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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
Fastest Growing Market:
The armored vehicles upgrade and retrofit market is anticipated to register a CAGR of above 5% during the forecast period.
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.
|Armored Personnel Carrier (APC)|
|Infantry Fighting Vehicle (IFV)|
|Mine-resistant Ambush Protected (MRAP)|
|Main Battle Tank (MBT)|
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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.
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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.
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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.
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Fives Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 Armored Personnel Carrier (APC)
5.1.2 Infantry Fighting Vehicle (IFV)
5.1.3 Mine-resistant Ambush Protected (MRAP)
5.1.4 Main Battle Tank (MBT)
5.1.5 Other Types
5.2.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 Rest of Asia-Pacific
5.2.4 Latin America
18.104.22.168 Rest of Latin America
5.2.5 Middle East & Africa
22.214.171.124 United Arab Emirates
126.96.36.199 Saudi Arabia
188.8.131.52 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Share Analysis
6.2 Company Profiles
6.2.1 BAE Systems PLC
6.2.2 CMI Group
6.2.3 Textron Inc.
6.2.4 Elbit Systems Ltd
6.2.5 General Dynamics Corporation
6.2.6 Rheinmetall AG
6.2.7 RUAG Group
6.2.8 Thales Group
6.2.9 Krauss-Maffei Wegmann
6.2.10 AM General
6.2.11 Oshkosh Corp.
6.2.12 FNSS Savunma Sistemleri
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject to Availability