used in various combat and non-combat operations. They provide mobility to troops, serve as command and control centers, and are used for reconnaissance, surveillance, and target acquisition. The need to maintain the operational readiness of these vehicles and to equip them with the latest technologies drives the demand for their upgrade and retrofit. This includes the integration of advanced communication systems, weapon systems, surveillance equipment, and armor protection. In the commercial sector, armored vehicles are used by private security companies, VIPs, and in cash-in-transit operations. These vehicles are often retrofitted with bulletproof glass, reinforced bodywork, and other security features to protect the occupants from attacks. The demand for armored vehicles upgrade and retrofit in the commercial sector is driven by the increasing security threats and the need for safe and secure transportation.
Global Armored Vehicles Upgrade and Retrofit Market Outlook:
The Global Armored Vehicles Upgrade and Retrofit Market has shown significant growth over the years. In 2023, the market was valued at US$ 4253.3 million and is expected to reach US$ 5070.7 million by 2030, growing at a CAGR of 2.1% during the forecast period of 2024 to 2030. This growth can be attributed to the increasing demand for armored vehicles in both the military and commercial sectors, driven by the rising security threats and the need for advanced and efficient vehicles. The market is also influenced by the technological advancements in the defense sector and the increasing defense budgets of various countries. Currently, the majority of the world's automobiles, including armored vehicles, are produced in Asia, Europe, and North America. Asia accounts for 56% of the global automobile production, followed by Europe with 20%, and North America with 16%. This distribution is a reflection of the industrial capabilities, technological advancements, and market demands in these regions.
| Report Metric | Details |
| Report Name | Armored Vehicles Upgrade and Retrofit Market |
| Accounted market size in 2023 | US$ 4253.3 million |
| Forecasted market size in 2030 | US$ 5070.7 million |
| CAGR | 2.1% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| By Region |
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| By Company | AM General (US), FNSS Savunma Sistemleri (UAE), MKU (Inidia), Oshkosh Defense (US), Sabiex International (Belgium), BAE Systems(UK), Diehl Defence (Germany), Elbit Systems (Israel), General Dynamics (US), Palbam (Israel), Rheinmetall (Germany), Thales Group (France) |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
