Press release
Armored Vehicle Upgrade And Retrofit Industry to Achieve $7.67 Billion Growth by 2029
Armored Vehicle Upgrade And Retrofit
How Will the Armored Vehicle Upgrade And Retrofit Market Grow by 2025 in Terms of Size and Growth?
The market for armored vehicle upgrade and retrofit has been witnessing consistent growth over the past few years. Its value is projected to rise from $6.22 billion in 2024 to $6.46 billion in 2025, reflecting a compound annual growth rate (CAGR) of 3.9%. The growth during the historical period is largely driven by factors such as the arms race during the Cold War era, changing threat scenarios and tactics, focus on logistics and maintenance, budgetary provisions for defense expenditure, and a transforming threat landscape.
What Are the Estimated Growth Rates for the Armored Vehicle Upgrade And Retrofit Industry Through 2029?
In the coming years, the market size for armored vehicle upgrade and retrofit is projected to experience a consistent rise, reaching a value of $7.67 billion in the year 2029 with a compound annual growth rate (CAGR) of 4.4%. This growth during the said forecast period is primarily due to a heightened focus on hybrid and electric propulsion, the acceptance of unmanned ground vehicles (UGVs), greater demand for modular and scalable upgrades, a spotlight on lightweight and survivable design elements and international geopolitical strains. Key industry trends for this projection period encompass the integration of artificial intelligence into vehicle systems, improved survival capabilities via active protection systems, a shift towards digitalisation and interconnectivity, heightened usage of additive manufacturing in upgrades and the drive for sustainable and eco-friendly solutions in the armored vehicle sector.
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What Are the Strategic Drivers Boosting Armored Vehicle Upgrade And Retrofit Market Performance?
The escalating rate of terrorism and nefarious acts is anticipated to boost the development of the armored vehicle upgrade and retrofit market. These negative acts are defined as acts of violence, aggression, or threats carried out by individuals or groups with the intention of causing fear, harm, or upheaval. Armored vehicles play a critical role in combating terrorism and such detrimental activities by providing security forces and military units with protection, agility, and firepower. These vehicles are used across various situations to reduce the potential risks associated with terrorist attacks and other unfriendly activities. For example, the GLOBAL TERRORISM INDEX 2024 report, published by the Institute for Economics & Peace, a non-profit think tank based in Australia, noted in February 2024 that deaths related to acts of terrorism rose to 8,352 in 2023. This spike was largely due to an attack on October 7th orchestrated by Hamas-led radicals in Israel resulting in the death of 1,200 individuals. Israel's counter military action reportedly resulted in an approximate 25,000 Palestinian casualties by February 2024. Consequently, the increasing trend in terrorism and combative actions are likely to spur the growth of the armored vehicle upgrade and retrofit market in the future.
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What Are the Segments in 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
What Are the Key Adoption Trends in the Armored Vehicle Upgrade And Retrofit Market?
Advancements in technology are becoming an increasingly prevalent trend in the armored vehicle retrofit and upgrade sector. Key players in the market are leveraging cutting-edge technologies to maintain their market standing. One such example can be seen in June 2022, when Texelis SAS, a manufacturing company based in France, unveiled a novel technological answer to the electrification of wheeled armored vehicles for military operations aiming for more environmentally conscious warfare. This innovation merges time-tested electric vehicle parts to provide a quicker path to vehicle electrification compared to comprehensive vehicle electric design programs. This system can be incorporated into existing wheeled military vehicles to uphold superior mobility and tap into technologies enabling the export of electric power for charging soldier systems, and operating in a completely electric silent mode for limited durations.
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Which Companies Lead the Competitive Landscape of the Armored Vehicle Upgrade And Retrofit Industry?
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
Where Are the Key Armored Vehicle Upgrade And Retrofit Market Opportunities by Region?
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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