Armored vehicles refer to transportation and land combat vehicles used for various offensive and defensive operations. They are commonly employed for the transportation of military personnel and cargo as well as operating in active combats. These vehicles are often armed with weapons and protected by an armor against shell fragments, bullets and other projectiles.

Several programs are being conducted to upgrade the equipment and systems in old armored vehicles across the globe. Led by the availability of modern and evolved warfare technologies, these programs are driving the growth of the upgrade and retrofit market. Additionally, many countries are expanding their military budgets on account of increasing terrorism and hostile activities. These activities have also resulted in the requirement of frequent repairing and installation of new parts in armored vehicles.

Market Analysis and Insights: Global Armored Vehicles Upgrade and Retrofit Market
The global Armored Vehicles Upgrade and Retrofit market size is projected to reach US$ 5070.7 million by 2027, from US$ 4253.3 million in 2020, at a CAGR of 2.1% during 2021-2027.
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Global Armored Vehicles Upgrade and Retrofit Scope and Market Size
Armored Vehicles Upgrade and Retrofit market is segmented by company, region (country), by Type, and by Application. Players, stakeholders, and other participants in the global Armored Vehicles Upgrade and Retrofit market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by Type and by Application in terms of revenue and forecast for the period 2016-2027.

Segment by Type
Main Battle Tank
Light Protected Vehicles
Amphibious Armored Vehicles
Mine-Resistant Ambush Protected
Infantry Fighting Vehicles
Armored Personnel Carriers
Others

Segment by Application
Military
Commercial

By Region
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Russia
Nordic
Rest of Europe
Asia-Pacific
China
Japan
South Korea
Southeast Asia
India
Australia
Rest of Asia
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of MEA

By Company
AM General (US)
FNSS Savunma Sistemleri (UAE)
MKU (Inidia)
Oshkosh Defense (US)
Sabiex International (Belgium)
BAE Systems(UK)
Diehl Defence (Germany)
Elbit Systems (Israel)
General Dynamics (US)
Palbam (Israel)
Rheinmetall (Germany)
Thales Group (France)