According to a recently published report by Research Nester on “Armored Vehicle Upgrade and Retrofit Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the armored vehicle upgrade and retrofit market in terms of market segmentation by armor level type, by vehicle type, by design and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The armored vehicle upgrade and retrofit market is anticipated to record a CAGR of around 4% over the forecast period i.e. 2019-2027. The market is segmented by armor level type, vehicle type and design. Based on vehicle type, the Infantry Fighting Vehicle (IFV) segment is anticipated to have significant growth on account of 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 and integration of these technologies with the new upgraded one the market is expected to fortify the market growth. The market is segmented by armor level type, vehicle type and design. Based on armor level type, the market is sub segmented into rifle, mine resistant, light armored and armor piercing rifle. On the basis of vehicle type, the market is sub- segmented into tactical truck, mine-resistant ambush-protected (MRAP), main battle tanks (MBT), light protected vehicle (LPV), infantry fighting vehicle (IFV), assault amphibious vehicles (AAV), armored personnel carrier (APC), armored recovery vehicle, armored fighting vehicle and other vehicle types. On the basis of design, the market is sub-segmented into tracked armored vehicles and wheeled armored vehicles.
North America is expected to grow significantly on the back of the modernization programs to increase the life span of the existing fleet. The US government contracted General Dynamics Corporation to upgrade the battle tanks, APCs, IFVs, and other armored vehicles over the years. Asia Pacific is expected to grow attributing to increasing investments in the modernization of military troop equipment, increased mobility, and protection of land troops. They would help to improve bilateral relations and partnerships. Africa is expected to grow significantly owing to the increase in the military spending by the government as a percentage of the GDP.
Modernization of military armored vehicles
Armored vehicles include land combat and transportation vehicles used by military land forces for operations like transporting cargo and military personnel and operating in active combat. These vehicles are protected by armored and in many cases armed with weapons. Various countries are undertaking modernization of the military troops with latest capabilities to strengthen their country’s army which is expected to boost the growth of the armored vehicle upgrade and retrofit market.
Growing Demand for “Low-cost per mile” military vehicles
The existing systems are updating the functionalities and the capabilities of the military vehicles as the military authorities look for vehicles that are capable of providing high mobility and are capable of navigating various types of terrains which increases the demand for “low-cost per mile” military vehicles thereby expected to boost the growth of the armored vehicle upgrade and retrofit market.
However, restricted on-vehicle network capabilities which is expected to operate as a key restraint to the growth of armored vehicle upgrade and retrofit market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the armored vehicle upgrade and retrofit market which includes company profiling of FNSS Defence Systems, Oshkosh Corporation, AM General, Krauss- Maffei Wegmann, Thales Group, RAUG, General Dynamics, Textron, Sabiex International and Diehl Defence. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the armored vehicle upgrade and retrofit market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.