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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. The threat from neighboring nations and insurgency issues is also expected to be a major factor that will 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.
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 and MRO Market, valued at US$24.0 billion in 2017, is projected to grow at a CAGR of 3.67% over the 2017-2027 period, to reach US$34.4 billion by 2027. The market consists of six categories: MBT, IFV, APC, MRAP, LMV, and tactical trucks. The market is expected to be dominated by the MBT segment, which is expected to account for 30% of the market, followed by IFV and APC with shares of 29% and 16%, respectively. The Asia-Pacific region is forecasted to dominate the sector with a share of 27%, followed by North America and Europe with shares of 25% and 23%, respectively.
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.
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