Armored Vehicles Upgrade and Retrofit Market - Growth, Trends, and Forecast (2020 - 2025)

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

Market Snapshot

Study Period:

2017-2025

Base Year:

2019

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

5 %

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Market Overview

The armored vehicles upgrade and retrofit market is anticipated to register a CAGR of above 5% during the forecast period.

  • The rise in terrorism and hostile activities around the world have been increasing the demand for incorporating the latest technologies into the land vehicles, which, in turn, has been acting as a driver for the armored vehicles upgrade and retrofit market.
  • The aging fleet of armored vehicles has been forcing countries to invest in upgrade programs to increase the efficiency, lethality, and connectivity. This is expected to be the biggest driver for the armored vehicles upgrade and retrofit market during the forecast period.
  • The development of advanced weapon systems, communication systems, as well as new materials for the protection/armor of the vehicles, will create the need for an upgrade of existing armored vehicles, thereby, creating future market opportunities for the armored vehicles upgrade and retrofit market.

 

    Scope of the Report

    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.

    Type
    Armored Personnel Carrier (APC)
    Infantry Fighting Vehicle (IFV)
    Mine-resistant Ambush Protected (MRAP)
    Main Battle Tank (MBT)
    Other Types
    Geography
    North America
    United States
    Canada
    Europe
    United Kingdom
    France
    Germany
    Rest of Europe
    Asia-Pacific
    China
    India
    Japan
    Rest of Asia-Pacific
    Latin America
    Brazil
    Mexico
    Rest of Latin America
    Middle East & Africa
    United Arab Emirates
    Saudi Arabia
    Israel
    Rest of Middle East & Africa

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    Key Market Trends

    Infantry Fighting Vehicle (IFV) segment to experience the highest growth

    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 dominates in terms of market share

    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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    Competitive Landscape

    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.

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    Table Of Contents

    1. 1. INTRODUCTION

      1. 1.1 Study Assumptions

      2. 1.2 Scope of the Study

    2. 2. RESEARCH METHODOLOGY

    3. 3. EXECUTIVE SUMMARY

    4. 4. MARKET DYNAMICS

      1. 4.1 Market Overview

      2. 4.2 Market Drivers

      3. 4.3 Market Restraints

      4. 4.4 Porter's Fives Forces Analysis

        1. 4.4.1 Bargaining Power of Buyers/Consumers

        2. 4.4.2 Bargaining Power of Suppliers

        3. 4.4.3 Threat of New Entrants

        4. 4.4.4 Threat of Substitute Products

        5. 4.4.5 Intensity of Competitive Rivalry

    5. 5. MARKET SEGMENTATION

      1. 5.1 Type

        1. 5.1.1 Armored Personnel Carrier (APC)

        2. 5.1.2 Infantry Fighting Vehicle (IFV)

        3. 5.1.3 Mine-resistant Ambush Protected (MRAP)

        4. 5.1.4 Main Battle Tank (MBT)

        5. 5.1.5 Other Types

      2. 5.2 Geography

        1. 5.2.1 North America

          1. 5.2.1.1 United States

          2. 5.2.1.2 Canada

        2. 5.2.2 Europe

          1. 5.2.2.1 United Kingdom

          2. 5.2.2.2 France

          3. 5.2.2.3 Germany

          4. 5.2.2.4 Rest of Europe

        3. 5.2.3 Asia-Pacific

          1. 5.2.3.1 China

          2. 5.2.3.2 India

          3. 5.2.3.3 Japan

          4. 5.2.3.4 Rest of Asia-Pacific

        4. 5.2.4 Latin America

          1. 5.2.4.1 Brazil

          2. 5.2.4.2 Mexico

          3. 5.2.4.3 Rest of Latin America

        5. 5.2.5 Middle East & Africa

          1. 5.2.5.1 United Arab Emirates

          2. 5.2.5.2 Saudi Arabia

          3. 5.2.5.3 Israel

          4. 5.2.5.4 Rest of Middle East & Africa

    6. 6. COMPETITIVE LANDSCAPE

      1. 6.1 Market Share Analysis

      2. 6.2 Company Profiles

        1. 6.2.1 BAE Systems PLC

        2. 6.2.2 CMI Group

        3. 6.2.3 Textron Inc.

        4. 6.2.4 Elbit Systems Ltd

        5. 6.2.5 General Dynamics Corporation

        6. 6.2.6 Rheinmetall AG

        7. 6.2.7 RUAG Group

        8. 6.2.8 Thales Group

        9. 6.2.9 Krauss-Maffei Wegmann

        10. 6.2.10 AM General

        11. 6.2.11 Oshkosh Corp.

        12. 6.2.12 FNSS Savunma Sistemleri

    7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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