Pune, India -- (SBWIRE) -- 05/21/2018 -- Market Highlights:
Armored vehicles include land combat and transportation vehicles used by military land forces for operations, such as transporting cargo and military personnel and operating in active combat. These vehicles are protected by armored and in many cases armed with weapons. Armored vehicles provide significant strength to a country's army and are used in large numbers by military forces around the world.
Major initiatives undertaken by various countries to modernize their fleet of military armored vehicles has largely helped the market growth. The majority of the military forces in the West (including the U.S. which has an existing fleet of a large fleet of military armored vehicles) have ongoing or planned military modernization programs to equip troops with the latest capabilities. Furthermore, there is growing demand for "low-cost per mile" military vehicles, and the existing systems are upgraded to improve the functionality and capabilities of the vehicles. Also, militaries seek optimized vehicles that are capable of navigating various types of terrain and provide high mobility. Increased Swap reduction in military vehicles and systems is given high priority and has further driven the demand for vehicle upgrade.
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Major Key Players
AM General (U.S.),
FNSS Savunma Sistemleri (UAE),
MKU (INDIA),
Oshkosh Defense (U.S.),
Sabiex International (Belgium),
BAE Systems (U.K),
Diehl Defence (Germany),
Elbit Systems (Israel),
General Dynamics (U.S.),
Palbam (Israel),
Rheinmetall (Germany), and Thales Group (France).
The Armored Vehicles Upgrade and Retrofit Market is estimated to grow at a CAGR more than 4%, during the period of 2017-2023.
There are engineering challenges related to the design and deployment of Session Border Controller (SBC) for use in high-end military vehicles. SBC falls short in terms of being able to provide the required computing capability for data analysis and communication. There are also issues related to the cooling technologies currently used in these vehicles. As a result of the mechanical nature of the cooling systems (including fans), they are prone to failure, which leads to increased maintenance costs. Also, the military requires improved situational awareness to suit technologically advanced modern-day warfare. For this, many modern sensors and communication equipment are installed in vehicles and require a vast amount of data transmission and analysis.
Military vehicles and equipment are expensive to acquire and operate. Along with defense budget cuts and financial strains, the cost pressures on military spending have increased. Therefore, cost-efficient operations of military systems have been given high priority. This has further driven the demand for military armored vehicles with upgraded systems and components.
Many countries worldwide are modernizing their existing military land vehicles by upgrading systems and components, which adds capability and functionality to the existing platform. It maintains the functionality of systems and meets immediate defense needs. For example, the U.S. Army has upgrade programs to modernize Bradley Fighting Vehicles, convert M1A1 and M1A2 SEPV1 Abram tanks to the M1A2 SEP V2 configuration, and upgrade C4ISR equipment and systems on MRAP vehicles.
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Regional Analysis
The market in the U.S. is the largest in the Americas, with a large base of armored military vehicles. The recent withdrawal of military troops from conflict regions, such as Afghanistan, and the U.S. military budget cut (since 2011) has significantly affected military spending. Despite these challenges, the rise of ISIS and the active involvement of the U.S. troops in many other parts of the world will pressurize the U.S. in maintaining its strength and spending on military troops, along with encouraging it to continue modernizing its military systems, including military armored vehicles.
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