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Strong Growth Ahead: Armored Vehicle Upgrade And Retrofit Market Size To Grow At Arecord 4.3% Cagr By 2029
Armored Vehicle Upgrade And Retrofit
How Big Is the Armored Vehicle Upgrade And Retrofit Market Size Expected to Be by 2034?
The Armored Vehicle Upgrade And Retrofit Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].
How Big Is the Armored Vehicle Upgrade And Retrofit Market Size Expected to Be by 2034?
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What Are the Emerging Segments Within the Armored Vehicle Upgrade And Retrofit Market?
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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What Long-Term Drivers Are Shaping Armored Vehicle Upgrade And Retrofit Market Trends?
The surge in terrorist activities and other hostile actions is projected to fuel the growth of the market for upgrading and retrofitting armored vehicles. Terrorism and hostile actions involve violent acts or threats made by individuals or groups that incite fear, inflicts harm or disrupts peace. Armored vehicles are an effective counter to such activities, providing protection, mobility, and firepower to military forces and security agencies. They are deployed in various circumstances to lessen the risks associated with terrorism and hostile activities. For instance, the GLOBAL TERRORISM INDEX 2024 report, released by the Institute for Economics & Peace, a non-profit Australian think tank, disclosed that in February 2024, deaths due to terrorism had risen to 8,352 in 2023, heavily affected by an attack carried out by Hamas-led militants in Israel on October 7th. This attack left 1,200 individuals dead and Israel's subsequent military counter-action reportedly led to nearly 25,000 Palestinian casualties by February 2024. Thus, the escalating terrorist and hostile activities are set to bolster the armored vehicle upgrade and retrofit market in the future.
Who Are the Top Competitors in Key Armored Vehicle Upgrade And Retrofit Market Segments?
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
What Armored Vehicle Upgrade And Retrofit Market Trends Are Gaining Traction Across Different Segments?
The surge in technological innovations is a significant trend that is becoming increasingly prevalent in the market of armored vehicle upgrade and retrofit. Big-name companies in the industry concentrate on making use of the most up-to-date technology to maintain their stance in the market. For example, in June 2022, Texelis SAS, which is based in France and specializes in manufacturing, unveiled an innovative technological solution geared towards the electrification of wheeled armored vehicles for military operators aiming to step up into a more environmentally friendly battlefield. This solution amalgamates trusted components from electric vehicles, providing a quicker path to vehicle electrification compared to comprehensive electric vehicle design programs. This can be applied to pre-existing wheeled military vehicles, allowing them to maintain sophisticated mobility while leveraging technology to provide the capability to export electric power for charging soldier systems and operating in full-electric silent mode for limited durations.
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Which Regions Are Becoming Hubs for Armored Vehicle Upgrade And Retrofit Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Armored Vehicle Upgrade And Retrofit Market?
2. What is the CAGR expected in the Armored Vehicle Upgrade And Retrofit Market?
3. What Are the Key Innovations Transforming the Armored Vehicle Upgrade And Retrofit Industry?
4. Which Region Is Leading the Armored Vehicle Upgrade And Retrofit Market?
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