Armored Vehicle Upgrade and Retrofit Market to Grow with a CAGR of 6.25% Globally through to 2028.
Geopolitical Tensions and Conflict Zones, Technological
Advancements and Threat Evolution, Cost-Effective Modernization are factors
driving the Global Armored Vehicle Upgrade and Retrofit market in the forecast
period 2024-2028.
According to TechSci Research report, “Global Armored
Vehicle Upgrade and Retrofit Market - Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Armored
Vehicle Upgrade and Retrofit Market stood at USD 7 billion in 2022 and is
anticipated to grow with a CAGR of 6.25% in the forecast period, 2024-2028. Armored combat vehicles known
as armored vehicles are used to convey various offensive and defensive
activities. These vehicles are typically used for operations in live combat as
well as the transfer of military personnel, equipment, and supplies.
Additionally, these vehicles are equipped with guns and have armor to protect
them from projectiles like bullets and shell shards. A nation's army is
significantly strengthened by armored vehicles. They are widely used by
numerous defense forces around the world. The main drivers of this market are
the rising defense budgets of different nations, which prompt frequent upgrades
of armored vehicles to make them more adaptable to shifting battlefield
conditions, and the rising demand for inexpensive armor for military vehicles. Additionally,
the aging fleet of armored vehicles combined with the rise in terrorism and
hostile activities around the world has increased the demand for incorporating
the newest technologies into land vehicles, forcing various countries to invest
in upgrade programs to improve efficiency, lethality, and connectivity. The Global Armored Vehicle Upgrade and Retrofit Market
is a dynamic and essential segment of the defense industry. It encompasses a
wide range of activities related to enhancing and modernizing existing armored
vehicles, such as tanks, infantry fighting vehicles, and armored personnel
carriers. The market is driven by several key factors that are propelling its
growth and innovation.
One of the primary drivers of the Global Armored
Vehicle Upgrade and Retrofit Market is the proliferation of aging armored
fleets in various armed forces around the world. Many military vehicles in
service today have been in operation for several decades. These aging platforms
face challenges related to obsolescence, limited capabilities, and a need for
improved survivability. To extend the lifespan and maintain the relevance of
these vehicles, upgrading and retrofitting efforts are essential. Efforts to
develop and acquire new armored vehicles are often hampered by budget
constraints. Developing and manufacturing modern armored vehicles is a costly
and time-consuming process. In contrast, upgrading and retrofitting existing
vehicles can be more cost-effective, enabling military organizations to enhance
the performance and capabilities of their armored fleets without the expense of
procuring entirely new platforms.
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Rapid technological advancements have played a pivotal
role in driving the Global Armored Vehicle Upgrade and Retrofit Market.
Innovations in armor materials, communication systems, weapon systems, and
survivability enhancements have made it possible to significantly improve the
performance of existing armored vehicles. This has led to a surge in
retrofitting and upgrade programs aimed at integrating cutting-edge
technologies into legacy platforms. The evolving threat landscape has necessitated the
adaptation of armored vehicles to meet new challenges. Threats from
unconventional warfare, terrorism, and asymmetric warfare have led to the need
for armored vehicles with enhanced protection, mobility, and versatility.
Armored vehicle upgrades often focus on incorporating features like improvised
explosive device (IED) protection, mine resistance, and advanced communication
systems.
A trend toward modularization and standardization in
military vehicles has driven the Global Armored Vehicle Upgrade and Retrofit
Market. Modular designs make it easier to incorporate new technologies, armor,
and weapon systems. Standardization ensures that upgrades are more easily
applicable across different armored vehicle types, reducing development and
implementation costs. Environmental concerns and regulations have prompted the
retrofitting of armored vehicles with more fuel-efficient engines and emission
control systems. This is particularly relevant for armored vehicles used in
peacekeeping missions, where environmental considerations play a role in their
deployment.
The increased prevalence of urban warfare and
peacekeeping operations has emphasized the need for armored vehicles that are
well-suited to such environments. Armored vehicle upgrades often focus on
improving maneuverability, visibility, and urban combat capabilities.
Technological convergence, driven by the integration
of artificial intelligence, data analytics, and advanced sensors, has become a
key driver in the Armored Vehicle Upgrade and Retrofit Market. These
technologies are incorporated into retrofitting efforts to enhance the
situational awareness, targeting, and decision-making capabilities of armored
vehicles.
International collaboration between defense
organizations and defense companies is fostering innovation in armored vehicle
upgrades and retrofits. Collaborative efforts leverage the expertise and
resources of multiple stakeholders, resulting in more efficient and
cost-effective upgrade programs.
The global demand for armored vehicles extends beyond
the upgrades required by domestic forces. Many countries export their upgraded
and retrofitted armored vehicles to meet the requirements of international
customers. This export market has become a significant driver of innovation, as
it encourages defense companies to develop state-of-the-art upgrades and
retrofit solutions for a global clientele.
Major companies operating in Global Armored
Vehicle Upgrade and Retrofit Market are:
- General Dynamics Corporation
- Rheinmetall AG
- BAE Systems PLC
- Textron Inc.
- Elbit Systems Ltd
- Oshkosh Corporation
- Nexter Group
- FNSS Savunma Sistemleri A.S.
- THALES Group
- Ruag International Holding AG
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“The Global
Armored Vehicle Upgrade and Retrofit Market is a crucial and dynamic segment
within the defense industry. It is primarily driven by the pressing need to
modernize aging armored fleets, enhance capabilities, and adapt to changing
threat landscapes. Budget constraints, coupled with the cost-efficiency of
upgrading over procuring new vehicles, have fueled the market's growth.
Technological advancements, modularization, and standardization have made
retrofitting more efficient, enabling the integration of cutting-edge
technologies. The market also responds to evolving military needs, including
urban warfare, peacekeeping operations, and environmental concerns. Moreover,
international collaboration and the expanding export market stimulate
innovation and provide upgraded armored solutions to a global clientele. As a
result, the market remains pivotal in sustaining and improving the
effectiveness of armored fleets worldwide.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Armored
Vehicle Upgrade and Retrofit Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast, Segmented By Type (Armored Personnel Carrier [APC],
Infantry Fighting Vehicle [IFV], Mine-resistant Ambush Protected [MRAP], Main
Battle Tank [MBT]), By Design (Wheeled Armored Vehicles and Tracked Armored
Vehicles) By Region, By Competition,
2018-2028”, has evaluated the future growth potential of Global Armored
Vehicle Upgrade and Retrofit Market and provides statistics & information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in
Global Armored Vehicle Upgrade and Retrofit Market.
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