Armored Vehicles Upgrade and Retrofit Market Report, 2033

Armored Vehicles Upgrade and Retrofit Market Report by Vehicle Type (Armored Personnel Carrier (APC), Infantry Fighting Vehicle (IFV), Mine-Resistant Ambush Protected (MRAP), Main Battle Tank (MBT), and Others), Design (Wheeled Armored Vehicles, Tracked Armored Vehicles), and Region 2025-2033

Report Format: PDF+Excel | Report ID: SR112025A1304

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Market Overview:

The global armored vehicles upgrade and retrofit market size reached USD 6.6 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 8.5 Billion by 2033, exhibiting a growth rate (CAGR) of 2.74% during 2025-2033.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 6.6 Billion
Market Forecast in 2033	USD 8.5 Billion
Market Growth Rate 2025-2033	2.74%

Armored vehicles refer to transportation and land combat vehicles used for various offensive and defensive operations. They are commonly employed for the transportation of military personnel and cargo as well as operating in active combats. These vehicles are often armed with weapons and protected by an armor against shell fragments, bullets and other projectiles.

Several programs are being conducted to upgrade the equipment and systems in old armored vehicles across the globe. Led by the availability of modern and evolved warfare technologies, these programs are driving the growth of the upgrade and retrofit market. Additionally, many countries are expanding their military budgets on account of increasing terrorism and hostile activities. These activities have also resulted in the requirement of frequent repairing and installation of new parts in armored vehicles. Besides, there has been a rise in the demand for low-cost per mile military vehicles. As the processes of upgrade and retrofit are comparatively less expensive than manufacturing a fully equipped vehicle, it has positively influenced the market growth. Moreover, there has been a rise in investments for the advancement of military troop equipment for increased mobility and improved protection of land troops across both developed and emerging economies.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global armored vehicles upgrade and retrofit market report, along with forecasts at the global and regional level from 2025-2033. Our report has categorized the market based on vehicle type and design.

Breakup by Vehicle Type:

Armored Personnel Carrier (APC)
Infantry Fighting Vehicle (IFV)
Mine-Resistant Ambush Protected (MRAP)
Main Battle Tank (MBT)
Others

Breakup by Design:

Wheeled Armored Vehicles
Tracked Armored Vehicles

Breakup by Region:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being AM General, FNSS Savunma Sistemleri, MKU, Oshkosh Defense, Sabiex International, BAE Systems, Diehl Defence, Elbit Systems, General Dynamics, Palbam, Rheinmetall, Thales Group, etc.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Billion USD
Segment Coverage	Vehicle Type, Design, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered	AM General, FNSS Savunma Sistemleri, MKU, Oshkosh Defense, Sabiex International, BAE Systems, Diehl Defence, Elbit Systems, General Dynamics, Palbam, Rheinmetall and Thales Group
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global armored vehicles upgrade and retrofit market was valued at USD 6.6 Billion in 2024.

We expect the global armored vehicles upgrade and retrofit market to exhibit a CAGR of 2.74% during 2025-2033.

The growing incidences of border threats, the rising geopolitical conflicts, and the increasing adoption of armored vehicles upgrade and retrofit to transport military personnel and cargo and operate in active combats, are primarily driving the global armored vehicles upgrade and retrofit market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for armored vehicles upgrade and retrofit.

On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific currently dominates the global market.

Some of the major players in the global armored vehicles upgrade and retrofit market include AM General, FNSS Savunma Sistemleri, MKU, Oshkosh Defense, Sabiex International, BAE Systems, Diehl Defence, Elbit Systems, General Dynamics, Palbam, Rheinmetall, Thales Group, etc.

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Armored Vehicles Upgrade and Retrofit Market