The Global Military Armored Vehicles and MRO Market 2016–2026
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The ability to offer ground forces increased capabilities pertaining to protection and munitions is expected to spur the need for armored vehicles over the forecast period. The threat from neighboring nations and insurgency issues will also be a major factor expected to contribute to the increasing demand for armored vehicles. Furthermore, the large base of existing inventory as well as new procurements throughout the next decade will create the need for servicing and maintenance activities, which is expected to fuel the armored vehicles MRO market to a great extent.
Scope
The 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 market is split into six segments: MBTs, IFVs, APCs, MRAPs, LMVs, and tactical trucks. IFVs will lead the market, with a share of 32.2%, followed by the MBT segment, accounting for a share of 25.8%. APC is projected to be the third largest segment with a share of 17.4%, followed by LMVs with a share of 11.1%. Tactical trucks and MRAPs are projected to capture 8.3% and 5.2% of the global market during 2016-2026.
The Asia Pacific region is projected to lead the global armored vehicles and MRO market during 2016-2026, with a share of 26.8% of the global market. North America and Europe are also expected to account for a significant portion of the total military armoured vehicles and MRO market during the forecast period, with shares of 24.8% and 23.9% respectively
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