Armored Vehicles MRO Market Report, Size, Share, Opportunities, And Trends By Vehicle Type (Infantry Fighting Vehicle, Main Battle Tank, Armored Personnel Carrier, Multirole Armored Carrier, Others), And By Geography - Forecasts From 2025 To 2030

Description

Armored Vehicles MRO Market Size:

The Armored Vehicles MRO Market is expected to grow from US$5.830 billion in 2025 to US$7.923 billion in 2030, at a CAGR of 6.33%.

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MRO stands for Military Maintenance, Repair, and Overhaul, and it relates to the upkeep, repair, and overhaul of armored vehicles employed in military operations. This involves component and system maintenance, as well as examination and repair of the vehicle's armor plate. It also covers the replacement and repair of old or broken parts, as well as the testing and examination of the vehicle for any performance difficulties. Therefore, the increasing investment in military equipment is one of the primary reasons for the surge in market demand in the next five years.

Armored Vehicles MRO Market Growth Drivers:

The primary factor driving market demand is the increasing deployment of armored vehicles in the security and military industries, which has resulted in a significant need for MRO for armored vehicles. Additionally, one of the primary factors driving growth in the armored vehicle MRO market is increased worldwide military spending in tandem with economic expansion and significant GDP growth. Furthermore, another important aspect supporting the armored vehicle MRO market is an increase in expenditure and creativity, which has resulted in new introductions and the growth of market dynamics. With increased demand and significant expansion in the military and defence industries, market leaders have invested in armored vehicles to provide novel and more secure solutions.

Moreover, the improvement in the military budget and increase in investments by the governments of countries in the same region have provided a positive market outlook to the demand for main battle tanks. For instance, in April 2022, the Biden administration approved an additional budget of US$29 billion for defence spending during the fiscal year 2022. The overall budget for the year stood at US$782 billion, which signified a growth of 5.6% over 2021’s defense spending.

Armored Vehicles MRO Market Segment Analysis:

Based on vehicle type, the armored vehicle MRO market is segmented into infantry fighting vehicles, main battle tanks, armored personnel carriers, multirole armored carriers, and others. The growing emphasis on providing better protection for VIPs during their movement, coupled with the surge in the number of millionaires, is a major driving factor that is propelling the demand for armored personnel carriers. Further, main battle tanks constitute one of the key components for modern armies, owing to their cross-country mobility and weapon mounting. Such armored vehicle types provide protection to their platoon and allow them to face a wide range of dangers on the battlefield.

The growing concern to improve national security has made countries improve their military fleet, including improving their battle tank strength. For instance, according to the 2021 annual report, namely “Military and Security Development Involving People’s Republic of China” issued by the Department of Defense of the United States, China had 6,300 battle tanks in 2021, which represented a significant increase of 8.6% in the country’s battle tank fleet in comparison to the 5,800 recorded in 2019.

Armored Vehicles MRO Market Geographical Outlook:

• Based on geography, the Asia Pacific armored vehicle MRO market is growing due to favourable developments in the market, like military investments and increasing manufacturing.

The market is further bifurcated into China, India, Japan, South Korea, and others. The region is expected to show considerable growth due to the growing military expenditure in the country, which is propelling the development of new armored vehicles. Further, armored vehicle MRO service providers in the region are expected to keep the demand for these services in check. For example, according to data from Invest India, the defence expenditure of India for FY2022-23 was valued at about USD 70.6 billion, thus observing a 4.4% increase since the past year and constituting a sizeable portion of the GDP.

This increasing trend in military expenditure is thus expected to drive the acquisition of armored vehicles in the defence sector, which will, in turn, drive the demand in the armored vehicle MRO market. Further, the government of the country has also set ambitious goals with respect to the defence sector in India. The Ministry of Defence in the country has set an aim to achieve a turnover of over US$25 billion by 2025 in defence and aerospace manufacturing. Such visions set by the government are thus further expected to drive the manufacture and development of such vehicles in the country, thus driving demand for their maintenance, repair, and operations.

Armored Vehicles MRO Market Segmentation:

• By Vehicle Type
  • Infantry Fighting Vehicle
  • Main Battle Tank
  • Armored Personnel Carrier
  • Multirole Armored carrier
  • Others
• By Service Type
  • Preventive Maintenance
  • Corrective Maintenance
  • Upgrades and Modernization
  • Overhaul and Refurbishment
• By Application
  • Defense
  • Homeland Security
  • Commercial
  • Peacekeeping and Humanitarian Missions

• By Geography
  
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others

Table Of Contents

1. EXECUTIVE SUMMARY 

2. MARKET SNAPSHOT

2.1. Market Overview

2.2. Market Definition

2.3. Scope of the Study

2.4. Market Segmentation

3. BUSINESS LANDSCAPE 

3.1. Market Drivers

3.2. Market Restraints

3.3. Market Opportunities 

3.4. Porter’s Five Forces Analysis

3.5. Industry Value Chain Analysis

3.6. Policies and Regulations 

3.7. Strategic Recommendations 

4. TECHNOLOGICAL OUTLOOK

5. ARMORED VEHICLES MRO MARKET BY VEHICLE TYPE

5.1. Introduction

5.2. Infantry Fighting Vehicle

5.3. Main Battle Tank

5.4. Armored Personnel Carrier

5.5. Multirole Armored carrier

5.6. Others

6. ARMORED VEHICLES MRO MARKET BY SERVICE TYPE

6.1. Introduction

6.2. Preventive Maintenance

6.3. Corrective Maintenance

6.4. Upgrades and Modernization

6.5. Overhaul and Refurbishment

7. ARMORED VEHICLES MRO MARKET BY APPLICATION

7.1. Introduction

7.2. Defense

7.3. Homeland Security

7.4. Commercial

7.5. Peacekeeping and Humanitarian Mission

8. ARMORED VEHICLES MRO MARKET BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.2.1. USA

8.2.2. Canada

8.2.3. Mexico

8.3. South America

8.3.1. Brazil

8.3.2. Argentina

8.3.3. Others

8.4. Europe

8.4.1. Germany

8.4.2. France

8.4.3. United Kingdom

8.4.4. Spain

8.4.5. Others

8.5. Middle East and Africa

8.5.1. Saudi Arabia

8.5.2. UAE

8.5.3. Others

8.6. Asia Pacific

8.6.1. China

8.6.2. India

8.6.3. Japan

8.6.4. South Korea

8.6.5. Indonesia

8.6.6. Thailand

8.6.7. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Market Share Analysis

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Competitive Dashboard

10. COMPANY PROFILES

10.1. Ruag Group

10.2. General Dynamic European Land Systems

10.3. INKAS Armored Vehicle Manufacturing

10.4. Stark Motors

10.5. International Armored Group

10.6. WELP Holding GmbH

10.7. Kalyani Strategic Systems Limited

10.8. Lufthansa Technik

10.9. AAR Corp.

10.10. MTU Aero Engines AG

11. APPENDIX

11.1. Currency 

11.2. Assumptions

11.3. Base and Forecast Years Timeline

11.4. Key benefits for the stakeholders

11.5. Research Methodology 

11.6. Abbreviations 

LIST OF FIGURES

LIST OF TABLES

Companies Profiled

Ruag Group

General Dynamic European Land Systems

INKAS Armored Vehicle Manufacturing

Stark Motors

International Armored Group

WELP Holding GmbH

Kalyani Strategic Systems Limited

Lufthansa Technik

AAR Corp.

MTU Aero Engines AG

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