Armoured Vehicles Upgrade and Retrofit Market Research Report Coverage:
This report covers drivers, restraints, opportunities, challenges, and market trends. The report also covers the product portfolio analysis of the Armoured Vehicles Upgrade and Retrofit products and vendor benchmarking of the top players in this market. In addition, this report highlights the growth strategies adopted by the major market players to garner large shares in the Armoured Vehicles Upgrade and Retrofit market.
A separate section with Armoured Vehicles Upgrade and Retrofit industry key players is included in the report, which provides a comprehensive analysis of price, cost, gross, revenue, product picture, specifications, company profile, and contact information. Development and Research plays a vital role towards the innovation in any given industry which require to execute. Additionally, performing research and development offers a competitive advantage over the competitors owing to regular introduction of products and prototypes to attract consumers. This is expected to have a positive impact on the Armoured Vehicles Upgrade and Retrofit market growth over the forecast period.
Armoured Vehicles Upgrade and Retrofit Market Value, 2018 to 2023($Million)
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The market has been segmented by technology, which includes active protection system, interoperable communication, modular ballistic armor, electric armor, situational awareness, active mine protection, and vehicle information integration. Geographically, the armored vehicles upgrade and retrofit market is led by the US, Canada, the UK, and Germany, and India, Russia, Malaysia, UAE, China, Israel, Japan, and Korea in Asia-Pacific.
Growing Demand for Commercial Aircraft Windows and Windshields Market
Amid the 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 and modernized military armored vehicles and large-scale modernization of the existing fleet of vehicles.
The emerging countries in APAC and the Middle East are also strengthening their fleet of armored vehicles with modern systems and capabilities.
The US is expected to remain a big consumer of upgrade and retrofit of armored vehicles. Excluding Russia, Europe has around 7,500, equivalent to 14%, of the main battle tanks (MBTs). Also, 23 European countries have procurement of armored vehicles underway or planned shortly. It is expected to launch new vehicles manufactured by European manufacturing companies. The armored vehicles upgrade and retrofit market of other countries in Europe (Turkey, Kazakhstan, Afghanistan, etc.) is expected to register a CAGR of over 2% and reach USD 0.53 billion by 2023.
Key Players include – AM General, MKU, Oshkosh Defense, Sabiex International, BAE Systems, and Thales Group, among others.
Key Developments in the Market
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.
September 28, 2017- Biscuits to armored cars: Midland’s old Pillsbury plant has a new owner. The Pillsbury plant in Midland was once known for its fluffy, rich biscuits, but now an armored car manufacturer has rolled out the dough to transform the facility.
March 2017- Navistar has bagged a USD 35 million contract from the US Department of Defense to supply 40 MaxxPro Dash DXM mine-resistant, armored trucks to the Pakistan Army. The US-based truck major had a joint venture with India’s tractor and utility vehicle maker Mahindra & Mahindra (M&M).
January 2017- The Kharkiv Morozov Machine Building Design Bureau (KMDB) is reportedly developing an infantry fighting vehicle (IFV) using the Oplot-M main battle tanks (MBT) chassis.
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Armoured Vehicles Upgrade and Retrofit Market Forecast 2018-2023
The Armoured Vehicles Upgrade and Retrofit industry research report analyses the supply, sales, production, and market status comprehensively. Production market shares and sales market shares are analysed along with the study of capacity, production, sales, and revenue. Several other factors such as import, export, gross margin, price, cost, and consumption are also analysed under the section Analysis of Armoured Vehicles Upgrade and Retrofit production, supply, sales and market status.
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.