Armored Vehicle Upgrade and Retrofit Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Armored Personnel Carrier [APC], Infantry Fighting Vehicle [IFV], Mine-resistant Ambush Protected [MRAP], Main Battle Tank [MBT]), By Design (Wheeled Armored Vehicles and Tracked Armored Vehicles) By Region, By Competition, 2018-2028

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Summary

Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 7 billion

CAGR (2023-2028)

6.25%

Fastest Growing Segment

Tracked Armored Vehicles

Largest Market

North America


Market Overview

Global Armored Vehicle Upgrade and Retrofit Market has valued at USD 7 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 6.25% through 2028. Armored combat vehicles known as armored vehicles are used to convey various offensive and defensive activities. These vehicles are typically used for operations in live combat as well as the transfer of military personnel, equipment, and supplies. Additionally, these vehicles are equipped with guns and have armor to protect them from projectiles like bullets and shell shards. A nation's army is significantly strengthened by armored vehicles. They are widely used by numerous defense forces around the world. The main drivers of this market are the rising defense budgets of different nations, which prompt frequent upgrades of armored vehicles to make them more adaptable to shifting battlefield conditions, and the rising demand for inexpensive armor for military vehicles. Additionally, the aging fleet of armored vehicles combined with the rise in terrorism and hostile activities around the world has increased the demand for incorporating the newest technologies into land vehicles, forcing various countries to invest in upgrade programs to improve efficiency, lethality, and connectivity. Numerous initiatives are currently being undertaken worldwide to modernize the hardware and systems of outdated armored vehicles. Additionally, upgrading and retrofitting a vehicle cost less than creating one from scratch with all the necessary equipment.

Key Market Drivers

Geopolitical Tensions and Conflict Zones

Geopolitical tensions and conflict zones have a significant impact on the demand for armored vehicle upgrades and retrofits. As nations face security threats, they often turn to enhancing the capabilities of their armored vehicles to ensure the safety of military personnel and assets. These tensions drive the need for armored vehicles that can withstand modern threats, such as improvised explosive devices (IEDs), rocket-propelled grenades (RPGs), and small arms fire. For instance, the conflict in Ukraine has led to a surge in demand for armored vehicle upgrades, as both the Ukrainian military and international actors seek to bolster the protection and performance of existing armored fleets. Additionally, the ongoing conflicts in the Middle East have underscored the importance of adapting armored vehicles to counter unconventional threats. Furthermore, geopolitical shifts and evolving threat landscapes drive the need for cross-border mobility and interoperability. Nations are increasingly looking to standardize and upgrade their armored vehicle fleets to ensure compatibility in multinational military operations.

Technological Advancements and Threat Evolution

Rapid technological advancements are a driving force behind the need for armored vehicle upgrades and retrofits. The military landscape is constantly changing, with adversaries developing new and more sophisticated weapons and tactics. To address these evolving threats, armored vehicles must be equipped with state-of-the-art technology and systems. Advancements in armor materials, such as composite ceramics and nanotechnology, enable vehicles to withstand a broader range of threats while maintaining agility. Moreover, developments in situational awareness, communication systems, and electronic countermeasures enhance the survivability and effectiveness of armored units. The rise of unmanned systems and autonomous vehicles also plays a role in the market. Armored vehicles must be retrofitted with the necessary technology to interact with and protect against these emerging threats.

Cost-Effective Modernization

In a budget-constrained environment, cost-effective modernization is a significant driver in the armored vehicle upgrade and retrofit market. Many countries seek to extend the service life of their existing armored fleets rather than investing in entirely new vehicles. Retrofitting offers a cost-efficient alternative, as it enables the integration of cutting-edge technologies into older platforms. The modularity of armored vehicles allows for incremental upgrades, making it easier for defense forces to adapt to changing requirements over time. Retrofitting also extends the operational lifespan of existing assets, reducing the financial burden of procuring new vehicles. Cost-effective modernization is particularly crucial for smaller or economically challenged nations looking to enhance their military capabilities without exhausting their budgets. These countries often seek affordable upgrades that will provide a substantial return on investment.

Environmental and Regulatory Compliance

Increasingly, environmental and regulatory concerns are influencing the design and operation of armored vehicles. Governments and international bodies are imposing stricter emissions standards and regulations on military vehicles. To meet these requirements, defense agencies are turning to armored vehicle upgrades that incorporate more fuel-efficient engines, emission control systems, and other environmentally friendly technologies. Moreover, armored vehicle upgrades may involve improving the energy efficiency and sustainability of the vehicle fleet. This can include the integration of hybrid or electric propulsion systems and the use of alternative fuels to reduce the environmental impact of military operations. Compliance with international arms control agreements also affects the upgrade and retrofit market, as nations must ensure that their armored vehicles meet treaty obligations and restrictions.

