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Press Release / Industry / Armored Vehicles Upgrade and Retrofit Market Trends and Demands Research Report

Armored Vehicles Upgrade and Retrofit Market Trends and Demands Research Report

By MarketRF39 on March 15 2018 | 100 Views

Armored Vehicles Upgrade and Retrofit Market by Vehicle Types (Armored Personnel Carrier, Main Battle Tank, Mine Resistant Ambush Protected, and others (Tactical Truck, IFV, LMV), and by Geography- Fo

Market Highlights:

Armoured 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 armour and in many cases armed with weapons. Armoured vehicles provide significant strength to a country’s army and are used in large numbers by military forces around the world.

The withdrawal of military troops from conflict regions such as Afghanistan, and defense budget cuts have led to a slowdown in procurement of new military vehicles in major markets (e.g. US and European countries). Many countries in Europe are also forced to either delay the procurement of military vehicles or reduce the number of vehicles to be procured. However, the western countries already have a large fleet of military vehicles. Since it is economical to upgrade and retrofit a fleet of vehicle rather than to procure an entire new fleet, many of the countries are aggressively spending on modernization and upgradation of military armoured vehicle.

Countries are also focusing to maintain an agile military forces that can be deployed readily as needed. The military modernization program has also led to a significant change in the armoured vehicles market and to the establishment of growing fleet of advanced vehicles that are suitable for modern-day warfare. The importance of "low-cost per mile" operations, modular vehicle design approach, and sophisticated vetronics has also increased.

Furthermore, emerging countries in APAC and the Middle East have aggresively increased their defense spending. Increasing demand for armoured vehicle modernization from such emerging countries will further contribute to the market growth during the forecast period.

In addition, military armoured vehicle manufacturers and vetronics system integrators are moving toward COTS solutions for new vehicles as well as vehicle retrofits. COTS solutions help in SWaP reduction and are also more cost-efficient to utilize.

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Industry/ Innovation/ Related News:

February, 2017:- General Dynamics Land Systems signed a contract worth USD 308 million with the Government of Canada, to upgrade their 141 Light Armored Vehicles.

December, 2016 - Germany’s armed forces signed a contract worth over USD 160 million with Rheinmetall AG, for the upgrade of its Fuchs/Fox armoured transport vehicles.

Key Players

The leading market players in the global Armoured Vehicles Upgrade and Retrofit Market market primarily include AM General, FNSS Savunma Sistemleri, MKU, Oshkosh Defense, Sabiex International, BAE Systems, Diehl Defence, Elbit Systems, General Dynamics, Palbam, Rheinmetall, and Thales Group

Armored Vehicles Upgrade and Retrofit Market – Competitive Analysis

End-users of military armoured vehicles are shifting their focus from quantity to quality. There is also an increased emphasis on cost-efficiency for the operation of these vehicles. Low-cost per mile has been a growing requirement for modern military armoured vehicles. Maintaining a balance between cost and quality while providing upgrade and retrofit solutions to meet modern military needs can be a significant challenge for vendors.

Also, amid economic woes in Europe and defense budget cut in the US, companies are facing high levels of uncertainty in the market. However, there has been a growing interest from the emerging markets in APAC and the Middle East. Western military forces are mainly looking for high-end, modernized military armoured vehicles and large-scale modernization of the existing fleet of vehicles. Meanwhile, the emerging countries in APAC and Middle East are also strengthening their fleet of armoured vehicles with modern systems and capabilities. The existing major players in the market should identify the evolving trends and market shifts, and should adapt to accommodate

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Regional Analysis

The European economic crisis, which started since the end of 2009, has led to a dilemma in the Western defense market. Many countries have undergone defense budget cuts or downsized their military vehicle acquisition. However, the Ukrainian crisis (which began on November 2013) and expanding military buildup interests of Russia have put European countries on high alert to military threats in Europe. European countries, despite the unfavorable economic conditions, are pressured to maintain their military strength and the modernization of military systems, including military armoured vehicles. The ongoing or planned armored vehicle modernization in France, Germany, Italy, Poland, Sweden, and the UK are a testament to the ongoing military spending.

Amid growing tensions in the Middle East and Gaza, emerging countries in the Middle East are becoming established markets for military armoured vehicles. The rise of ISIS and conflicts in the region might lead to heightened tension in the coming years, which might see the active deployment of military troops from the concerned countries and the NATO forces. As a result of this rising insecurity, countries such as Turkey, Egypt, and Israel are continuing to modernize their military armored vehicles. Israel is one of the major markets in the region and also exports a large number of military systems and equipment to international markets. The defense market in Turkey is also emerging as one of the stronghold markets in the region. Because of its geopolitical location between the East and the West, and amid high tensions in the neighboring countries, the military spending of the Turkish military will grow substantially in the coming years.

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