05 October 2020
Visiongain has launched a new report Military Armoured Vehicles Upgrade & Retrofit Market Report 2020-2030: Forecasts by Design (Wheeled, Tracked), by Type (Infantry Fighting Vehicle (IFV) Type, Main Battle Tank (MBT) Type, Armoured Personnel Carrier (APC) Type, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) Plus Analysis of Leading Armoured Vehicles Upgrade & Retrofit Companies and COVID-19 Recovery Scenarios.
Global Military Armoured Vehicles Upgrade and Retrofit market was valued at US$ xx billion in 2019 and is projected to reach at a market value of US$ xx billion by 2030. Increasing terrorist activities over the past few years globally has increased demand for military armoured vehicles and the trend is expected to continue over the forecast period. Growing extremism and aggressive global activities have increased demand for the integration of the latest innovations in armoured vehicles, which, in turn, has acted as a significant market driver for the upgrading and retrofitting industry of armoured vehicles. The rapidly ageing armoured vehicle fleet has prompted countries to invest in performance, lethality, and communication upgrade programmes. This is projected to be the biggest catalyst during the forecast period for the upgrade and retrofit demand for armoured vehicles.
COVID-19 pandemic is expected slow market growth for military armoured vehicles upgrade and retrofit industry till 2021. Major defence spenders devote close to or more than 2% of their GDP to defence, a substantial number. Whether or not defence spending can be deprioritized would rely on a variety of other economic and social factors. Countries adversely affected by the pandemic would have to beef up their healthcare expenditure. Hospital capacity will need to be increased, new facilities will have to be built and more services may have to be procured. In turn, the amount of increased healthcare expenditure would depend on other factors, such as the current state of healthcare, the methods of prevention or containment used, and also the civic duty of people to fight infections. Countries with very weak or insufficient healthcare facilities and penetration may need to invest a lot more than those with good healthcare to cope with the contagion.
Additionally, the advancement of advanced weapons systems, communication systems, as well as increasing the use of composite materials for vehicle defence, would create the need to update existing armoured vehicles, thus creating potential business opportunities for updating and retrofitting of blinded vehicles. In terms of vehicle type, the infantry fighting vehicle (IFV) segment is expected to show potential growth over the foreseeable future. The developing and developed economies have been working on the functional characteristics, firepower, efficiency, improvement of fire control, aging infantry fighting vehicles, ergonomic. Furthermore, increasing adoption of robotic combat modules and artificial intelligence in military armoured vehicle modernization such as track targets, and detect target is further expected to open new opportunities for the military armoured vehicles upgrade and retrofit industry.
The global military armoured vehicles upgrade and retrofit industry is highly competitive in nature. Large number of well-established manufacturers are operating in this industry. Some prominent players highlighted in the report are Safran SA, BAE Systems, Honeywell International, Dassault Aviation SA, Elbit Systems, General Dynamics Corporation, GE Aviation, Leonardo SpA, AM General, Oshkosh Corporation, Navistar International Corporation, Textron, The Boeing Company, L3Harris Technologies, Rheinmetall AG, Lockheed Martin Corporation, Raytheon Company, RUAG Holding, Embraer S.A., Northrop Grumman Corporation, and Thales SA.
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