The armored vehicle upgrade and retrofit market size has experienced considerable growth in recent years, rising from $6.22 billion in 2024 to an estimated $6.5 billion in 2025, at a Compound Annual Growth Rate (CAGR) of 4.4%. The growth during the historic period was primarily due to the cold war era arms race, evolving threats and tactics, increased focus on logistics and maintenance, and larger budget allocations for defense spending.
The market is projected to continue its growth trajectory, reaching $7.68 billion by 2029, expanding at a CAGR of 4.3%. This future growth is likely to be driven by factors such as a greater emphasis on hybrid and electric propulsion, increasing adoption of unmanned ground vehicles (UGVs), growing demand for modular and scalable upgrades, and a shift towards lightweight and survivable designs, alongside rising global geopolitical tensions.
Get Your Free Sample of The Global Armored Vehicle Upgrade And Retrofit Market Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=12185&type=smp
What Drives the Growth of the Armored Vehicle Upgrade and Retrofit Market?
The rise in terrorism and hostile activities is anticipated to act as a significant propellant for the growth of the armored vehicle upgrade and retrofit market moving forward. These violent and aggressive actions or threats by individuals or groups instill fear, inflicting harm and creating disruption. Armored vehicles serve as a crucial point of defense for security forces and military units, providing them with protection, mobility, and firepower. These vehicles are deployed in various scenarios to mitigate the risks of terrorist attacks and hostile activities. This rising trend of violence contributes to the market’s future growth.
What Are the Major Segments of the Armored Vehicle Upgrade and Retrofit Market?
1) By Design: Wheeled Armored Vehicles, Tracked Armored Vehicles
2) By Vehicle Type: Tactical Truck, Main Battle Tanks (MBT), Assault Amphibious Vehicles (AAV), Armored Personnel Carrier (APC), Armored Recovery Vehicle, Armored Fighting Vehicle, Other Vehicle Types
3) By Armor Level Type: Rifle, Mine Resistant
4) By Point Of Sale: Original Equipment Manufacturer (OEM), Retrofit
Order your report now for swift delivery:
https://www.thebusinessresearchcompany.com/report/armored-vehicle-upgrade-and-retrofit-global-market-report
Who Are the Key Players in the Armored Vehicle Upgrade and Retrofit Market?
Major companies operating in the armored vehicle upgrade and retrofit market include Hyundai Motor Group, SAIC Motor Corporation Limited., Hanwha Group, Tata Motors Limited, General Dynamics Corporation, Northrop Grumman Corporation, Mitsubishi Heavy Industries Ltd., Rostec State Corporation, BAE Systems PLC, Lockheed Martin Corporation, Thales Group, L3Harris Technologies Inc., Leonardo S.p.A., Iveco S.p.A, Textron Inc., Navistar Inc., ST Engineering, Oshkosh Corporation, Rheinmetall AG, Elbit Systems Ltd., among others.
What are the Emerging Trends in the Armored Vehicle Upgrade and Retrofit Market?
Technological advancements represent a key trend gaining popularity in the armored vehicle upgrade and retrofit market. Major companies are placing a focus on the latest technology to maintain their competitive edge.
Which Regions Are Growing the Fastest in the Armored Vehicle Upgrade and Retrofit Market?
North America was the largest region in the armored vehicle upgrade and retrofit market in 2024. The fastest-growing region in the forecast period is expected to be Asia-Pacific.
What Does The Armored Vehicle Upgrade And Retrofit Market Report 2025 Offer?
The Armored Vehicle Upgrade And Retrofit Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities. Armored vehicle upgrades and retrofits are standard practices to upgrade existing armored vehicles’ performance, capabilities, and lifespan. These upgrades can range from simple enhancements to more thorough modifications, based on specific demands and objectives.
Purchase this exclusive report now to unlock valuable market insights:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=12185
About The Business Research Company
Learn more about the Business Research Company. With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has gained a reputation for offering comprehensive, data-rich research and insights. With 1,500,000 data sets, the positive impact of in-depth secondary research, and unique insights from industry leaders, you can obtain the information you need to stay ahead.
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model.
