Press release
Emerging Trends to Reshape the Armored Vehicle Upgrade And Retrofit Market: Technological Trends Reshaping The Armored Vehicle Retrofit Market as a Key Influencer
Armored Vehicle Upgrade And Retrofit
Armored Vehicle Upgrade And Retrofit Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent years, there has been a stable increase in the size of the armored vehicle upgrade and retrofit market. Projected to rise from $6.22 billion in 2024 to $6.5 billion in 2025, the market exhibits a compound annual growth rate (CAGR) of 4.4%. The development during the historical period is mainly due to factors such as the arms race during the cold war era, the evolution of threats and tactics, focus on logistics and maintenance, defense spending budget allocations, and changes in the threat landscape.
Armored Vehicle Upgrade And Retrofit Market Size Forecast: What's the Projected Valuation by 2029?
Anticipated stable expansion is predicted in the armored vehicle upgrade and retrofit market in the coming years, with an expected value reaching $7.68 billion by 2029, marking a compound annual growth rate (CAGR) of 4.3%. Factors such as increased interest in hybrid and electric propulsion, the adoption of unmanned ground vehicles (UGVs), the rising demand for modular and scalable upgrades, focus on lightweight and survivable designs, and global geopolitical tensions are contributing to this growth during the forecast period. Additionally, the forecast period will also witness prevalent trends such as the incorporation of artificial intelligence in vehicle systems, improved survivability via active protection systems, a shift towards digitization and connectivity, an upsurge in the utilization of additive manufacturing for upgrades, and a rising emphasis on sustainable and eco-friendly armored vehicle solutions.
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What Are the Drivers Transforming the Armored Vehicle Upgrade And Retrofit Market?
The intensification of both terrorism and hostile behaviors is predicted to catalyze the growth of the market for upgrading and retrofitting armored vehicles. The term "terrorism and hostile behaviors" encompasses violent actions, aggressive acts, and threats imposed by individuals or groups with the intent to instill fear, inflict harm, or create a state of disruption. Armored vehicles play a crucial role in combating these acts by equipping security forces and military personnel with protection, mobility, and firepower. They serve a vital function in various situations to reduce the potential dangers posed by terrorist threats and hostile behaviors. The GLOBAL TERRORISM INDEX 2024, issued by the Australia-based Institute for Economics & Peace in February 2024, indicates the severity of the situation. The report highlighted an increase in terrorism-related deaths, reaching 8,352 in 2023. A crucial factor behind this upsurge was a deadly attack in Israel by Hamas-led extremists, occurring on October 7th, that resulted in a death toll of 1,200. Israel's retaliatory military action reportedly led to approximately 25,000 Palestinian casualties by February 2024. Consequently, the escalating trend in terrorism and hostile behaviors is anticipated to fuel the growth of the armored vehicle upgrade and retrofit market in the future.
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What Long-Term Trends Will Define the Future of the Armored Vehicle Upgrade And Retrofit Market?
The advancement in technology is becoming a prominent trend in the armored vehicle upgrade and retrofit market. To maintain their market position, major companies operating in this sector are zeroing in on the latest technological innovations. For example, Texelis SAS, based in France, has in June 2022, launched a novel technological solution for the electrification of wheeled armored vehicles aimed at military operators eager to progress towards a greener battlefield. They have developed an approach that incorporates tested electric vehicle components, offering a swifter path to electric vehicle transition compared to full-vehicle electric design programs. This innovative solution can be applied to existing wheeled military vehicles, preserving their advanced mobility. At the same time, it exploits technology to provide the capability of exporting electric power to charge soldier systems, while also enabling the vehicle to operate in a silent mode using full electrical power for limited durations.
Which Segments in the Armored Vehicle Upgrade And Retrofit Market Offer the Most Profit Potential?
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 Firms Dominate the Armored Vehicle Upgrade And Retrofit Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential in 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.
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