Insights on the Global MRO Armored Vehicles Market to 2027
Global Armored Vehicles Market MRO
Dublin, July 12, 2022 (GLOBE NEWSWIRE) – The report “MRO Armored Vehicles Market – Forecast 2022 to 2027” has been added to ResearchAndMarkets.com Show.
Armored vehicles are high security vehicles with uranium and stainless steel to provide better protection from external threats. Moreover, these vehicles are equipped with weapons to fight back. They are used for security industries for user protection and in the military for a better combat opponent.
Because of their importance, armored vehicles have a high cost to maintain, repair and operate. The main factor driving market demand is the increasing reliance on armored vehicles across the security and military industries, which has created a notable demand for MRO armored vehicles.
Moreover, cost-cutting measures include existing APC reforms, further supporting market growth. Moreover, increased investment in R&D along with innovation of MRO technology is expected to provide the best and great opportunity for the market. The MRO Armored Vehicles market is segmented on the basis of vehicle type and geography.
The North American armored vehicle market is expected to retain a large share of the market due to high military investment and wider adoption.
Based on geography, the MRO Armored Vehicles market is segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific. The North American MRO Armored Vehicles market is expected to dominate the global market due to increased investment in the military and defense industry along with early adoption of advanced technology.
The United States is one of the largest military and defense industries globally. Data from the World Bank shows that the country’s military spending has increased at a remarkable rate. In 2015, the United States expanded 3.478% of its GDP over the military. By 2020, the country will spend 3.741% of its GDP in this sector. The significant rise in military and defense spending is expected to create a significant demand for the maintenance, repair and construction market for armed vehicles.
The armed personal transport company is expected to hold a significant share of the market during the forecast period.
By vehicle type, the MRO armored vehicle market can be segmented into infantry fighting vehicles, main battle tanks, armed personal carriers, multi-role armed carriers, and others. Armed personal transport company is expected to capture a large share of the market due to the increased demand by the government sector for better protection for VIPs. Moreover, the jump in the standard of living and the increasing number of millionaires and billionaires is expected to escalate the demand in the sector due to the generation of necessity for personal security equipment.
Global military spending on the rise
One of the main reasons supporting the growth in the MRO market for armored vehicles is the rise in global military spending with economic development and remarkable GDP growth. Data from the World Bank shows that global military spending, as a percentage of GDP, has increased from 2.254% in 2015 to 2.361% in 2020. The increasing complexity and competition has led to the emergence of a great power along with growing security threats and concerns. Strong spending in the military industry, which is expected to create significant demand for armored vehicles and MRO.
The increase in innovation and product launches will open up new market opportunities
Another major factor supporting the MRO armored vehicle market is increased investment and innovation, which led to product launches and expanded market dynamics. With the increasing demand and significant growth in the military and defense industry, market leaders have invested in armored vehicles to come up with innovative and safer solutions. Several product launches are expected to provide new growth opportunities for the armored vehicle maintenance market.
The coronavirus pandemic has hampered the growth of MRO armored vehicles globally. The shutdown of the production sector due to the nationwide lockdown to contain the spread of the virus has reduced the production of armored vehicles and thus the demand for MRO armored vehicles. Moreover, the switching of all economic operations on virtual channels reduced official meetings offline and further reduced the demand for armored vehicles, especially personal armed carriers, which affected the demand for armored MRO.
March 2021, investment. Mahindra Defense has announced that it has contracted with the Indian Army to develop armored vehicles to boost the country’s military and defense sector. The company’s Light Strike – LSV vehicle has successfully passed all tracks and is now embedded in the country’s army. holding Rs. 1,056 crore has been drawn down to supply the army to the army by 2025.
October 2021, Innovation. The Uganda People’s Defense Forces (UPDF) developed and introduced the Choi, an infantry fighting vehicle, to be introduced into the country’s military force.
Main topics covered:
2. Research Methodology
3. Executive Summary
4. Market dynamics
4.1 Market Drivers
4.2 Market Restrictions
4.3 Porter’s Five Force Analysis
4.3.1. Supplier bargaining power
4.3.2. Bargaining power of buyers
4.3.3. Threat of newcomers
4.3.4. The threat of alternatives
4.3.5. Industry competitiveness
4.4 Industry value chain analysis
5. Armored Vehicles Market by Vehicle Type
5.3 main battle tank
5.4. armored personnel carrier
5.5 multi-purpose armored carrier
6. Armored Vehicles Market by Geography
6.2 North America
6.2.1. United States of America
6.3 South America
6.4.3. United kingdom
6.5. Middle East and Africa
6.5.1. Kingdom Saudi Arabia
6.6. Asia Pacific
6.6.4. South Korea
7. Competitive environment and analysis
7.1. Key players and strategy analysis
7.2 Emerging players and winning the market
7.3. Mergers and acquisitions, agreements and cooperation
7.4. Vendor Competitive Matrix
8. Company Profiles
8.1 Ruag . Group
8.2 General dynamic European land systems
8.3 INKAS for the manufacture of armored vehicles
8.4 Stark Motors
8.5 International Armored Group
8.6 WELP Holding GmbH
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