Urban Warfare and Counter-Terrorism Operations

The growing prevalence of urban warfare and counter-terrorism operations has driven the need for armored vehicles that are better suited to these environments. Traditional main battle tanks are often ill-suited for the challenges of urban warfare, where mobility, situational awareness, and precision firepower are critical. Armored personnel carriers (APCs) and infantry fighting vehicles (IFVs) are increasingly being upgraded to address the specific demands of urban combat. These retrofits may include improvements to agility, enhanced urban camouflage, advanced surveillance and targeting systems, and non-lethal crowd control measures. The threat of improvised explosive devices (IEDs) in urban areas has also necessitated retrofitting for improved blast protection and counter-IED measures. Urban operations often require vehicles to operate near civilians, emphasizing the importance of minimizing collateral damage and protecting both military and civilian populations.

 

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Key Market Challenges

Technological Complexity and Integration Challenges

Modernizing armored vehicles often involves the integration of advanced technologies and systems to enhance their capabilities. However, this technological complexity can pose significant challenges. Integrating new components into existing vehicle platforms can be a complex and time-consuming process. Upgrading older armored vehicles with state-of-the-art technology can be difficult due to compatibility issues. New systems may not seamlessly integrate with older platforms, requiring extensive modifications and potentially affecting the vehicle's overall performance. As armored vehicles become more reliant on digital systems and connectivity, they become susceptible to cyber threats. Ensuring the cybersecurity of these vehicles and their integrated systems is a growing challenge, as they may be vulnerable to hacking and electronic warfare attacks. The personnel responsible for maintaining and operating retrofitted armored vehicles must be trained to use the new technology effectively. This training can be time-consuming and costly, and it's essential to address skill gaps among existing personnel. As threats evolve, armored vehicles require continuous technology upgrades. Staying ahead of potential threats and maintaining compatibility with emerging technologies are constant challenges in armored vehicle modernization.

Budget Constraints and Cost Overruns

One of the most significant challenges in the armored vehicle upgrade and retrofit market is budget constraints. Governments and defense agencies often face limited financial resources, and the cost of upgrading or retrofitting armored vehicles can be substantial. Allocating funding for vehicle upgrades can be a complex and politically driven process. Competition with other defense priorities, such as procurement of new equipment and personnel costs, can limit the available budget for retrofit programs. The cost of upgrading armored vehicles can often exceed initial estimates. Unexpected technical challenges, delays, and scope changes can lead to budget overruns, causing financial strain and delays in implementation. While upgrades are often considered more cost-effective than purchasing new vehicles, the long-term life-cycle costs must be considered. Maintaining and supporting retrofitted vehicles can be expensive, and this can strain budgets over the vehicle's extended service life. Smaller or economically challenged nations may struggle to afford advanced retrofit programs, limiting their ability to keep up with technological advancements in armored warfare.

Regulatory Hurdles and Export Restrictions

Armored vehicle upgrades and retrofits often involve the export or import of defense technology and equipment, which can be subject to strict regulatory and export control measures. These measures pose challenges to the global market. Nations must navigate international arms control agreements, such as the Arms Trade Treaty, the Wassenaar Arrangement, and the Missile Technology Control Regime. Compliance with these agreements can restrict the transfer of certain technologies and components. The International Traffic in Arms Regulations (ITAR) in the United States and similar regulations in other countries impose strict controls on the export of military technologies. Companies involved in armored vehicle retrofitting must navigate these regulations, which can be complex and time-consuming. Many countries require end-user verification to ensure that defense equipment is not diverted to unauthorized users or used inappropriately. This verification process adds administrative overhead and may delay retrofit programs. Export decisions can be influenced by political considerations, international relations, and diplomatic agreements. Political factors can lead to changes in export restrictions and impact the availability of certain technologies for retrofit programs.

Operational and Logistical Challenges

Implementing armored vehicle upgrades and retrofits can introduce operational and logistical challenges, which are often underestimated or overlooked. The retrofit process typically requires armored vehicles to be taken out of service, leading to reduced readiness and operational capacity. Minimizing downtime and ensuring a quick turnaround is a logistical challenge that can affect operational effectiveness. Modernized vehicles may require specialized maintenance and spare parts, which can be challenging to procure and maintain, especially for older platforms. Ensuring a consistent supply chain for spare parts is crucial for fleet reliability. Detailed records and documentation of vehicle modifications, upgrades, and retrofits are essential for proper maintenance and repair. Maintaining accurate records over time can be a logistical challenge, particularly in large vehicle fleets. To operate retrofitted vehicles effectively, military personnel need specialized training. Ensuring that personnel receive adequate training and retain these skills can be logistically challenging, particularly for large, decentralized armed forces.

