Military Armored Vehicle Upgrade and Retrofit Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET OVERVIEW

Armored vehicles are used for transporting military personnel and cargo and operates in active combat. These include land combat and transportation vehicles used by military land forces for operations. Armored vehicles provide significant strength to a country army and are used in large numbers by military forces around the world. major initiatives are being undertaken by various countries to upgrade their existing fleet of military armored vehicles, which is expected to drive the growth of the market.

MARKET SCOPE

The "Global Military Armored Vehicle Upgrade and Retrofit Analysis to 2031" is a specialized and in-depth study of the aerospace and defense industry with a special focus on the global market trend analysis. The report aims to provide an overview of Military Armored Vehicle Upgrade and Retrofit market with detailed market segmentation by vehicle type, design, and geography. The global Military Armored Vehicle Upgrade and Retrofit market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading Military Armored Vehicle Upgrade and Retrofit market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

•   Based on vehicle type, the global military armored vehicle upgrade and retrofit market is segmented into Armored Personnel Carrier (APC), Infantry Fighting Vehicle (IFV), MINE-Resistant Ambush Protected (MRAP), Main Battle Tank (MBT), Other
  
•   On the basis of design, the market is segmented into wheeled armored vehicles, tracked armored vehicles
  

MARKET DYNAMICS

Drivers:

•   The demand for armored vehicles has been increasing from the last few years due to increasing terrorist attacks and cross border disputes. There has been a significant rise in terrorism and terrorism-related fatalities over the past decade
  
•   The growing demand for "low-cost per mile" military vehicles, and the existing systems are upgraded to improve the functionality and capabilities of the vehicles.
  
•   Increased Size, Weight, and Power (SWaP) reduction in military vehicles and systems are given high priority and have further driven the demand for vehicle upgrades.
  

Restraints:

•   Low quality of upgraded vehicles may hinder the market growth.
  

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Military Armored Vehicle Upgrade and Retrofit market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive Porter's Five Forces analysis, highlighting the factors affecting the Military Armored Vehicle Upgrade and Retrofit market in these regions,

IMPACT OF COVID-19 ON MILITARY ARMORED VEHICLE UPGRADE AND RETROFIT MARKET

The outbreak of the COVID-19 has severely impacted the defense related industries. The emergence of COVID-19 virus across the globe which led to lockdown scenarios has led to unprecedented series of border closures across the globe. This disruption in global supply chain is expected to leave an impact on the defense industry through till mid-2021. However, various cross-border conflicts and the necessity of the military to provide adequate high performance military armored vehicles to its personnel in homeland and border security are creating ample demand for armored vehicle upgrade and retrofit. Moreover, demand for defense related products such as Military Armored Vehicle Upgrade and Retrofit is expected to remain unaffected as the budgets for defense related projects had been allocated prior to the pandemic and the projects are extremely critical to national defense. Thus, the global market has been largely unaffected by the pandemic, except for the limitations in the global supply chain.

MARKET PLAYERS

The report covers key developments in the Military Armored Vehicle Upgrade and Retrofit market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Military Armored Vehicle Upgrade and Retrofit market are anticipated to lucrative growth opportunities in the future with the rising demand for Military Armored Vehicle Upgrade and Retrofit in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Military Armored Vehicle Upgrade and Retrofit market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

•   AM General
  
•   Rheinmetall AG
  
•   Thales Group
  
•   MKU Limited
  
•   Navistar Inc.
  
•   BAE Systems
  
•   Diehl Defence
  
•   Elbit Systems
  
•   General Dynamics
  
•   Nexter Group
  

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Military Armored Vehicle Upgrade and Retrofit Report Scope