Key Influencer in the Armored Vehicle Upgrade And Retrofit Market 2025: The Surge In Armored Vehicle Upgrades Amidst Rising Terrorism Driver

What combination of drivers is leading to accelerated growth in the armored vehicle upgrade and retrofit market?
The escalation of terrorist activities and aggressive acts are anticipated to fuel advances in the armored vehicle upgrade and retrofit market. Such actions pertain to violent or threatening conduct carried out by individuals or communities seeking to inflict damage and stir fear and disruption. Armored vehicles play a critical role in combating these threats by bolstering the security forces and military units with robust protection, increased movement flexibility, and additional firepower. These vehicles are deployed in a variety of situations to offset the potential risks of terrorist attacks and hostile activities. For example, the GLOBAL TERRORISM INDEX 2024 report by the Institute for Economics & Peace, a non-profit Australian think tank, revealed in February 2024 that terrorism-induced deaths rose to 8,352 in 2023. This spike was significantly influenced by an assault in Israel on October 7th by Hamas-affiliated militants, which led to the deaths of 1,200 individuals. The retaliatory military response from Israel reportedly caused around 25,000 Palestinian casualties by February 2024. Hence, this surge in terroristic and aggressive activities is expected to shape the growth trajectory of the future armored vehicle upgrade and retrofit market.

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What is the projected compound annual growth rate (CAGR) of the armored vehicle upgrade and retrofit market from 2025 to 2034, and what factors influence it?
In recent times, there has been a consistent increase in the size of the armored vehicle upgrade and retrofit market. The projections anticipate that the market value will escalate from $6.22 billion in 2024 to $6.5 billion in 2025, indicating a compound annual growth rate (CAGR) of 4.4%. The reason for this growth during the historic period is directly related to the influence of the cold war era arms race, changing threats and strategies, focus on logistics and maintenance, allocation of funds for defense spending, and the continuously changing threat landscape.

The market for upgrading and retrofitting armored vehicles is predicted to experience consistent expansion in the upcoming years, with an expectation to reach $7.68 billion by 2029 at a CAGR of 4.3%. The forecasted growth during the designated period can be credited to the rising interest in electric and hybrid propulsion, the implementation of unmanned ground vehicles (UGVs), a surging demand for scalable and modular upgrades, focused development on lightweight and sustainable designs, and global geopolitical uncertainties. Key trends observed during the forecast period comprise the inclusion of artificial intelligence in vehicle technology, amplified survivability via active protection systems, a trend shift towards digitalization and interconnectivity, accelerated application of additive manufacturing in upgrades, and the pursuit of sustainable, environmentally friendly solutions for armored vehicles.

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How are the latest trends influencing the growth of the armored vehicle upgrade and retrofit market?
The armored vehicle upgrade and retrofit market is increasingly being influenced by the trend of technological advancements. Major firms in the industry are leaning into the latest tech in order to maintain their market standing. As an example, in June 2022, Texelis SAS, a manufacturing company headquartered in France, launched a novel technology solution for the electrification of wheeled armored vehicles geared towards military operators seeking to take a step towards more environmentally friendly battlefields. This solution merges established electric vehicle components to offer a quicker path to vehicle electrification compared to complete-vehicle electric design programs. This system can also be added to existing wheeled military vehicles, preserving advanced mobility while incorporating technologies that allow for electricity export to charge soldier equipment and operate in a fully electric silent mode for specific durations.

What are the major segments of the armored vehicle upgrade and retrofit market and their role in driving growth?
The armored vehicle upgrade and retrofit market covered in this report is segmented -

1) By Design: Wheeled Armored Vehicles, Tracked Armored Vehicles
2) By Vehicle Type: Tactical Truck, Main Battle Tanks (MBT), Assault Amphibious Vehicles (AAV), Armored Personnel Carrier (APC), Armored Recovery Vehicle, Armored Fighting Vehicle, Other Vehicle Types
3) By Armor Level Type: Rifle, Mine Resistant
4) By Point Of Sale: Original Equipment Manufacturer (OEM), Retrofit

Subsegments:
1) By Wheeled Armored Vehicles: Light Tactical Vehicles, Medium Tactical Vehicles, Heavy Tactical Vehicles, Mine-Resistant Ambush Protected (MRAP) Vehicles
2) By Tracked Armored Vehicles: Main Battle Tanks (MBTs), Armored Personnel Carriers (APCs), Infantry Fighting Vehicles (IFVs), Self-Propelled Artillery

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Which regions are key players in the growth of the armored vehicle upgrade and retrofit market?
North America was the largest region in the armored vehicle upgrade and retrofit market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the armored vehicle upgrade and retrofit market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Who are the key firms paving the way for growth in the armored vehicle upgrade and retrofit market?
Major companies operating in the armored vehicle upgrade and retrofit market include Hyundai Motor Group, SAIC Motor Corporation Limited., Hanwha Group, Tata Motors Limited, General Dynamics Corporation, Northrop Grumman Corporation, Mitsubishi Heavy Industries Ltd., Rostec State Corporation, BAE Systems PLC, Lockheed Martin Corporation, Thales Group, L3Harris Technologies Inc., Leonardo S.p.A., Iveco S.p.A, Textron Inc., Navistar Inc., ST Engineering, Oshkosh Corporation, Rheinmetall AG, Elbit Systems Ltd., Nexter Systems, Krauss-Maffei Wegmann GmbH and Co. KG, Ukroboronprom, RUAG Holding, AM General LLC, Patria Plc., CMI Group Inc., FNSS Savunma Sistemleri AS., Denel Land Systems, MKU Limited

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What Is Covered In The Armored Vehicle Upgrade And Retrofit Global Market Report?

• Market Size Forecast: Examine the armored vehicle upgrade and retrofit market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the armored vehicle upgrade and retrofit market for a structured understanding.
• Key Players Overview: Analyze major players in the armored vehicle upgrade and retrofit market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the armored vehicle upgrade and retrofit market.
• Segment Contributions: Evaluate how different segments drive overall growth in the armored vehicle upgrade and retrofit market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the armored vehicle upgrade and retrofit market.
• Industry Challenges: Identify potential risks and obstacles affecting the armored vehicle upgrade and retrofit market.
• Competitive Landscape: Review strategic developments in the armored vehicle upgrade and retrofit market, including expansions, agreements, and new product launches.

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