Geopolitical and Security Risks

The global nature of the armored vehicle upgrade and retrofit market exposes it to geopolitical and security risks, which can impact both suppliers and customers. The transfer of advanced military technology, especially when shared internationally, can pose security risks. There is a constant need to protect sensitive information from theft, espionage, or unauthorized access. Political instability in supplier or customer nations can disrupt ongoing retrofit programs and create uncertainty. This is particularly problematic when it comes to multi-year or long-term contracts. Economic sanctions imposed on a nation, or its defense industry can disrupt the supply chain, affecting the availability of components and materials necessary for upgrades. Changes in geopolitical alliances and international relations can impact the market. Shifting alliances may influence the availability of specific technologies and potential collaboration opportunities.

Key Market Trends

Integration of Advanced Technologies

A significant trend in the armored vehicle upgrade and retrofit market is the integration of advanced technologies to enhance the capabilities of existing armored vehicles. Modern military operations demand vehicles that are not only well-armored but also equipped with sophisticated systems to improve situational awareness, communication, and survivability. Upgraded armored vehicles are increasingly equipped with advanced sensors, cameras, and data processing systems to provide real-time situational awareness to the crew. This includes features such as 360-degree camera systems, threat detection, and augmented reality displays. The integration of secure and robust communication systems is a vital trend. Upgraded armored vehicles are equipped with advanced radio systems, secure data links, and the ability to connect with other units and command centers, improving coordination in the field. To counter threats like improvised explosive devices (IEDs) and electronic warfare, retrofitted vehicles often include electronic countermeasure systems, such as jamming devices and signal detection tools. The trend toward autonomy and unmanned systems also impacts armored vehicles. Some retrofits include semi-autonomous or fully autonomous features for tasks like reconnaissance, surveillance, and logistics. AI and machine learning are being used to enhance the decision-making capabilities of armored vehicle crews. These technologies can process vast amounts of data and assist in identifying potential threats and optimal responses.

Modularity and Scalability

Modularity and scalability have become essential trends in the armored vehicle upgrade and retrofit market. These concepts allow for cost-effective and flexible modernization of armored fleets. Modularity enables the integration of various components, while scalability ensures that upgrades can be adapted to different vehicle types and missions. Armored vehicles are being designed with standardized interfaces to allow for the easy integration of new components and systems. This reduces the cost and complexity of upgrades and facilitates future modifications. Modularity allows for mission-specific upgrades. For example, vehicles can be equipped with interchangeable mission kits for roles like command and control, reconnaissance, and combat support. Many nations seek commonality across their armored vehicle fleets to simplify maintenance and reduce logistics complexity. Modularity and scalability help achieve this by allowing different vehicles to share components and systems. Scalability ensures that armored vehicles can be continuously upgraded over their service life, adapting to changing mission requirements and threats without the need for a full replacement.

Environmental Considerations

A growing trend in the armored vehicle upgrade and retrofit market is the consideration of environmental factors. Defense agencies are increasingly focusing on reducing the environmental footprint of their armored fleets, both in terms of emissions and resource consumption. Armored vehicle retrofits often include improvements in fuel efficiency through more modern engine technology or the adoption of alternative propulsion systems, such as hybrid or electric powertrains. Emissions reduction technologies, including exhaust after-treatment systems, are being integrated into armored vehicles to comply with increasingly stringent emissions standards. The adoption of alternative fuels, such as biofuels, is a trend in retrofit programs. These fuels can reduce the carbon footprint and reliance on fossil fuels. The use of sustainable and lightweight materials in vehicle construction is gaining attention. Composite materials and advanced metals can reduce weight and improve fuel efficiency. Upgraded vehicles are often equipped with energy storage and regeneration systems, which can capture and store energy during braking or other operations to enhance overall efficiency.

Retrofitting for Urban Warfare and Asymmetric Threats

Urban warfare and the presence of asymmetric threats have become a prominent focus in the armored vehicle upgrade and retrofit market. Modern conflict zones often involve operations in densely populated urban areas, which require specific capabilities and adaptations. Retrofits for urban warfare prioritize improved mobility and maneuverability to navigate tight streets and alleys. This includes changes in suspension, steering, and even track systems. Urban environments expose armored vehicles to threats like improvised explosive devices (IEDs), rocket-propelled grenades (RPGs), and small arms fire. Retrofit programs incorporate enhanced armor and counter-IED systems. To address situations involving civilians in urban areas, retrofitted vehicles may include non-lethal crowd control measures, such as acoustic devices, smoke screens, and less-lethal munitions. Improved surveillance and targeting systems with features like thermal imaging and advanced optics are critical for urban operations, where identifying threats and distinguishing between combatants and civilians can be challenging. Urban warfare often necessitates distinctive urban camouflage patterns to help vehicles blend into the environment and avoid detection.

