Armored vehicles are made up of attack resistant material and metals to make them sustain heavy attacks during wars and emergency situations. These vehicles are very expensive due to its security and reliability. The MRO (Maintenance, Repair and Operation) cost of these vehicles is very high and is handled usually by manufacturing companies. The investment in the Armored Vehicles and MRO market is very high with great revenue gains.
The global Armored Vehicles and MRO Market is expected to be worth US$22.1 billion in 2015 and is expected increase to US$32.6 billion by 2025, representing a CAGR of 3.97% during the forecast period. IFVs (Infantry Fighting Vehicle) and MBTs (Main Battle Tank) are expected to account for 37% and 22% of the armored and counter vehicles market respectively, followed by APCs (Armored personnel carrier) and LMVs (Light Multirole Vehicle).
The North America heavily invests in armored vehicles. The US dominates this market closely followed by Europe. China and Japan in APAC region are trying to gain prominence in the Armored Vehicles and MRO Market by manufacturing armored vehicles and investing highly in research and development.
Armored Vehicles and MRO Market is witnessing a growth in developed as well in developing countries for defense and security purposes. Current situations and the competition among the countries to have advanced warfare vehicles are the driving force for this market.
The Global Armored Vehicles and MRO Market can be segmented into categories by type of vehicle, by application and by region.
By type of vehicle: IFV, MBT, APC, LMV, armored cars, armored trucks, armored vans and others
By application: military applications, security transportation etc.
By region: North America, South America, Europe, Asia-Pacific and ROW
Some of the prominent companies to produce armored vehicles and provide MRO (Maintenance, Repairs and Operation) services in the Armored Vehicles and MRO Market are:
- General Dynamics Land Systems Inc.
- Naxter SA
- Rheinmetall Land Systems GmbH
- Denel Land Systems
- Oshkosh Defense
The Global Armored Vehicles and MRO Market is rising exponentially over the years. They are used for security and for military purposes, thus many countries invest majorly in them. Due to high investment and research and development going on competitively; this market is profitable for investment for upcoming years.
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