Armored Vehicles Upgrade and Retrofit Market: Global Industry Size, Growth, Manufacturers, Segments and Forecast: 2022-2031

Japan, Japan, Thu, 07 Apr 2022 01:30:22 / Comserve Inc. / -- The armored vehicles upgrade and retrofit market is anticipated to register a CAGR of above 5% during the forecast period.

The armored vehicles upgrade and retrofit market is anticipated to register a CAGR of above 5% 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.

Click Here to Download Sample Report: https://www.sdki.jp/sample-request-81357

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.

Download PDf Sample For More Information: https://www.sdki.jp/sample-request-81357

Competitive Landscape

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 and African regions are supporting the local players to gain a significant market share.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.

For more information, please contact:

Shibuya Data Count
Email: sales@sdki.jp
Tel: + 81 3 45720790

The post Armored Vehicles Upgrade and Retrofit Market: Global Industry Size, Growth, Manufacturers, Segments and Forecast: 2022-2031 appeared first on Comserveonline.