As per the MRFR analysis, modernization of military armored vehicles and need for SWaP reduction are the key factor driving the market. The vendors in the market focus on technological innovation in order to improve the size and weight of the vehicle thus controlling the overall ownership cost. Budget cuts and limited customer funding specially in Europe and North America has been the top most restraint of the market which would hamper the market growth in the forecast period.
Armoured vehicles such as high-precision weapons, anti-air weapons systems, drones striker helicopters, fighter jets, are used by armed forces (Army, Navy & Air force) during a combat, ambush or war. These vehicles are protected by armour and in many cases armed with weapons. Armoured vehicles provide enormous strength to a country’s army and are used in large numbers by military forces around the world.
System and vetronics upgrades and retrofits are less costly than new armored vehicle acquisitions in this era of pressures on defense budgets, Visiongain analysts say, adding that many armored vehicles can serve for many more years than originally planned if given upgrades.
The Military Armored Vehicles Upgrade And Retrofit Market is estimated to be a fairly profitable business, however, the government restrictions and regulations limit the number of operators and participants in the military field. Furthermore, the military business is a highly risky, owing to the constant demand and high capital requirements, with a lot of uncertainty, tough technological competition and the need to lobby for contracts. The forecast period (2017-2022) is crucial as many military activities are scheduled to end in this time-period, along with the rise of the new next generation heavy armoured vehicle made for connected warfare by Russia.
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The Market of Armored Vehicles Upgrade & Retrofit appears to be competitive owing to the presence of numerous well-established players having international and global presence. Innovation, mergers & acquisitions, and brand reinforcement remain the key trends for the leading players. These key players compete based upon pricing, reputation and services. Key Players operating in the market strive to demonstrate capability to build aerostructures like those for high-precision weapons, anti-air weapons systems, drones and the modernization of aviation and armored vehicles, and striker helicopters, and look at bidding for contracts for helicopters and armoured vehicles, besides fighter jets, through different group companies. Vetronics (vehicle electronics) is the most expensive part of the armored vehicle. To reduce the overall ownership cost (including maintenance), “Cost Per Mile” is new parameter on which vendors are working to bring down maintenance costs, fuel costs, and training and operating costs. They are keen to play an instrumental role in helping the armed forces into a destination for world-class high-tech defence manufacturing. India seems to be an attractive anchorage to these players as they are investing heavily in to expansion or moving their bases to India or other developing economies of APAC. For instance,
Armored Vehicles Upgrade & Retrofit Global Market – Segments
For the Better understanding of this report the Global Armored Vehicles Upgrade and Retrofit Market has been segmented in to 2 key dynamics.
Segmentation By Vehicle Type : Comprises Armored Personnel Carrier, Main Battle Tank, Mine Resistant Ambush Protected, and other (Tactical Truck, IFV, LMV)
Segmentation By Regions : Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
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Americas is the dominant player in the market with a market share of around 42%, and is likely to lead both in terms of sales and CAGR in the forecast period.
APAC will grow significantly, followed by EMEA and Americas. Many countries in APAC are undergoing major military vehicles modernization programs. As a result, the military armoured vehicle upgrade and retrofit market is expected to witness a substantial growth during the forecast period. APAC market is estimated to grow at a CAGR of around 5%
We are thankful for the support and assistance Armored Vehicles Upgrade And Retrofit Market Research Report- Forecast to 2021 related technical experts and marketing experts during Research Team survey and interviews.
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