Market Share of Armored Vehicle Upgrade And Retrofit Industry
The armored vehicle upgrade and retrofit market is semi-consolidated, with several global and local players holding significant shares. Some of the key players in the market are General Dynamics Corporation, Rheinmetall AG, KNDS NV, Textron Inc., and BAE Systems PLC.
Key market players are intensifying their R&D investments, focusing on introducing state-of-the-art solutions for armored vehicles. BMC Otomotive, in April 2023, handed over two pre-production models of its Altay MBT to the military. These prototypes are set for an extensive 1.5-2 year field testing phase before moving into full-scale production. Noteworthy is BMC Otomotive's creation of 10 Altay MBT samples, each featuring unique engine and transmission setups. With a tentative timeline for serial tank production between 2024 and 2025, these strides are primed to drive the market in the coming years.
Armored Vehicle Upgrade And Retrofit Market Leaders
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General Dynamics Corporation
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Rheinmetall AG
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Textron Inc.
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BAE Systems plc
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KNDS N.V.
*Disclaimer: Major Players sorted in no particular order
