Armored Vehicles Upgrade and Retrofit Market Recent Developments, Current Industry Trends, Size, Share, Growth Insights, Prominent Players Analysis to 2023

The Technological Advancements Introduced in Defense Sector will be the Primary Driver of the Armored Vehicles Upgrade and Retrofit Market.

Global Armored Vehicles Upgrade and Retrofit Market Information by Vehicle Type (Main Battle Tank, Light Protected Vehicles, Amphibious Armored Vehicles, Mine-Resistant Ambush Protected, Infantry Fighting Vehicles, Armored Personnel Carriers, and Others), Design (Wheeled Armored Vehicles and Tracked Armored Vehicles) - Forecast To 2023.

Competitive Dashboard:

Some of the key players profiled by MRFR in its report are AM General (U.S.), MKU (INDIA), Sabiex International (Belgium), Diehl Defence (Germany), General Dynamics (U.S.), Rheinmetall (Germany), FNSS Savunma Sistemleri (UAE), Oshkosh Defense (U.S.), BAE Systems (U.K), Elbit Systems (Israel), Palbam (Israel), and, Thales Group (France). The players in the market respond to the changing demands by upgrading technology, introducing innovation.

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Market Synopsis:

Market Research Future (MRFR) has recently published a report on armored vehicles upgrade and retrofit market which reveals that the market will exhibit a moderate upward shift during the projection period 2017 to 2023. The technological advancements introduced in defense sector will be the primary driver of the market.

The augmented need for secured borders when blended with the technological advancements intensify the demand for armored vehicles upgrade and retrofit. Military expenses are inevitable in today’s world, and, although, a lot of countries are scrimping on their defense budget, no nation can afford to dismiss it entirely, especially if they share cross-border tensions or threat from terrorist groups. The rising number of terror organizations and militancy also requires the military of the countries to be equipped with next-gen technology for fighting. Apart from that, civil wars, attempts to coup, internal insurgencies, etc. are also some of the major issues faced by the governments that propel the demand in the market.

Market Segmentation:

By vehicle type, the armored vehicles upgrade and retrofit market has been segmented into main battle tank, light protected vehicles, amphibious armored vehicles, mine-resistant ambush protected, infantry fighting vehicles, armored personnel carriers, and, others.
By design, the global market has been segmented into wheeled armored vehicles, and, tracked armored vehicles.

Regional Analysis:

By region, the global armored vehicles upgrade and retrofit market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and, South America. The market in North America holds the most significant share of market control owing to the enormous military bases established in the region. The prominent exporters and importers of armored vehicles are based out of the region.

The major contributors of revenue in this market are Canada, U.S., Mexico, etc. However, the recent withdrawal of U.S. troops from conflict areas and budget limitations have restricted the market growth to some extent. Europe region has been witnessing dispute in defense after Brexit. However, England has assured that they will maintain ‘deep security partnership’ with European Union. The market in this region will show average growth owing to the need of tackling and preventing terror attacks, the presence of major players, etc.

The cross-border tensions prevailing in the Asia Pacific has fueled the demand in the market. Moreover, emerging economies such as India, China, etc. allocate a significant part of the budget to defense sector which is another reason for expanded market size. The initiatives undertaken by some of the countries by initiating bilateral agreements and programs to mutually benefit each other and develop the military has led to acceleration of revenue earned from, the market. Major importers of armored vehicles are based out of this region such as India, Pakistan, etc. Other crucial revenue contributors in the region are Vietnam, Cambodia, Japan, Malaysia, etc. These countries have increased their allocated budget for military expenses.

In spite of the market size being comparatively smaller, Africa market holds potential for growing demand due to territorial disputes, civil wars, etc. Moreover, the spending in defense sector has also been witnessed to move upwards in recent times. Algeria, Ethiopia, Libya, Morocco, Nigeria, and South Africa are some of the countries that will demonstrate a rise in demand for armored vehicles upgrade and retrofit during the assessment period. Middle East is one of the critical importers of armored vehicles upgrade and retrofit in the global market, thereby, fueling demand in the market. South America market will spend modest amount in defense sector due to security reasons.

The U.S. army will be replacing M2 Bradley, first fielded in 1981, with new infantry fighting vehicle. The new replacement will be equipped with latest technologies so that it can be more lethal and survivable. The new infantry vehicle will have room for six-man dismounted infantry squad along with an attached Javelin anti-tank missile team, anti-defense/anti-drone team, machine gun team, or air and artillery controllers. It would mount a heavier gun, probably a 40-millimeter gun firing compact case telescoped rounds, and mount smaller, lighter Javelin anti-tank missiles instead of the older TOW.

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