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Amid the economic woes in Europe and defense budget cut in the US, companies are facing high levels of uncertainty in the market. However, there has been a growing interest from the emerging markets in APAC and the Middle East. Western military forces are mainly looking for high-end and modernized military armored vehicles and large-scale modernization of the existing fleet of vehicles.
The emerging countries in APAC and the Middle East are also strengthening their fleet of armored vehicles with modern systems and capabilities.
The US is expected to remain a big consumer of upgrade and retrofit of armored vehicles. Excluding Russia, Europe has around 7,500, equivalent to 14%, of the main battle tanks (MBTs). Also, 23 European countries have procurement of armored vehicles underway or planned shortly. It is expected to launch new vehicles manufactured by European manufacturing companies. The armored vehicles upgrade and retrofit market of other countries in Europe (Turkey, Kazakhstan, Afghanistan, etc.) is expected to register a CAGR of over 2% and reach USD 0.53 billion by 2023.
Key Players include - AM General, MKU, Oshkosh Defense, Sabiex International, BAE Systems, and Thales Group, among others.
Key Developments in the Market
February, 2017- General Dynamics Land Systems signed a contract worth USD 308 million with the Government of Canada, to upgrade their 141 Light Armored Vehicles.
September 28, 2017- Biscuits to armored cars: Midland's old Pillsbury plant has a new owner. The Pillsbury plant in Midland was once known for its fluffy, rich biscuits, but now an armored car manufacturer has rolled out the dough to transform the facility.
March 2017- Navistar has bagged a USD 35 million contract from the US Department of Defense to supply 40 MaxxPro Dash DXM mine-resistant, armored trucks to the Pakistan Army. The US-based truck major had a joint venture with India's tractor and utility vehicle maker Mahindra & Mahindra (M&M).
January 2017- The Kharkiv Morozov Machine Building Design Bureau (KMDB) is reportedly developing an infantry fighting vehicle (IFV) using the Oplot-M main battle tanks (MBT) chassis.
Reasons to Purchase the Report
- Provides latest insights into global armored vehicles upgrade and retrofit market
- Gives a detailed analysis of key competitors in the global armored vehicles upgrade and retrofit market
- Forecasts the market value by assessing the impact of the market drivers and constraints
- 3-month analyst support, along with the Market Estimate Sheet (in excel)
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- 3 month analyst support, along with the Market Estimate Sheet (in Excel).
1.1 Study Deliverables
1.2 General Study Assumptions
2. Research Methodology
2.2 Analysis Methodology
2.3 Research Assumptions
3. Executive Summary
4. Market Overview and Technology Trends
4.1 Current Market Scenario
4.2 Technological Developments
4.3 Investment Analysis
4.4 Porter's Five Forces Framework
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Competitive Rivalry within the Industry
5. Market Dynamics
6. Global Armored Vehicles Upgrade and Retrofit Market, Segmented by Vehicle Type
6.1 Armored Fighting Vehicle
6.2 Armored Recovery Vehicle
6.3 Armored Personnel Carrier
7. Global Armored Vehicles Upgrade and Retrofit Market, Segmented by Amour Level Type
7.3 Mine Resistant
7.5 Armor Piercing Rifle
8. Global Armored Vehicles Upgrade and Retrofit Market, Segmented by Geography
8.1 North America
8.2 South America
8.5 Middle East & Africa
8.5.2 South Africa
8.5.3 Saudi Arabia
9. Competitive Landscape
9.2 Market Share Analysis
9.3 Developments of Key Players
10. Key Vendor Analysis (Overview, Products & Services, Strategies)
10.1 BAE Systems
10.2 CMI Defense
10.3 Diehl Defense
10.4 Elbit Systems
10.5 General Dynamics
10.7 RUAG Defense
10.8 Thales Group
11. Outlook of the Market