Market Share of Armored Vehicle Procurement And Upgrade Industry
The armored vehicle procurement and upgrade market is fragmented, with many global and local players competing with their manufacturing, MRO, and upgrade capabilities. General Dynamics Corporation, BAE Systems plc, Rheinmetall AG, Textron Inc., and Elbit Systems Ltd. are some of the prominent players in the market.
The aging fleet of armored vehicles in Asia-Pacific, the Middle East, and Africa gave the necessary opportunities for the local players in these regions to develop their capabilities, helping them gain significant shares in the local markets. The countries now can produce their own 3rd and 4th generation MBTs and other armored vehicles locally. In such a competitive environment, the global players are compelled to improve their policies and delivery promises to remain major players outside the US and European Union (EU), where they enjoy higher revenues. Also, in the coming years, global players may cut down on prices to compete with local manufacturers.
Armored Vehicles Procurement and Upgrade Market Leaders
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General Dynamics Corporation
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Rheinmetall AG
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BAE Systems plc
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Textron Inc.
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Elbit Systems Ltd.
*Disclaimer: Major Players sorted in no particular order
