Armored Vehicles Upgrade and Retrofit Market Overview
Armored Vehicles Upgrade and Retrofit Market to reach USD 7.50 Billion by 2030, exhibiting a CAGR of 3.99% by 2022-2030
Armored vehicles are vital for military personnel and equipment transportation and logistics. As personnel and equipment in the military are always vulnerable to attack and harm, these vehicles are used to secure the safety of military troops and goods in battle and ceasefire situations.
Canada's armored vehicles upgrade and retrofit market are experiencing steady growth, driven by the need to modernize and enhance the capabilities of the Canadian Armed Forces' armored vehicle fleet. With aging platforms and evolving security challenges, there's a growing emphasis on upgrading existing vehicles to maintain operational relevance and effectiveness. Upgrades typically focus on enhancing protection levels, firepower capabilities, mobility, and interoperability with allied forces. Additionally, advancements in technologies such as reactive armor, remote weapon stations, and integrated battlefield management systems are driving the demand for upgrades. Collaborations between Canadian defense contractors, technology providers, and government agencies are driving innovation and shaping the growth trajectory of the armored vehicles upgrade and retrofit market in Canada.
This need for armored vehicles stems from governments' ongoing necessity to update their military equipment and vehicles. Defense technology is increasingly being used in armored vehicles due to research and development. Furthermore, the desire to convert cargo planes to armored planes is a key driver of military aircraft transformation, upgrade, and retrofit market growth.
Segmental Analysis
The Armored Vehicles Upgrade and Retrofit Market segmental study is conducted based on design, region, and vehicle type. By design, the Armored Vehicles Upgrade and Retrofit Market consists of tracked armored vehicles and wheeled armored vehicles. By vehicle type, the armored vehicles upgrade and retrofit market consists of light protected vehicles, amphibious armored vehicles, infantry fighting vehicles, armored personnel carriers, main battle tank, and mine-resistant ambush-protected. By region, the armored vehicles upgrade and retrofit market consists of Asia-Pacific, North America, Middle East, Europe, Africa, and Latin America.
Detailed Regional Analysis
The regional overview of the armored vehicles upgrades and retrofit market consists of Asia-Pacific, North America, Middle East, Europe, Africa, and Latin America. The North American region will have the prime market share for armored vehicle upgrades and retrofits, with the United States leading the regional undertakings. The APAC region will have the fastest-growing market share, with countries eager to add armored personnel carriers to their prevailing defense fleets. North America is the largest market at the moment, and it is anticipated to remain so all over the forecast period. The United States' significant defense budget over time and its vast ground vehicle fleet are two vital reasons for modernization efforts to spread the life of the present fleet.
Competitive Analysis
Governments worldwide are committing their support for market-friendly changes. The improving trade relations are projected to increase the international market in the coming years. The industry is anticipated to boost as new products are introduced that focus on satisfying the evolving requirements of their respective client bases. The market's development is projected to be hindered shortly due to a shortage of critical resources. The function of mergers and applications is expected to become critical in maintaining development speed in the coming era. The use of the internet for sales and marketing is expected to expand the market's prospects during the forecast period. The global contagion has provided businesses with a new mandate about the purchasing process and a rapid acceleration of digital transformation. Fresh business models and perceptions are present in current core operations and support functions in the forecast term. It is projected that implementing comprehensive research techniques to examine the market's future development will aid in market development.
The illustrious companies in the Armored Vehicles Upgrade and Retrofit Market are Elbit Systems Ltd, Rheinmetall AG, General Dynamics Corporation, Thales Group, BAE Systems, AM General LLC, and MKU Limited.
Industry Updates:
Feb 2022 The Defense Department has ambitious ambitions to convert its fleet of ground vehicles using electric and hybrid-electric drive technology to mitigate climate change, stimulate the US industry, and gain tactical advantages. General Motors has pledged to invest $35 billion in advanced automotive technologies, including electric vehicle power and propulsion systems. By 2035, the parent business wants to provide more than 30 electric vehicles.
Armored Vehicles Upgrade and Retrofit Market Research Report: Information by Vehicle Type (Main Battle Tank, Light Protected Vehicles, Amphibious Armored Vehicles, Mine-Resistant Ambush Protected, Infantry Fighting Vehicles, Armored Personnel Carriers and others), Design (Wheeled Armored Vehicles and Tracked Armored Vehicles) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Forecast till 2030
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