International Collaboration and Joint Programs

A trend in the armored vehicle upgrade and retrofit market is an increasing focus on international collaboration and joint programs. Nations are recognizing the benefits of shared development and upgrading efforts, which can reduce costs and create common standards. Collaborative programs enable nations to share the costs of research, development, and production. This approach is particularly attractive for countries with limited defense budgets. International collaboration encourages the adoption of common standards and interfaces, which facilitates interoperability between the armored vehicles of different nations. Joint programs often involve technology transfer agreements, allowing participating nations to gain access to advanced technologies that they may not have had the resources to develop independently. For defense contractors and manufacturers, international collaboration expands the potential market for armored vehicle upgrades and retrofits. Joint programs create opportunities to provide services to multiple countries. Collaborative efforts in the defense sector can strengthen diplomatic ties and strategic partnerships between nations. This trend is not only about technology but also about fostering international relationships.

Segmental Insights

Type Analysis

The market's largest share belongs to the infantry fighting vehicle sector, which will maintain its dominance over the forecast period. The improvement of defense capabilities and rising defense industry investment from the majority of nations are to blame for the growth. A form of armored fighting vehicle designed to bring men into battle and offer direct-fire support is an infantry fighting vehicle (IFV), also known as a mechanized infantry combat vehicle (MICV). The nations have been focusing on enhancing the infantry fighting vehicles' firepower, fire control, and ergonomic and practical qualities. For instance, Sweden and the Slovak Republic's Ministry of Defense agreed to a USD 1.37 billion contract in December 2022 for the delivery of 152 CV9035.

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Regional Insights

The armored vehicle upgrade and retrofit market is predicted to grow at the highest rate in North America during the forecast period. The vast armored vehicle fleet, high defense spending, and increased funding for military modernization initiatives coming from the US and Canada are all contributing factors to the growth. The US government allotted a defense budget of USD 877 billion in 2022, according to research by the Stockholm International Peace Research Institute (SIPRI) that was published in 2022. Various armored vehicle types are available to the US Army. It includes mobile artillery, light tactical vehicles, light utility vehicles, infantry combat vehicles, engineering support vehicles, mine-protected vehicles, prime movers and trucks, main battle tanks, and armored personnel carriers. The vehicle comes in a variety of shapes and weights, ranging from the main battle tank Abrams, which weighs over 70 tons, to the Special Forces' Lightweight Tactical All-Terrain Vehicle, which weighs about one ton. The Army also has a number of customized pickups and dump trucks that are readily available on the open market. The US Army owns close to 225,000 vehicles overall. For instance, in June 2023, a contract to create a new mechanized infantry combat vehicle prototype was given to the US Army. General Dynamics Land Systems Inc. and American Rheinmetall Vehicles LLC will develop vehicle prototypes as part of the deal to swap out the M2 Bradley Infantry Fighting Vehicle, which is utilized for reconnaissance, and to provide squad components with protection, transportation, and small-arms ammunition. The combined value of the two contracts is about USD 1.6 billion.

Recent Developments

  • May 2023: The ACV-15 advanced armored personnel carriers (AAPCs) of the Turkish Army will have their capabilities improved by FNSS Defence Systems of Turkey. The contract was struck to improve the car's performance and add 20 more years to its lifespan. The AAPCs will be equipped with contemporary subsystems, according to the business, to support additional missions and assist in addressing cutting-edge battlefield threats.
  • The German army issued a request to Rheinmetall AG and Krauss-Maffei Wegmann (KMW) in April 2023 to modernize 143 Puma infantry fighting vehicles. By 2029, the corporations said they will equip the armored vehicles with critical firepower and command and control capabilities.

Key Market Players

  • General Dynamics Corporation
  • Rheinmetall AG
  • BAE Systems PLC
  • Textron Inc.
  • Elbit Systems Ltd
  • Oshkosh Corporation
  • Nexter Group
  • FNSS Savunma Sistemleri A.S.
  • THALES Group
  • Ruag International Holding AG.

