The Global Armored Vehicles and MRO Market is expected to reach US$34.4 billion by 2027

LONDON, June 14, 2017 /PRNewswire/ -- Highlights

·         Global Military Armored Vehicles and MRO market is expected to value US$24.0 billion in 2017 and will grow at a CAGR of 3.67% to value US$34.4 billion by 2027.

·         The cumulative market for global expenditure on military armored vehicles and MRO will reach US$312.8 billion over the forecast period.

·         The demand for armored vehicles is expected to be driven by cross border disputes and modernization initiatives undertaken by various large defense spenders across the world.

·         The military armored vehicles and MRO market is expected to be led by Asia Pacific with a share of 27% over the forecast period, followed by North America with 25%, and Europe with 23%.

·         The Middle Eastern market for military armored vehicles is expected to account for 15%, followed by the Latin American and the African markets with a collective share of 10%.

·         The global armored vehicles market is dominated by Asia Pacific, with China being the largest spender in the sector.

·         Overall, Asia Pacific will spend US$86.5 billion on armored vehicles and MRO programs during the forecast period.

·         North America represents the second largest market, with the total armored vehicles and MRO spending valued at US$77.7 billion over the forecast period.

·         The region will be largely driven by MRO and upgrade programs in addition to fresh procurements.

·         Modern armored vehicles and related MRO must incorporate technological advancements in the fields of survivability, connectivity, mobility, maneuverability, lethality, and sustainability.

The Global Armored Vehicles and MRO Market 2017-2027

Summary
Global Military Armored Vehicles and MRO market is expected to value US$24.0 billion in 2017 and will grow at a CAGR of 3.67% to value US$34.4 billion by 2027. The cumulative market for global expenditure on military armored vehicles and MRO will reach US$312.8 billion over the forecast period. The demand for armored vehicles is expected to be driven by cross border disputes and modernization initiatives undertaken by various large defense spenders across the world.

In terms of segments, the military armored vehicles market is split into six segments: MBTs, IFVs, APCs, MRAPs, LMVs, and tactical trucks. During the forecast period, MBTs are expected to account for the largest share of spending, accounting for 30% of the overall global market. Driven by large scale procurement programs in countries such as India, China, and Pakistan, the Asia Pacific region is expected to be the dominant market for MBTs throughout the next decade. North America and Europe are projected to account for the second and third largest markets in this segment.

The military armored vehicles and MRO market is expected to be led by Asia Pacific with a share of 27% over the forecast period, followed by North America with 25%, and Europe with 23%. The Middle Eastern market for military armored vehicles is expected to account for 15%, followed by the Latin American and the African markets with a collective share of 10%.

The global armored vehicles market is dominated by Asia Pacific, with China being the largest spender in the sector. Overall, Asia Pacific will spend US$86.5 billion on armored vehicles and MRO programs during the forecast period. North America represents the second largest market, with the total armored vehicles and MRO spending valued at US$77.7 billion over the forecast period. The region will be largely driven by MRO and upgrade programs in addition to fresh procurements.

Modern armored vehicles and related MRO must incorporate technological advancements in the fields of survivability, connectivity, mobility, maneuverability, lethality, and sustainability. These capability enhancements are made possible by the advancements in processor technology and are supplemented by the concepts of interoperability and network centric capabilities. Recent changes in the global strategic security situation have resulted in a shift in the nature of warfare to increasingly asymmetric strategies. This change, combined with an increase in peacekeeping and stabilization operations, requires the rapid intervention and deployment of forces, creating a demand for light-weight and medium-weight armored vehicles.

The report "The Global Armored Vehicles and MRO Market 2017-2027" offers detailed analysis of the Global Armored Vehicles and MRO Market over the next ten years, and provides market size forecasts. Furthermore, it covers key technological and market trends in the industry, and analyzes factors influencing demand for armored vehicles. Additionally, the report also highlights challenges faced by industry participants.

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