Armored Vehicle Upgrade And Retrofit Market Share

Market Share of Armored Vehicle Upgrade And Retrofit Industry

The armored vehicle upgrade and retrofit market is moderately fragmented in nature, with the presence of several global and local players holding significant shares in the market. Some of the key players in the market are General Dynamics Corporation, Rheinmetall AG, Nexter Group, Textron Inc., and BAE Systems plc. Key players in the market are highly investing in research and development and the introduction of advanced solutions for armored vehicles. For instance, In April 2023, the manufacturer BMC Otomotive announced the transfer of two pre-production samples of the Altay MBT to the military. These samples will be tested in the field for 1.5-2 years before starting mass production. So far, 10 samples of the Altay MBT have been built in various configurations with different engines and transmissions. Serial production of tanks will start tentatively in 2024-2025.

Armored Vehicle Upgrade and Retrofit Market Leaders

1. General Dynamics Corporation

2. Rheinmetall AG

3. Textron Inc.

4. Nexter Group

5. BAE Systems plc

*Disclaimer: Major Players sorted in no particular order