- The key vendors in the global armoured vehicles upgrade & retrofit market 2015-2019 are AM General Holdings, FNSS Savunma Sistemleri, MKU, Oshkosh Defense and Sabiex International.
London, 28 August 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the global armoured vehicles upgrade & retrofit market 2015-2019. Growing utilization of commercial off-the-shelf (COTS) components is one of the latest trends upcoming in this market. COTS solutions help in SWaP reduction and are also more cost-efficient to utilize. The high-density COTS I/O solutions also reduce board count, weight, and power, enhancing overall system reliability and affordability. The global armored vehicles upgrade and retrofit market expected to grow at a CAGR of 2.79% during the period 2014-2019.
Countries are also focusing on maintaining agile military forces that can be deployed readily as needed. The military modernization program has also led to a significant change in the armored vehicles market and to the establishment of a growing fleet of advanced vehicles that are suitable for modern-day warfare. The importance of low-cost per mile operations, modular vehicle design approach, and sophisticated vetronics has also increased.
“Many countries worldwide are modernizing their existing military land vehicles by upgrading systems and components, which adds capability and functionality to the existing platform,” says Faisal Ghaus, Vice President of Technavio Research.
“This helps maintain the operability of systems and meet immediate defense needs. For example, the US Army has upgrade programs to modernize Bradley fighting vehicles, convert M1A1 and M1A2 SEPV1 Abram tanks to M1A2 SEP V2 configuration, and upgrade command, control, communications, computers, intelligence, surveillance, and reconnaissance (C4ISR) equipment and systems on MRAP vehicles.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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