Armored Vehicles Upgrade And Retrofit Market Research Report-Forecast to 2023

Armored Vehicles Upgrade And Retrofit
Market Research Report By Forecast To 2023
Industry Survey, Growth, Competitive Landscape
and Forecasts to 2023
PREPARED BY
Market Research Future
(Part of Wantstats Research & Media Pvt. Ltd.)

Armored Vehicles Upgrade And Retrofit Market Research Report - Forecast to
2023
Global Armored Vehicles Upgrade and Retrofit Market 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) - Forecast To 2023.
Armored vehicles include land combat and transportation vehicles used by military land forces for operations, such as
transporting cargo and military personnel and operating in active combat. These vehicles are protected by armored and in
many cases armed with weapons. Armored vehicles provide significant strength to a country’s army and are used in large
numbers by military forces around the world.
Major initiatives undertaken by various countries to modernize their fleet of military armored vehicles has largely helped
the market growth. The majority of the military forces in the West (including the U.S. which has an existing fleet of a large
fleet of military armored vehicles) have ongoing or planned military modernization programs to equip troops with the latest
capabilities. Furthermore, there is growing demand for "low-cost per mile" military vehicles, and the existing systems are
upgraded to improve the functionality and capabilities of the vehicles. Also, militaries seek optimized vehicles that are
capable of navigating various types of terrain and provide high mobility. Increased Swap reduction in military vehicles and
systems is given high priority and has further driven the demand for vehicle upgrade.
There are engineering challenges related to the design and deployment of Session Border Controller (SBC) for use in highend
military vehicles. SBC falls short in terms of being able to provide the required computing capability for data analysis
and communication. There are also issues related to the cooling technologies currently used in these vehicles. As a result of
the mechanical nature of the cooling systems (including fans), they are prone to failure, which leads to increased
maintenance costs. Also, the military requires improved situational awareness to suit technologically advanced modern-day
warfare. For this, many modern sensors and communication equipment are installed in vehicles and require a vast amount
of data transmission and analysis.
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Armored Vehicles Upgrade And Retrofit Market Research Report - Forecast to
2023
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. This has further driven the demand for military armored vehicles with upgraded systems and
components.
Many countries worldwide are modernizing their existing military land vehicles by upgrading systems and components,
which adds capability and functionality to the existing platform. It maintains the functionality of systems and meets
immediate defense needs. For example, the U.S. Army has upgrade programs to modernize Bradley Fighting Vehicles,
convert M1A1 and M1A2 SEPV1 Abram tanks to the M1A2 SEP V2 configuration, and upgrade C4ISR equipment and systems
on MRAP vehicles.
Along with advances in modern warfare, technologies used in military vehicles have also evolved. The military requires
armored vehicles that are highly capable, mobile, and functional, easily navigable in varying terrains, and cost-efficient.
Military armored vehicles already have limited space and finite amount of energy to power a range of systems. There is a
demand for smaller and lighter system components that enhance performance and reduce life-cycle costs.
The armored vehicles upgrade and retrofit market is estimated to grow at a CAGR more than 4%, during the period of 2017-
2023.
Intended Audience
• Distributor & Supplier companies
• End-Users
• Consultants and Investment bankers
• Government as well as Independent Regulatory Authorities
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Armored Vehicles Upgrade And Retrofit Market Research Report - Forecast to
2023
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Armored Vehicles Upgrade And Retrofit Market Research Report - Forecast to
2023
Regional Analysis
The market in the U.S. is the largest in the Americas, with a large base of armored military vehicles. The recent withdrawal
of military troops from conflict regions, such as Afghanistan, and the U.S. military budget cut (since 2011) has significantly
affected military spending. Despite these challenges, the rise of ISIS and the active involvement of the U.S. troops in many
other parts of the world will pressurize the U.S. in maintaining its strength and spending on military troops, along with
encouraging it to continue modernizing its military systems, including military armored vehicles.
Africa is one of the small yet key emerging markets for military armored vehicles. Many African countries have undergone
long civil wars and still have existing territorial tensions. Along with the economic growth in the region, military spending as
a percentage of GDP has also grown in recent times. Algeria, Ethiopia, Libya, Morocco, Nigeria, and South Africa are few of
the countries with a substantial fleet of military armored vehicles in Africa.
Emerging countries in APAC are investing further in the modernization of military troop equipment, increased mobility, and
protection of land troops. Military armored vehicles are not just considered a means to enhance military strength and
capabilities, but also a way to energize the local industry and improve bilateral relations and partnerships. This has been
holding true in the case of China and India. Both countries have been working to uplift their indigenous defense capabilities
and spending on various military vehicles and equipment development programs. India's excessive push of the "Make in
India" initiative (launched on September 2014) after the establishment of the new government is an example of this case.
Both India and China are striving to improve their defense export capabilities, while also reducing their reliance on excessive
military imports.
Other countries such as Vietnam and Cambodia have almost doubled their military spending over the last decade. Other
countries in the region, such as Japan, Malaysia, and the Philippines, are also following suit. Countries such as India,
Pakistan, South Korea, and Thailand face threats from insurgent groups, which has further escalated the need for upgraded
armored vehicles and other modern military systems.
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Armored Vehicles Upgrade And Retrofit Market Research Report - Forecast to
2023
Key Players
The key players of this market are AM General (U.S.), FNSS Savunma Sistemleri (UAE), MKU (INDIA), Oshkosh Defense (U.S.),
Sabiex International (Belgium), BAE Systems (U.K), Diehl Defence (Germany), Elbit Systems (Israel), General Dynamics (U.S.),
Palbam (Israel), Rheinmetall (Germany), and Thales Group (France).
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