Armored Vehicle Upgrade and Retrofit Market Overview
Armored vehicles are the vehicles that are used for transportation and land combat vehicles that are used for various offensive and defensive operations. These are commonly employed for the transportation of military personnel and cargo as well as operations in active combats. These vehicles are armed with weapons and protected by an armor against shell fragments, bullets and other projectiles. The armored vehicles provide significant strength to a country’s army. They are used in large numbers by military forces around the world.
Market Size and Forecast
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. Amongst the 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 is likely to foster 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. Based on design, the market is sub-segmented into tracked armored vehicles and wheeled armored vehicles. CLICK TO DOWNLOAD FREE SAMPLE
Modernization of military armored vehicles
Armored vehicles include land combat and transportation vehicles used by military land forces for operations such as 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.
Upgrade of existing armored vehicles
There is a rise in the terrorism and hostile activities around the world which increases the demand for incorporation of new technology in the land vehicles. The countries are willing to invest in upgrade programs to increase the efficiency, lethality and connectivity of the armored vehicles. The need for an upgrade in existing armored vehicles with the development of advanced weapon systems, communication systems as well as new materials for the protection of the vehicles which is expected to boost the growth of the armored vehicle upgrade and retrofit market.
Cost efficient operations of military systems
Military vehicles and equipment are expensive to operate and acquire. Along with defense budget cuts and financial strains, the cost pressures on military spending have increased. Therefore, cost-efficient operations of military systems have been given high priority which is expected to boost the growth of the market.
Restricted on-vehicle network capabilities
Not much of on-vehicle network capabilities can be tapped on armored vehicles which is expected to hinder the growth of the armored vehicle upgrade and retrofit market.
Our-in depth analysis of the armored vehicle upgrade and retrofit market includes the following segments:
By Armor Level Type
By Vehicle Type
On the basis of regional analysis, the armored vehicle upgrade and retrofit market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is expected to grow significantly on the back of the modernization programs to increase the life span of the existing fleet. The U.S. 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.
The armored vehicle upgrade and retrofit market is further classified on the basis of region as follows:
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