According to a recently published report by Research Nester on “Global Armored Vehicles Upgrade and Retrofit Market Outlook: Industry Insights & Opportunity Assessment 2019-2027″ delivers detailed overview of the global armored vehicle upgrade and retrofit market in terms of market segmentation by armor level type, vehicle type, by design and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Armored vehicles include land combat and transportation vehicles used by military land forces for operations like transporting cargo and military personnel and operating in active combat. These vehicles are protected by armored and in many cases armed with weapons.
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Various countries are undertaking modernization of the military troops with latest capabilities to strengthen their country’s army which is estimated to boost the growth of the global armored vehicle upgrade and retrofit market with a CAGR of 4% over the period 2019-2027.
The global armored vehicle upgrade and retrofit market is segmented by armor level type, vehicle type and design, out of which, the Infantry Fighting Vehicle (IFV) segment is anticipated to have significant growth on account of improvement of fire control, firepower, ergonomic and functional characteristics of the aging infantry fighting vehicles. The use of artificial intelligence and robotic combat modules like systems that can automatically detect and track targets and integration of these technologies with the new upgraded one the market is expected to grow. The market is segmented by armor level type, vehicle type and design. Based on armor level type, the market is sub segmented into rifle, mine resistant, light armored and armor piercing rifle.
On the basis of vehicle type, the market is sub- segmented into tactical truck, mine-resistant ambush-protected (MRAP), main battle tanks (MBT), light protected vehicle (LPV), infantry fighting vehicle (IFV), assault amphibious vehicles (AAV), armored personnel carrier (APC), armored recovery vehicle, armored fighting vehicle and other vehicle types. On the basis of design, the market is sub-segmented into tracked armored vehicles and wheeled armored vehicles.
Growing Demand for “Low-cost per mile” military vehicles to Boost the Demand for Armored Vehicles in the Future
The armored vehicles upgrade and retrofit market is thriving on the back of growing demand for “low-cost per mile” military vehicles. The existing systems are updating the functionalities and the capabilities of the military vehicles as the military authorities look for vehicles that are capable of providing high mobility and are capable of navigating various types of terrains which increases the demand for “low-cost per mile” military vehicles thereby expecting to boost the growth of the armored vehicle upgrade and retrofit market.
Cost efficient operations of military systems- Military vehicles and equipment are expensive to acquire and operate. Along with defense budget cuts and financial strains, the cost pressures on military spending have increased. Therefore, cost-efficient operations of military systems have been given high priority which is expected to boost the growth of the market.
North America is expected to grow significantly on the back of the modernization programs to increase the life span of the existing fleet. The U.S. government contracted General Dynamics Corporation to upgrade the battle tanks, APCs, IFVs, and other armored vehicles over the years. Asia Pacific is expected to grow attributing to increasing investments in the modernization of military troop equipment, increased mobility, and protection of land troops. They would help to improve bilateral relations and partnerships. Africa is expected to grow significantly owing to the increase in the military spending by the government as a percentage of the GDP.
This report also provides the existing competitive scenario of some of the key players of the global armored vehicles upgrade and retrofit market which includes company profiling of FNSS Defence Systems, Oshkosh Corporation, AM General, Krauss- Maffei Wegmann, Thales Group, RAUG, General Dynamics, Textron, Sabiex International and Diehl Defence.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global armored vehicle upgrade and retrofit market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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