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Global military armored vehicles and MRO market is expected to value US$22.5 Billion in 2016, and will grow at a CAGR of 3.71%, to value US$32.4 Billion by 2026. The cumulative market for global expenditure on military armored vehicles and MRO will reach US$307.3 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, IFVs are expected to account for the largest share of spending, accounting for 32.2% of the overall global market. MBTs are projected to be the second largest segment over the forecast period, and are expected to account for a total share of 25.8% of the 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 during the next decade. Europe and North America are projected to account for the second and third largest market in this segment.
The military armored vehicles and MRO market is expected to be led by Asia Pacific with a share of 26.8% over the forecast period, closely followed by North America with 24.8%, and Europe with 23.9%. The Middle Eastern market for military armored vehicles is expected to account for 15.8%, followed by the African and the Latin American markets with a collective share of 8.7%.
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.
The report “The Global Military Armored Vehicles and MRO Market 2016-2026” 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 and MRO.
In particular, it provides an in-depth analysis of the following:
• Overview: Snapshot of the armored vehicles and MRO market during 2016–2026, including highlights of the demand drivers, trends and challenges. It also provides a snapshot of the spending with respect to regions as well as segments.
• Market Dynamics: Insights into the technological developments in the armored vehicles and MRO market and a detailed analysis of the changing preferences of governments around the world. It also analyzes changing industry structure trends and the challenges faced by the industry participants.
• Segment Analysis: Insights into the armored vehicles and MRO market from a segmental perspective and a detailed analysis of factors influencing the market for each sector.
• Regional Review: Insights into modernization patterns and budgetary allocation for top countries within a region.
• Regional Analysis: Insights into the armored vehicles and MRO market from a regional perspective and a detailed analysis of factors influencing the market for each region.
• Trend Analysis – Key Defense Market: Analysis of the key markets in each region, providing an analysis of the Armored vehicles and MRO segments expected to be in demand in each region
• Key Program Analysis: Details of the top programs in each segment expected to be executed during the forecast period.
• Competitive Landscape Analysis: Analysis of competitive landscape of the global Armored vehicles and MRO industry. It provides an overview of key defense companies, together with insights such as key alliances, strategic initiatives and a brief financial analysis.
Companies mentioned in this report: General Dynamics Land Systems, Denel Land Systems (DLD), Oshkosh Defense, RheinmetallLandsysteme GmbH, Thales, China North Industries Corporation (NORINCO), Uralvagonzavod, Krauss-MaffeiWegmann, Iveco S.p.A., Renault Truck Defense, Hyundai Rotem, Navistar Defense, OtokarOtomotivveSavunmaSanayi A.S., OtoMelara, Panhard, BAE Hagglunds.