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 2024-2032
The global armored vehicles upgrade and retrofit market size reached US$ 6.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 8.3 Billion by 2032, exhibiting a growth rate (CAGR) of 2.9% during 2024-2032.
Report Attribute
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 6.4 Billion
Market Forecast in 2032
US$ 8.3 Billion
Market Growth Rate 2024-2032
2.9%
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.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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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 2024-2032. Our report has categorized the market based on vehicle type and design.
Breakup by Vehicle Type:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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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:
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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
2023
Historical Period
2018-2023
Forecast Period
2024-2032
Units
US$ Billion
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
Report Price and Purchase Option
Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
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 US$ 6.4 Billion in 2023.
We expect the global armored vehicles upgrade and retrofit market to exhibit a CAGR of 2.9% during 2024-2032.
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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