By Type

By Design Type

By Region
  • Armored Personnel Carrier [APC]
  • Infantry Fighting Vehicle [IFV]
  • Mine-resistant Ambush Protected [MRAP]
  • Main Battle Tank [MBT]
  • Wheeled Armored Vehicles
  • Tracked Armored Vehicles
  • North America
  • Europe & CIS
  • Asia Pacific
  • South America
  • Middle East & Africa

 

Report Scope:

In this report, the Global Armored Vehicle Upgrade and Retrofit Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Armored Vehicle Upgrade and Retrofit Market, By Type:

o   Armored Personnel Carrier [APC]

o   Infantry Fighting Vehicle [IFV]

o   Mine-resistant Ambush Protected [MRAP]

o   Main Battle Tank [MBT]

  • Armored Vehicle Upgrade and Retrofit Market, By Design Type:

o   Wheeled Armored Vehicles

o   Tracked Armored Vehicles

  • Armored Vehicle Upgrade and Retrofit Market, By Region:

o   Asia-Pacific

§  China

§  India

§  Japan

§  Indonesia

§  Thailand

§  South Korea

§  Australia

o   Europe & CIS

§  Germany

§  Spain

§  France

§  Russia

§  Italy

§  United Kingdom

§  Belgium

o   North America

§  United States

§  Canada

§  Mexico

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Turkey

§  Saudi Arabia

§  UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Armored Vehicle Upgrade and Retrofit Market.

Available Customizations:

Global Armored Vehicle Upgrade and Retrofit market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Armored Vehicle Upgrade and Retrofit Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]   

Table of content

1.     Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Impact of COVID-19 on Global Armored Vehicle Upgrade and Retrofit Market

5.    Global Armored Vehicle Upgrade and Retrofit Market Outlook

5.1.  Market Size & Forecast

5.1.1.     By Value

5.2.  Market Share & Forecast

5.2.1.     By Type Market Share Analysis (Armored Personnel Carrier [APC], Infantry Fighting Vehicle [IFV], Mine-resistant Ambush Protected [MRAP], Main Battle Tank [MBT])

