A new study available on ASDReports has concluded that growth in spending on upgrades and retrofits to military armoured vehicles will stall this year, leaving the market at a peak value of $4.76bn annually. The report, titled Armoured Vehicle Upgrade & Retrofit Market Forecast 2014-2024: Opportunities For Leading Companies, presents a detailed analysis of the state of the market globally, highlighting areas of potential expansion.
The analyst responsible for the new forecast summarised the findings of their research: “As governments face pressures on defence budgets, upgrades and retrofits to large inventories of armoured vehicles provide a viable alternative to new procurement. Given a proper set of upgrades, many armoured vehicles can be expected to continue to serve for many years to come. In some cases, upgraded vehicles can also serve as interim solutions while the development of new systems gets underway.
The imminent withdrawal of US-led forces from Afghanistan by the end of 2014 could also serve to shift the focus on naval and air assets in other areas of the world, thus making the procurement of new land systems less of a priority. It is therefore expected that there will be demand for upgrades and retrofits to armoured vehicles.”
The Armoured Vehicle Upgrade & Retrofit Market Forecast 2014-2024: Opportunities For Leading Companies, finds stable if close to flat demand overall, with prospects for growth varying among the different vehicle submarkets and 20 leading national markets that were studied
The author of the study calculates that global spending on armoured vehicles will amount to $4.76bn in 2014. The 175 page report is packed with 197 tables, figures and charts, as well as details of 135 programmes and contracts that illustrate key trends in the armoured vehicle market at the global level, five key submarkets, and in 20 leading national markets.
The Armoured Vehicle Upgrade & Retrofit Market Forecast 2014-2024: Opportunities For Leading Companies will be valuable to those engaged in the upgrade of armoured vehicles or those that want looking at the opportunities in this market sector.
Source: ASDReports - Market Research
Date: May 7, 2014