Market Size of Armored Vehicle Procurement And Upgrade Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 6.66 Billion |
| Market Size (2029) | USD 8.19 Billion |
| CAGR (2024 - 2029) | 4.23 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Armored Vehicles Procurement and Upgrade Market Analysis
The Armored Vehicle Procurement And Upgrade Market size is estimated at USD 6.66 billion in 2024, and is expected to reach USD 8.19 billion by 2029, growing at a CAGR of 4.23% during the forecast period (2024-2029).
With the ever-increasing need for national and regional security, countries such as India, the UK, France, and the US are anticipated to be the primary centers in the market studied. Growing military expenditure of these countries is expected to help in this regard by giving freedom to the militaries to spend huge amounts for the procurement of these vehicles in order to satisfy the increasing demand.
Countries with vast land-based borders are emerging as lucrative markets for armored vehicles. The procurement of land-based vehicles is increasing, particularly in Asia-Pacific and Europe. It is due to the growing political tensions between the neighboring countries and increasing hostile activities in the regions. In addition, these factors are increasing the need for incorporating the latest technologies into the land vehicles. It, in turn, is a major driver for upgrade and retrofit activities.
The demand for upgrading existing armored vehicles will be triggered by the development of weapon systems, communication, and other new materials related to vehicle protection and armory. It is expected to generate market opportunities in the area of armor upgrades and retrofitting.