5.2.2.     By Design Type Market Share Analysis (Wheeled Armored Vehicles and Tracked Armored Vehicles)

5.2.3.     By Regional Market Share Analysis

5.2.3.1.         Asia-Pacific Market Share Analysis

5.2.3.2.         Europe & CIS Market Share Analysis

5.2.3.3.         North America Market Share Analysis

5.2.3.4.         South America Market Share Analysis

5.2.3.5.         Middle East & Africa Market Share Analysis

5.2.4.     By Company Market Share Analysis (Top 5 Companies, Others - By Value & Volume, 2022)

5.3.  Global Armored Vehicle Upgrade and Retrofit Market Mapping & Opportunity Assessment

5.3.1.     By Type Market Mapping & Opportunity Assessment

5.3.2.     By Design Type Market Mapping & Opportunity Assessment

5.3.3.     By Regional Market Mapping & Opportunity Assessment

6.    Asia-Pacific Armored Vehicle Upgrade and Retrofit Market Outlook

6.1.  Market Size & Forecast

6.1.1.     By Value  

6.2.  Market Share & Forecast

6.2.1.     By Type Market Share Analysis

6.2.2.     By Design Type Market Share Analysis

6.2.3.     By Country Market Share Analysis

6.2.3.1.         China Market Share Analysis

6.2.3.2.         India Market Share Analysis

6.2.3.3.         Japan Market Share Analysis

6.2.3.4.         Indonesia Market Share Analysis

6.2.3.5.         Thailand Market Share Analysis

6.2.3.6.         South Korea Market Share Analysis

6.2.3.7.         Australia Market Share Analysis

6.2.3.8.         Rest of Asia-Pacific Market Share Analysis

6.3.  Asia-Pacific: Country Analysis

6.3.1.     China Armored Vehicle Upgrade and Retrofit Market Outlook

6.3.1.1.         Market Size & Forecast

6.3.1.1.1.             By Value  

6.3.1.2.         Market Share & Forecast

6.3.1.2.1.             By Type Market Share Analysis

6.3.1.2.2.             By Design Type Market Share Analysis

6.3.2.     India Armored Vehicle Upgrade and Retrofit Market Outlook

6.3.2.1.         Market Size & Forecast

6.3.2.1.1.             By Value  

6.3.2.2.         Market Share & Forecast

6.3.2.2.1.             By Type Market Share Analysis

6.3.2.2.2.             By Design Type Market Share Analysis

6.3.3.     Japan Armored Vehicle Upgrade and Retrofit Market Outlook

6.3.3.1.         Market Size & Forecast

6.3.3.1.1.             By Value  

6.3.3.2.         Market Share & Forecast

6.3.3.2.1.             By Type Market Share Analysis

6.3.3.2.2.             By Design Type Market Share Analysis

6.3.4.     Indonesia Armored Vehicle Upgrade and Retrofit Market Outlook

6.3.4.1.         Market Size & Forecast

6.3.4.1.1.             By Value  

6.3.4.2.         Market Share & Forecast

6.3.4.2.1.             By Type Market Share Analysis

6.3.4.2.2.             By Design Type Market Share Analysis

6.3.5.     Thailand Armored Vehicle Upgrade and Retrofit Market Outlook

6.3.5.1.         Market Size & Forecast

6.3.5.1.1.             By Value  

6.3.5.2.         Market Share & Forecast

6.3.5.2.1.             By Type Market Share Analysis

6.3.5.2.2.             By Design Type Market Share Analysis

6.3.6.     South Korea Armored Vehicle Upgrade and Retrofit Market Outlook

6.3.6.1.         Market Size & Forecast

6.3.6.1.1.             By Value  

6.3.6.2.         Market Share & Forecast

6.3.6.2.1.             By Type Market Share Analysis

6.3.6.2.2.             By Design Type Market Share Analysis

6.3.7.     Australia Armored Vehicle Upgrade and Retrofit Market Outlook

6.3.7.1.         Market Size & Forecast

6.3.7.1.1.             By Value  

6.3.7.2.         Market Share & Forecast

6.3.7.2.1.             By Type Market Share Analysis

6.3.7.2.2.             By Design Type Market Share Analysis

7.    Europe & CIS Armored Vehicle Upgrade and Retrofit Market Outlook

7.1.  Market Size & Forecast

7.1.1.     By Value  

7.2.  Market Share & Forecast

7.2.1.     By Type Market Share Analysis

7.2.2.     By Design Type Market Share Analysis

7.2.3.     By Country Market Share Analysis

7.2.3.1.         Germany Market Share Analysis

7.2.3.2.         Spain Market Share Analysis

7.2.3.3.         France Market Share Analysis

7.2.3.4.         Russia Market Share Analysis

7.2.3.5.         Italy Market Share Analysis

7.2.3.6.         United Kingdom Market Share Analysis

7.2.3.7.         Belgium Market Share Analysis

7.2.3.8.         Rest of Europe & CIS Market Share Analysis

7.3.  Europe & CIS: Country Analysis

7.3.1.     Germany Armored Vehicle Upgrade and Retrofit Market Outlook

7.3.1.1.         Market Size & Forecast

7.3.1.1.1.             By Value  

7.3.1.2.         Market Share & Forecast

7.3.1.2.1.             By Type Market Share Analysis

7.3.1.2.2.             By Design Type Market Share Analysis

7.3.2.     Spain Armored Vehicle Upgrade and Retrofit Market Outlook

7.3.2.1.         Market Size & Forecast

7.3.2.1.1.             By Value  

7.3.2.2.         Market Share & Forecast

7.3.2.2.1.             By Type Market Share Analysis

7.3.2.2.2.             By Design Type Market Share Analysis

7.3.3.     France Armored Vehicle Upgrade and Retrofit Market Outlook

7.3.3.1.         Market Size & Forecast

7.3.3.1.1.             By Value  

7.3.3.2.         Market Share & Forecast

7.3.3.2.1.             By Type Market Share Analysis

7.3.3.2.2.             By Design Type Market Share Analysis

7.3.4.     Russia Armored Vehicle Upgrade and Retrofit Market Outlook

