Armored Vehicle Procurement And Upgrade Market Size (2024 - 2029)

Armored Vehicles Procurement and Upgrade Market Analysis

The Armored Vehicle Procurement And Upgrade Market size is estimated at USD 6.66 billion in 2024, and is expected to reach USD 8.19 billion by 2029, growing at a CAGR of 4.23% during the forecast period (2024-2029).

With the ever-increasing need for national and regional security, countries such as India, the UK, France, and the US are anticipated to be the primary centers in the market studied. Growing military expenditure of these countries is expected to help in this regard by giving freedom to the militaries to spend huge amounts for the procurement of these vehicles in order to satisfy the increasing demand.

Countries with vast land-based borders are emerging as lucrative markets for armored vehicles. The procurement of land-based vehicles is increasing, particularly in Asia-Pacific and Europe. It is due to the growing political tensions between the neighboring countries and increasing hostile activities in the regions. In addition, these factors are increasing the need for incorporating the latest technologies into the land vehicles. It, in turn, is a major driver for upgrade and retrofit activities.

The demand for upgrading existing armored vehicles will be triggered by the development of weapon systems, communication, and other new materials related to vehicle protection and armory. It is expected to generate market opportunities in the area of armor upgrades and retrofitting.

Armored Vehicles Procurement and Upgrade Industry Segmentation

An armored vehicle is an armed land vehicle protected by armor, generally combining operational mobility with offensive and defensive capabilities. Armored vehicles can be wheeled or tracked, depending on the type. 

The armored vehicle procurement and upgrade market provides insights into the procurement of military armored vehicles, along with maintenance, repair, and overhaul services and the upgrades and retrofits that are done to these armored vehicles. The addition of new technology or features to older systems/subsystems, as a retrofit, is considered under upgrades. Upgrades also cover the replacement of parts/systems/subsystems with newer generation models. Anti-aircraft, self-propelled artillery, light armored vehicles, reconnaissance vehicles, and light utility vehicles are considered in the other vehicle types of the segment.

The armored vehicle procurement and upgrade market is segmented by vehicle type and geography. By vehicle type, the market is segmented into armored personnel carrier (APC), infantry fighting vehicle (IFV), mine-resistant ambush protected (MRAP), main battle tank (MBT), and other vehicle types. The report also covers the market sizes and forecasts for the armored vehicle procurement and upgrade market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).