The global military armoured vehicles, and maintenance, repair and overhaul (MRO) market is expected to witness a compound annual growth rate (CAGR) of 3.71% during 2016-2026, according to a report by Strategic Defence Intelligence (SDI).
Titled “The Global Armored Vehicles and MRO Market 2016-2026”, the report states that the market is anticipated to be valued at $22.5bn in 2016, and will reach $32.4bn by 2026.
Go deeper with GlobalData
Armoured vehicles are mainly categorised into segments, including main battle tanks (MBT), infantry fighting vehicles (IFV), armoured personnel carriers (APC), mine-resistant ambush protected (MRAP) vehicles, light multi-role vehicles (LMV), and tactical trucks.
The IFV segment is expected to attract the biggest investment share, accounting for 32.2% of the total market share, followed by MBTs and APCs respectively.
The global armoured vehicle market will reportedly be driven by cross-border conflicts and modernisation efforts undertaken by large military forces worldwide.
Asia Pacific region is anticipated to dominate the market with a share of 26.8% during the forecast period, closely followed by North America and Europe with 24.8% and 23.9%, respectively.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAccording to the report, an increase in asymmetric threats, peacekeeping and stabilisation operations are the major factors creating demand for light and medium-weight armoured vehicles.