7.3.4.1.         Market Size & Forecast

7.3.4.1.1.             By Value  

7.3.4.2.         Market Share & Forecast

7.3.4.2.1.             By Type Market Share Analysis

7.3.4.2.2.             By Design Type Market Share Analysis

7.3.5.     Italy Armored Vehicle Upgrade and Retrofit Market Outlook

7.3.5.1.         Market Size & Forecast

7.3.5.1.1.             By Value  

7.3.5.2.         Market Share & Forecast

7.3.5.2.1.             By Type Market Share Analysis

7.3.5.2.2.             By Design Type Market Share Analysis

7.3.6.     United Kingdom Armored Vehicle Upgrade and Retrofit Market Outlook

7.3.6.1.         Market Size & Forecast

7.3.6.1.1.             By Value  

7.3.6.2.         Market Share & Forecast

7.3.6.2.1.             By Type Market Share Analysis

7.3.6.2.2.             By Design Type Market Share Analysis

7.3.7.     Belgium Armored Vehicle Upgrade and Retrofit Market Outlook

7.3.7.1.         Market Size & Forecast

7.3.7.1.1.             By Value  

7.3.7.2.         Market Share & Forecast

7.3.7.2.1.             By Type Market Share Analysis

7.3.7.2.2.             By Design Type Market Share Analysis

8.    North America Armored Vehicle Upgrade and Retrofit Market Outlook

8.1.  Market Size & Forecast

8.1.1.     By Value  

8.2.  Market Share & Forecast

8.2.1.     By Type Market Share Analysis

8.2.2.     By Design Type Market Share Analysis

8.2.3.     By Country Market Share Analysis

8.2.3.1.         United States Market Share Analysis

8.2.3.2.         Mexico Market Share Analysis

8.2.3.3.         Canada Market Share Analysis

8.3.  North America: Country Analysis

8.3.1.     United States Armored Vehicle Upgrade and Retrofit Market Outlook

8.3.1.1.         Market Size & Forecast

8.3.1.1.1.             By Value  

8.3.1.2.         Market Share & Forecast

8.3.1.2.1.             By Type Market Share Analysis

8.3.1.2.2.             By Design Type Market Share Analysis

8.3.2.     Mexico Armored Vehicle Upgrade and Retrofit Market Outlook

8.3.2.1.         Market Size & Forecast

8.3.2.1.1.             By Value  

8.3.2.2.         Market Share & Forecast

8.3.2.2.1.             By Type Market Share Analysis

8.3.2.2.2.             By Design Type Market Share Analysis

8.3.3.     Canada Armored Vehicle Upgrade and Retrofit Market Outlook

8.3.3.1.         Market Size & Forecast

8.3.3.1.1.             By Value  

8.3.3.2.         Market Share & Forecast

8.3.3.2.1.             By Type Market Share Analysis

8.3.3.2.2.             By Design Type Market Share Analysis

9.    South America Armored Vehicle Upgrade and Retrofit Market Outlook

9.1.  Market Size & Forecast

9.1.1.     By Value  

9.2.  Market Share & Forecast

9.2.1.     By Type Market Share Analysis

9.2.2.     By Design Type Market Share Analysis

9.2.3.     By Country Market Share Analysis

9.2.3.1.         Brazil Market Share Analysis

9.2.3.2.         Argentina Market Share Analysis

9.2.3.3.         Colombia Market Share Analysis

9.2.3.4.         Rest of South America Market Share Analysis

9.3.  South America: Country Analysis

9.3.1.     Brazil Armored Vehicle Upgrade and Retrofit Market Outlook

9.3.1.1.         Market Size & Forecast

9.3.1.1.1.             By Value  

9.3.1.2.         Market Share & Forecast

9.3.1.2.1.             By Type Market Share Analysis

9.3.1.2.2.             By Design Type Market Share Analysis

9.3.2.     Colombia Armored Vehicle Upgrade and Retrofit Market Outlook

9.3.2.1.         Market Size & Forecast

9.3.2.1.1.             By Value  

9.3.2.2.         Market Share & Forecast

9.3.2.2.1.             By Type Market Share Analysis

9.3.2.2.2.             By Design Type Market Share Analysis

9.3.3.     Argentina Armored Vehicle Upgrade and Retrofit Market Outlook

9.3.3.1.         Market Size & Forecast

9.3.3.1.1.             By Value  

9.3.3.2.         Market Share & Forecast

9.3.3.2.1.             By Type Market Share Analysis

9.3.3.2.2.             By Design Type Market Share Analysis

10.  Middle East & Africa Armored Vehicle Upgrade and Retrofit Market Outlook

10.1.             Market Size & Forecast

10.1.1.  By Value   

10.2.             Market Share & Forecast

10.2.1.  By Type Market Share Analysis

10.2.2.  By Design Type Market Share Analysis

10.2.3.  By Country Market Share Analysis

10.2.3.1.      South Africa Market Share Analysis

10.2.3.2.      Turkey Market Share Analysis

10.2.3.3.      Saudi Arabia Market Share Analysis

10.2.3.4.      UAE Market Share Analysis

10.2.3.5.      Rest of Middle East & Africa Market Share Africa

10.3.             Middle East & Africa: Country Analysis

10.3.1.  South Africa Armored Vehicle Upgrade and Retrofit Market Outlook

10.3.1.1.      Market Size & Forecast

10.3.1.1.1.           By Value  

10.3.1.2.      Market Share & Forecast

10.3.1.2.1.           By Type Market Share Analysis

10.3.1.2.2.           By Design Type Market Share Analysis

10.3.2.  Turkey Armored Vehicle Upgrade and Retrofit Market Outlook

10.3.2.1.      Market Size & Forecast

10.3.2.1.1.           By Value  

10.3.2.2.      Market Share & Forecast

10.3.2.2.1.           By Type Market Share Analysis

10.3.2.2.2.           By Design Type Market Share Analysis

10.3.3.  Saudi Arabia Armored Vehicle Upgrade and Retrofit Market Outlook

10.3.3.1.      Market Size & Forecast

