- What you need to know...
- The global armored vehicles and MRO market consists of six categories: MBT, IFV, APC, MRAP, LMV, and tactical trucks. During the forecast period MBTs will lead the market, closely followed by the IFV segment.
- The market for MBTs is anticipated to be the largest category primarily due to the on-going and planned procurement programs in countries such as the US, Russia, India, China and Saudi Arabia.
- The APC segment is anticipated to account for the third largest expenditure over the forecast period, followed by LMVs and tactical trucks.
- Although protection against mines and IEDs have emerged as a key requirement for militaries worldwide, MRAPS are projected to attract a relatively smaller share of spending, when compared to the other segments, in the global market over the forecast period.
- The global market for armored vehicles and MRO is expected to reach US$41.3 billion by 2028, representing a CAGR of 4.58% during the forecast period (2018-2028).
The market is expected to be dominated by MBTs, which is anticipated to account for 29.1% of the market.
This report 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 various types of armored vehicles. Additionally, the report also highlights challenges faced by industry participants.