How big is the Armored Vehicle Upgrade And Retrofit Market?

The Armored Vehicle Upgrade And Retrofit Market size is expected to reach USD 6.54 billion in 2024 and grow at a CAGR of 4.01% to reach USD 7.96 billion by 2029. Read More

What is the current Armored Vehicle Upgrade And Retrofit Market size?

In 2024, the Armored Vehicle Upgrade And Retrofit Market size is expected to reach USD 6.54 billion. Read More

Who are the key players in Armored Vehicle Upgrade And Retrofit Market?

General Dynamics Corporation, Rheinmetall AG, Textron Inc., BAE Systems plc and KNDS N.V. are the major companies operating in the Armored Vehicle Upgrade And Retrofit Market. Read More

Which is the fastest growing region in Armored Vehicle Upgrade And Retrofit Market?

North America is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Armored Vehicle Upgrade And Retrofit Market?

In 2024, the Asia Pacific accounts for the largest market share in Armored Vehicle Upgrade And Retrofit Market. Read More

What years does this Armored Vehicle Upgrade And Retrofit Market cover, and what was the market size in 2023?

In 2023, the Armored Vehicle Upgrade And Retrofit Market size was estimated at USD 6.28 billion. The report covers the Armored Vehicle Upgrade And Retrofit Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Armored Vehicle Upgrade And Retrofit Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Armored Vehicle Upgrade and Retrofit Market

Armored Vehicle Upgrade and Retrofit Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Armored Vehicle Upgrade and Retrofit Market Report is Segmented by Type (Armored Personnel Carrier [APC], Infantry Fighting Vehicle [IFV], Mine-Resistant Ambush Protected [MRAP], Main Battle Tank [MBT], and Other Vehicle Types) and Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa). The Report Offers Market Sizes and Forecasts for all the Above Segments in Terms of Value (USD).

Armored Vehicle Upgrade And Retrofit Industry Overview

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.