10.3.3.1.1.           By Value  

10.3.3.2.      Market Share & Forecast

10.3.3.2.1.           By Type Market Share Analysis

10.3.3.2.2.           By Design Type Market Share Analysis

10.3.4.  UAE Armored Vehicle Upgrade and Retrofit Market Outlook

10.3.4.1.      Market Size & Forecast

10.3.4.1.1.           By Value  

10.3.4.2.      Market Share & Forecast

10.3.4.2.1.           By Type Market Share Analysis

10.3.4.2.2.           By Design Type Market Share Analysis

11.  SWOT Analysis

11.1.             Strength

11.2.             Weakness

11.3.             Opportunities

11.4.             Threats

12.  Market Dynamics

12.1.             Market Drivers

12.2.             Market Challenges

13.  Market Trends and Developments

14.  Competitive Landscape

14.1.             Company Profiles (Up to 10 Major Companies)

14.1.1.  General Dynamics Corporation

14.1.1.1.      Company Details

14.1.1.2.      Key Product Offered

14.1.1.3.      Financials (As Per Availability)

14.1.1.4.      Recent Developments

14.1.1.5.      Key Management Personnel

14.1.2.  Rheinmetall AG

14.1.2.1.      Company Details

14.1.2.2.      Key Product Offered

14.1.2.3.      Financials (As Per Availability)

14.1.2.4.      Recent Developments

14.1.2.5.      Key Management Personnel

14.1.3.  BAE Systems PLC

14.1.3.1.      Company Details

14.1.3.2.      Key Product Offered

14.1.3.3.      Financials (As Per Availability)

14.1.3.4.      Recent Developments

14.1.3.5.      Key Management Personnel

14.1.4.   Textron Inc.

14.1.4.1.      Company Details

14.1.4.2.      Key Product Offered

14.1.4.3.      Financials (As Per Availability)

14.1.4.4.      Recent Developments

14.1.4.5.      Key Management Personnel

14.1.5.  Elbit Systems Ltd

14.1.5.1.      Company Details

14.1.5.2.      Key Product Offered

14.1.5.3.      Financials (As Per Availability)

14.1.5.4.      Recent Developments

14.1.5.5.      Key Management Personnel

14.1.6.  Oshkosh Corporation

14.1.6.1.      Company Details

14.1.6.2.      Key Product Offered

14.1.6.3.      Financials (As Per Availability)

14.1.6.4.      Recent Developments

14.1.6.5.      Key Management Personnel

14.1.7.  Nexter Group

14.1.7.1.      Company Details

14.1.7.2.      Key Product Offered

14.1.7.3.      Financials (As Per Availability)

14.1.7.4.      Recent Developments

14.1.7.5.      Key Management Personnel

14.1.8.  FNSS Savunma Sistemleri A.S.

14.1.8.1.      Company Details

14.1.8.2.      Key Product Offered

14.1.8.3.      Financials (As Per Availability)

14.1.8.4.      Recent Developments

14.1.8.5.      Key Management Personnel

14.1.9.  Thales Group

14.1.9.1.      Company Details

14.1.9.2.      Key Product Offered

14.1.9.3.      Financials (As Per Availability)

14.1.9.4.      Recent Developments

14.1.9.5.      Key Management Personnel

14.1.10.                Ruag International Holding AG.

14.1.10.1.    Company Details

14.1.10.2.    Key Product Offered

14.1.10.3.    Financials (As Per Availability)

14.1.10.4.    Recent Developments

14.1.10.5.    Key Management Personnel

15.  Strategic Recommendations

15.1.             Key Focus Areas

15.1.1.  Target Regions

15.1.2.  Target Type

16. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the Global Armored Vehicle Upgrade and Retrofit Market was estimated to be USD 7 billion in 2022.

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The market's largest share belongs to the infantry fighting vehicle sector, which will maintain its dominance over the forecast period. The improvement of defense capabilities and rising defense industry investment from the majority of nations are to blame for the growth. A form of armored fighting vehicle designed to bring men into battle and offer direct-fire support is an infantry fighting vehicle (IFV), also known as a mechanized infantry combat vehicle (MICV). The nations have been focusing on enhancing the infantry fighting vehicles' firepower, fire control, and ergonomic and practical qualities.

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The armored vehicle upgrade and retrofit market is predicted to grow at the highest rate in North America during the forecast period. The vast armored vehicle fleet, high defense spending, and increased funding for military modernization initiatives coming from the US and Canada are all contributing factors to the growth. The US government allotted a defense budget of USD 877 billion in 2022, according to research by the Stockholm International Peace Research Institute (SIPRI) that was published in 2022. Various armored vehicle types are available to the US Army.

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Geopolitical Tensions and Conflict Zones, Technological Advancements and Threat Evolution, Cost-Effective Modernization are the major drivers for the Global Armored Vehicle Upgrade and Retrofit Market.

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Srishti Verma

Business Consultant
Press Release

Armored Vehicle Upgrade and Retrofit Market to Grow with a CAGR of 6.25% Globally through to 2028.

Nov, 2023

Geopolitical Tensions and Conflict Zones, Technological Advancements and Threat Evolution, Cost-Effective Modernization are factors driving the Global Armored Vehicle Upgrade and Retrofit market in t

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