Global Armored Vehicles Upgrade and Retrofit
Market Report
2024
The Global Armored Vehicles Upgrade and Retrofit market size was USD 6.5 billion in 2022. Armored Vehicles Upgrade and Retrofit Industry's Compound Annual Growth Rate will be 5.20% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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The Global Armored Vehicles Upgrade and Retrofit market size was USD 6.5 billion in 2022. Armored Vehicles Upgrade and Retrofit Industry's Compound Annual Growth Rate will be 5.20% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Armored Vehicles Upgrade and Retrofit Market Sales Revenue 2022 | $ 6.5 Billion |
Global Armored Vehicles Upgrade and Retrofit Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.2% |
Market Split by Vehicle Type |
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Market Split by Design |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Armored Vehicles Upgrade and Retrofit Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
The armored vehicles upgrade and retrofit market is a rapidly developing market closely linked to the defense sector. Armored vehicles play a crucial role in transporting and logistics of military personnel and equipment. Given the constant risk of attacks and damage, it is imperative to minimize these risks. Armored vehicles greatly reduce the vulnerability of military personnel and cargo, making them essential in combat and ceasefire situations. With the increase in terrorist attacks and cross-border disputes, the need for armored vehicles has become even more pronounced. In fact, over the last decade, there has been a significant rise in terrorism and related fatalities. To address these challenges, various countries have taken substantial initiatives to upgrade their existing fleet of military armored vehicles. This proactive approach is expected to drive the Market's growth.
New defense technologies are playing a significant role in the Market for upgrading and retrofitting armored vehicles. These advanced technologies are being utilized to enhance existing armored vehicles and create new ones better equipped to handle the demands of modern warfare. Among the innovative technologies employed are active protection systems, electronic warfare systems, surveillance and reconnaissance systems, cybersecurity systems, and unmanned systems. By incorporating these technologies, armored vehicles benefit from improved protection, enhanced situational awareness, increased lethality, and stronger cyber security measures.
Various factors contribute to the positive influence on the armored vehicles upgrade and retrofit market. The primary driver of this market is the recent introduction of advanced defense technologies and capabilities. As nations adopt these emerging technologies, they prioritize upgrading existing armored defense vehicles instead of purchasing new ones. This is particularly significant considering that defense forces worldwide utilize approximately 90 percent of all armored vehicles. The constant need for upgrades and modifications, as highlighted by numerous national defense forces, plays a crucial role in driving the growth of this Market
The constraints of machine translation constrain the armored vehicle upgrade and retrofit market. While machine translation quality has increased due to technological developments in AI, especially for complicated or specialized information, it still falls short of human translation in accuracy and nuance. The context and idiomatic idioms that machine translation systems frequently struggle with might cause translations to sound uncomfortable or inaccurate to native speakers. This restriction is especially important for fields like law, medicine, and marketing, where accuracy and cultural appropriateness are key.
The COVID-19 pandemic has impacted various global market sectors, including the armored vehicles upgrade and retrofit market. The pandemic caused disruptions in the global supply chain, affecting manufacturing and other key sectors. As a result, the Market experienced a decline in demand and capacity. Lockdown restrictions and regulations further hindered the Market's ability to operate effectively. Additionally, the import and export of vehicle parts were negatively affected. Many countries redirected their defense budgets toward economic recovery, resulting in budget cuts for Armored Vehicles Upgrades.
Consequently, the market's revenue also decreased. However, as we enter the post-pandemic phase, the Market is expected to rebound. With economic recovery underway, countries will prioritize reinforcing security and incorporating new technological advancements in defense vehicles. Governments will pursue pending upgrades on armored vehicles as part of efforts to enhance cross-border security. Therefore, the Market is anticipated to experience a favorable period in the coming years.
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The competitive armored vehicle development and business transformation environment is active and diverse. It comprises many armored vehicle upgrade and retrofit providers, from multinational companies to small organizations. Due to globalization and technological development, there is intense competition between companies for solutions in armored vehicle transfers.
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Top Companies Market Share in Armored Vehicles Upgrade and Retrofit Industry: (In no particular order of Rank)
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According to Cognitive Market Research, North America will be a key region for armored vehicle upgrade and retrofit in 2022. It will continue to support the industry with increasing defense spending, large land vehicles, further modernization, joint integration of new technologies into military vehicles, and the project in the North American region. North America is home to some of the largest automotive manufacturers, such as BAE Systems, General Dynamics and Oshkosh Defense. This has led to the demand for the region's modernization and repair of armored vehicles. In addition, the United States is the leading country in the North American armored vehicle aftermarket. This is due to the use of large military forces, advanced technology and the presence of large companies.
