Armored Vehicles Upgrade and Retrofit Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Armored Vehicles Upgrade and Retrofit Market is segmented by Type (Armored Personnel Carrier (APC)), Infantry Fighting Vehicle (IFV), Mine-Resistant Ambush Protected (MRAP), Main Battle Tank (MBT), and Other Vehicle Types) and Geography

Market Snapshot

armoured vehicles upgrade and retrofit market
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 5 %

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Market Overview

The armored vehicles upgrade and retrofit market is anticipated to register a CAGR of above 5% during the forecast period.

  • The rise in terrorism and hostile activities around the world have been increasing the demand for incorporating the latest technologies into the land vehicles, which, in turn, has been acting as a driver for the armored vehicles upgrade and retrofit market.
  • The aging fleet of armored vehicles has been forcing countries to invest in upgrade programs to increase the efficiency, lethality, and connectivity. This is expected to be the biggest driver for the armored vehicles upgrade and retrofit market during the forecast period.
  • The development of advanced weapon systems, communication systems, as well as new materials for the protection/armor of the vehicles, will create the need for an upgrade of existing armored vehicles, thereby, creating future market opportunities for the armored vehicles upgrade and retrofit market.

 

Scope of the Report

The market covers all military armored vehicles and the maintenance, repair, and overhaul services, along with upgrade and retrofits that are done to these armored vehicles. The addition of new technology or features to older systems/subsystems has been mentioned under retrofit in the study. The upgrade covers the replacement of parts/systems/subsystems with newer generation ones. Armored personnel carrier (APC), infantry fighting vehicle (IFV), mine-resistant ambush-protected (MRAP), main battle tank (MBT), armored cars, vehicles carrying armored self-propelled artillery, light armored vehicles, armored ambulance, armored recovery vehicles, assault amphibious vehicle, armored vehicle-launched bridge (AVLB), armored utility vehicles, and other support vehicles are some of the examples of vehicles that have been included in the study.

Type
Armored Personnel Carrier (APC)
Infantry Fighting Vehicle (IFV)
Mine-resistant Ambush Protected (MRAP)
Main Battle Tank (MBT)
Other Types
Geography
North America
United States
Canada
Europe
United Kingdom
France
Germany
Rest of Europe
Asia-Pacific
China
India
Japan
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
United Arab Emirates
Saudi Arabia
Israel
Rest of Middle East & Africa

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Key Market Trends

Infantry Fighting Vehicle (IFV) segment to experience the highest growth

The infantry fighting vehicle (IFV) segment of the market is expected to register the highest CAGR during the forecast period. The countries have been working on the improvement of fire control, firepower, ergonomic, and functional characteristics of the aging infantry fighting vehicles. The use of artificial intelligence and robotic combat modules, like systems that can automatically detect and track targets, has been getting a high demand, and the integration of these technologies into these vehicles is expected to propel this segment's growth.

Armored Vehicles Upgrade and Retrofit_segment

North America dominates in terms of market share

North America is currently the largest market and is expected to remain so during the forecast period. The increasing defense spending over the years, along with the large ground vehicle fleet, are two significant reasons for the United States to carry out modernization programs to the increasing life span of the existing fleet. The country’s army operates one of the oldest fleets of Abraham tanks that have been in service since the 1980s. The US government initiated a project to modernize its fleet of armored vehicles back in 2009 and contracted General Dynamics Corporation to upgrade the battle tanks, APCs, IFVs, and other armored vehicles over the years. This is expected to increase modernization further to integrate the latest technologies into the fleet of armored vehicles.

Armored Vehicles Upgrade and Retrofit_geography

Competitive Landscape

The prominent players in the armored vehicles upgrade and retrofit market are General Dynamics Corporation, Rheinmetall AG, BAE Systems plc, Oshkosh Corporation, and AM General. Currently, General Dynamics Corporation has the highest market share. This is mainly due to the extensive reach of the company in the United States and the European region. The increasing armored vehicles upgrade programs in the Asia-Pacific, Middle-East, and African regions are supporting the local players to gain a significant market share.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Fives Forces Analysis

      1. 4.4.1 Bargaining Power of Buyers/Consumers

      2. 4.4.2 Bargaining Power of Suppliers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Armored Personnel Carrier (APC)

      2. 5.1.2 Infantry Fighting Vehicle (IFV)

      3. 5.1.3 Mine-resistant Ambush Protected (MRAP)

      4. 5.1.4 Main Battle Tank (MBT)

      5. 5.1.5 Other Types

    2. 5.2 Geography

      1. 5.2.1 North America

        1. 5.2.1.1 United States

        2. 5.2.1.2 Canada

      2. 5.2.2 Europe

        1. 5.2.2.1 United Kingdom

        2. 5.2.2.2 France

        3. 5.2.2.3 Germany

        4. 5.2.2.4 Rest of Europe

      3. 5.2.3 Asia-Pacific

        1. 5.2.3.1 China

        2. 5.2.3.2 India

        3. 5.2.3.3 Japan

        4. 5.2.3.4 Rest of Asia-Pacific

      4. 5.2.4 Latin America

        1. 5.2.4.1 Brazil

        2. 5.2.4.2 Mexico

        3. 5.2.4.3 Rest of Latin America

      5. 5.2.5 Middle East & Africa

        1. 5.2.5.1 United Arab Emirates

        2. 5.2.5.2 Saudi Arabia

        3. 5.2.5.3 Israel

        4. 5.2.5.4 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Share Analysis

    2. 6.2 Company Profiles

      1. 6.2.1 BAE Systems PLC

      2. 6.2.2 CMI Group

      3. 6.2.3 Textron Inc.

      4. 6.2.4 Elbit Systems Ltd

      5. 6.2.5 General Dynamics Corporation

      6. 6.2.6 Rheinmetall AG

      7. 6.2.7 RUAG Group

      8. 6.2.8 Thales Group

      9. 6.2.9 Krauss-Maffei Wegmann

      10. 6.2.10 AM General

      11. 6.2.11 Oshkosh Corp.

      12. 6.2.12 FNSS Savunma Sistemleri

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Armoured Vehicles Upgrade And Retrofit Market market is studied from 2018 - 2026.

The Armoured Vehicles Upgrade And Retrofit Market is growing at a CAGR of 5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

General Dynamics Corporation, Rheinmetall AG, BAE Systems PLC, Oshkosh Corporation, AM General are the major companies operating in Armoured Vehicles Upgrade And Retrofit Market.

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