DUBLIN--(BUSINESS WIRE)--The "Armored Vehicles Upgrade and Retrofit Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The armored vehicles upgrade and retrofit market is anticipated to register a CAGR of above 3% during the forecast period.
The rise in terrorism and hostile activities around the world are increasing the demand for incorporating the latest technologies into the land vehicles, which, in turn, acts as a driver for the armored vehicles upgrade and retrofit market.
The aging fleet of armored vehicles is forcing countries to invest in upgrade programs to increase the efficiency, lethality, and connectivity of the vehicles. This is expected to be the biggest driver for the armored vehicles upgrade and retrofit market during the forecast period.
The development of advanced weapon systems, communication systems, as well as new materials for the protection/armor of the vehicles will create the need for an upgrade of existing armored vehicles, thereby creating future market opportunities for the armored vehicles upgrade and retrofit market.
Scope of the Report
The market covers all military armored vehicles and the maintenance, repair, and overhaul services along with upgrade and retrofits that are done to these armored vehicles. The addition of new technology or features to older systems/subsystems is mentioned under retrofit in the study. Upgrade covers replacement of parts/systems/subsystems with newer generation ones
Armored personnel carrier (APC), infantry fighting vehicle (IFV), mine-resistant ambush protected (MRAP), main battle tank (MBT), armored cars, vehicles carrying armored self-propelled artillery, light armored vehicles, armored ambulance, armored recovery vehicles, assault amphibious vehicle, armored vehicle-launched bridge (AVLB), armored utility vehicles, and other support vehicles are some of the examples of vehicles that are included in the study.
Key Market Trends
Infantry Fighting Vehicle (IFV) segment to experience the highest growth
The infantry fighting vehicle (IFV) segment of the market is expected to register the highest CAGR during the forecast period. The countries are working on the 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 are getting a high demand and the integration of these technologies into these vehicles is expected to propel the growth of this segment.
North America dominates in terms of market share
North America is currently the largest market and is expected to remain so during the forecast period. The increasing defense spending over the years along with the large ground vehicle fleet are two major reasons for the United States to carry out modernization programs to the increasing life span of the existing fleet. The country's army operates one of the oldest fleets of Abraham tanks that have been in service since the 1980s.
The US government initiated a project to modernize its fleet of armored vehicles back in 2009 and contracted General Dynamics Corporation to upgrade the battle tanks, APCs, IFVs, and other armored vehicles over the years. This is expected to further increase the modernization to integrate the latest technologies into the fleet of armored vehicles.
The prominent players in the armored vehicles upgrade and retrofit market are General Dynamics Corporation, Rheinmetall AG, BAE Systems PLC, Oshkosh Corporation, and AM General. Currently, General Dynamics Corporation has the highest market share. This is mainly due to the large reach of the company in the United States and the European region.
The increasing armored vehicles upgrade programs in the Asia-Pacific and Middle East & African regions are supporting the local players to gain a significant market share.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porters Fives Force Analysis
5 MARKET SEGMENTATION
5.1 Vehicle Type
5.1.1 Armored Personnel Carrier (APC)
5.1.2 Infantry Fighting Vehicle (IFV)
5.1.3 Mine-Resistant Ambush Protected (MRAP)
5.1.4 Main Battle Tank (MBT)
5.1.5 Other Vehicle Types
5.2.1 North America
5.2.4 Latin America
5.2.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 BAE Systems PLC
6.4.2 CMI Group
6.4.3 Textron Inc.
6.4.4 Elbit Systems Ltd.
6.4.5 General Dynamics Corporation
6.4.6 Rheinmetall AG
6.4.7 RUAG Group
6.4.8 Thales S.A.
6.4.9 Krauss-Maffei Wegmann
6.4.10 AM General
6.4.11 Oshkosh Corporation
6.4.12 FNSS Savunma Sistemleri
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/io2pyp
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Related Topics: Tanks and Armored Vehicles