Asia Pacific is the fastest growing region in the armored vehicle upgrade and retrofit market, as many countries in the Asia Pacific region increase their military spending, thus increasing the demand for armored vehicles. The region faces many security threats, such as terrorism and cyber warfare, increasing the demand for military vehicles. Introducing new technologies such as anti-aircraft and unmanned systems increases the need for armored vehicles and upgrades. These factors are expected to drive the growth of the armored vehicle retrofit market in Asia Pacific in the coming years.
The current report Scope analyzes Armored Vehicles Upgrade and Retrofit Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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Global Armored Vehicles Upgrade and Retrofit Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Armored Vehicles Upgrade and Retrofit Industry growth. Armored Vehicles Upgrade and Retrofit market has been segmented with the help of its Vehicle Type, Design , and others. Armored Vehicles Upgrade and Retrofit market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, the infantry fighting vehicle (IFV) segment is an important segment of the armored vehicle replacement and modification market, with the largest market share. This is because infantry fighting vehicles are used by armies around the world to transport and protect troops. As a result, there is a high demand for military combat vehicles to be modified and upgraded to increase their protection, lethality and situational awareness.
The Mine Protected Ambush Protection (MRAP) segment is the fastest-growing armored vehicle upgrade and retrofit industry. This is because military and law enforcement increasingly use MRAVs to protect personnel from improvised explosive devices (IEDs). MRAP vehicle modifications and modifications are often aimed at improving the crash protection of these vehicles.
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The armored vehicle segment, the main segment of the armored vehicle renewal and modification sector, has the largest market share. This is because armored tires are more mobile and easier to transport than trucks. For this reason, they are more popular in many applications such as peacekeeping, police and border security. Wheeled armored vehicles are more maneuverable than tracked ones, making them better suited for operations in urban areas and other confined spaces. Wheeled armored vehicles are easier to transport than tracked armored vehicles, which make them more versatile and can be deployed more quickly.
According to Cognitive Market Research, the tracked armored vehicle segment is the fastest-growing segment in the armored vehicle upgrade and upgrade industry. Tracked armored vehicles are more resistant to mines and improvised explosive devices (IEDs) than wheeled vehicles. Therefore, they gained fame in the war. Tracked armored vehicles are better suited for combat operations than wheeled ones, as they can provide better protection against enemy fire and move more easily over rough terrain. Tracked armored vehicles are becoming more technologically advanced, making them more attractive to militaries worldwide.
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Research associate at Cognitive Market Research
Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.
Swasti an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.
In her current role, Swasti manages research for service and software category, leading initiatives to uncover market opportunities and enhance competitive positioning. Her strong analytical skills and ability to provide clear, impactful findings have been crucial to her team’s success. With an expertise in market research analysis, She is adept at dissecting complex problems, extracting meaningful insights, and translating them into actionable recommendations, Swasti remains an invaluable asset in the dynamic landscape of market research.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Armored Vehicles Upgrade and Retrofit Market is witnessing significant growth in the near future.
In 2023, the Armored Personnel Carrier (APC) segment accounted for noticeable share of global Armored Vehicles Upgrade and Retrofit Market and is projected to experience significant growth in the near future.
The Wheeled Armored Vehicles segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Rheinmetall AG , Elbit Systems Ltd and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Disclaimer:
Vehicle Type | Armored Personnel Carrier (APC), Infantry Fighting Vehicle (IFV), Mine-resistant Ambush Protected (MRAP), Main Battle Tank (MBT), Other |
Design | Wheeled Armored Vehicles, Tracked Armored Vehicles |
List of Competitors | Rheinmetall AG, General Dynamics Corporation, Elbit Systems Ltd, Textron Inc., BAE Systems PLC, Oshkosh Corporation, FNSS Savunma Sistemleri, Nexter Group, Thales Group, RUAG Group, Patria Group, Bharat Electronics Limited (BEL), AM General, CMI Group, Krauss-Maffei Wegmann |
This chapter will help you gain GLOBAL Market Analysis of Armored Vehicles Upgrade and Retrofit. Further deep in this chapter, you will be able to review Global Armored Vehicles Upgrade and Retrofit Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Vehicle Type Analysis 2019 -2031, will provide market size split by Vehicle Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Vehicle Type Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by Design Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Armored Vehicles Upgrade and Retrofit market
Chapter 12 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Armored Personnel Carrier (APC) have a significant impact on Armored Vehicles Upgrade and Retrofit market? |
What are the key factors affecting the Armored Personnel Carrier (APC) and Infantry Fighting Vehicle (IFV) of Armored Vehicles Upgrade and Retrofit Market? |
What is the CAGR/Growth Rate of Wheeled Armored Vehicles during the forecast period? |
By type, which segment accounted for largest share of the global Armored Vehicles Upgrade and Retrofit Market? |
Which region is expected to dominate the global Armored Vehicles Upgrade and Retrofit Market within the forecast period? |
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