Published on : Jun 23, 2017
Albany, New York, June 23, 2017: The research report, titled “The Global Armored Vehicles and MRO Market 2017-2027,” offers a detailed understanding of the various market dynamics governing the trajectory of the overall market. The publication includes a study of the historical details pertaining to evolution of the global armored vehicles and MRO market, which helps in ascertaining the course it is likely to take in the near future. Researchers have used primary and secondary research methodologies to compile an accurate document for the benefit of the readers.
According to the research report, the global armored vehicles and MRO market is likely to be worth US$24.0 bn by 2017 and US$34.4 bn by the end of 2027 as it promises to progress at a CAGR of 3.67% between 2017 and 2027. The market is likely to be driven by volatile political situation across the globe. The constant threat of being attack or engaging in combat has coaxed the sale of armored vehicles as they are known to provide protection and munitions to the ground forces. The increasing instances of insurgencies between neighboring nations and growing animosity are expected to bolster the growth of the overall market.
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The demand for armored vehicles and MROs is also poised to increase as nations try to strengthen their arsenal. Thus, the new procurements, increasing defense budgets, and introduction of newer products are all expected to have a positive impact on the global market. On the basis of products, the global market is segmented into Amphibious Combat Vehicle (ACV), Tactical Armored Patrol Vehicle, Joint Light Tactical vehicle (JLTV), Future Ready Combat Vehicle (FRCV), Light Armored Vehicles (LAV), Puma IFV, T-14 MBT, Altay MBT, VéhiculeBlindéMultirole (VBMR), PorteurPolyvalent Terrestre, BMP-2 Upgrade, and Recapitalization of M1A2 Tanks among others. The research report includes an assessment of these products and the factors that are slated to determine their demand in the coming years.
In terms of regions, Asia Pacific is expected to dominate the global market for armored vehicles and MRO due to persistent tensions in the region. This regional market is expected to acquire a share of 27% in the overall market by 2027. On the other hand, Europe is expected to hold a share of 23% while North America will be at 25% in the overall market by 2027. Efforts made to better the military equipment and inflating defense budgets are expected to drive these regional market in the near future.
Some of the leading players operating in the global armored vehicles and MRO market are General Dynamics Land Systems, NexterSA, Denel Land Systems, Oshkosh Defense, Rheinmetall Landsysteme GmbH, Renault Truck Defense, Hyundai Rotem, Navistar Defense, Otokar, Thales, NORINCO, UralVagonZavod, Krauss-MaffeiWegmann, Iveco S.p.A., Oto Melara, Panhard, and BAE Systems. The research report has profiled these players and provided a detailed description of their financial overview, research and development statuses, and business and marketing strategies. Furthermore, the publication also offers valuable advice to its readers to help them make well-informed decisions.
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