Armored Vehicles MRO Market 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

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%.

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 to surge the 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 armored vehicles MRO. 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 has 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 vehicle, main battle tanks, armored personnel carriers, multirole armored carriers, and others. The growing emphasis to provide better protection for VIPs during their movement coupled with the surge in the number of millionaires are the major driving factors that are propelling the demand for armored personnel carriers. Further, main battle tanks constitute one of the key components for modern armies as 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 inclusive of improving their battle tank strength. For instance, according to the 2021 annual report namely “Military and Security Development Involving People’s Republic 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 inclining 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.

Segmentation:

• By Vehicle Type
  • Infantry Fighting Vehicle
  • Main Battle Tank
  • Armored Personnel Carrier
  • Multirole Armored carrier
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel  
    • Others
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Others

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Assumptions

3. EXECUTIVE SUMMARY

3.1.  Research Highlights

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

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 GEOGRAPHY 

6.1. Introduction

6.2. North America 

6.2.1 USA

6.2.2. Canada

6.2.3. Mexico

6.3. South America

6.3.1. Brazil

6.3.2. Argentina

6.3.3. Others

6.4. Europe

6.4.1. Germany

6.4.2. France

6.4.3. United Kingdom

6.4.4. Italy 

6.4.5. Others

6.5. The Middle East and Africa

7.5.1. Saudi Arabia

7.5.3. Israel

7.5.4. Others

 6.6. Asia Pacific

 6.6.1. China

 6.6.2. India

 6.6.3. Japan

 6.6.5. South Korea 

 6.6.5. Others 

7. COMPETITIVE ENVIRONMENT AND ANALYSIS

7.1. Major Players and Strategy Analysis

7.2. Emerging Players and Market Lucrativeness

7.3. Mergers, Acquisitions, Agreements, and Collaborations

7.4. Vendor Competitiveness Matrix

8. COMPANY PROFILES

8.1. Ruag Group

8.2. General Dynamic European Land Systems

8.3. INKAS Armored Vehicle Manufacturing

8.4. Stark Motors

8.5. International Armored Group

8.6. WELP Holding GmbH

8.7. Kalyani Strategic Systems Limited 

Ruag Group

General Dynamic European Land Systems

INKAS Armored Vehicle Manufacturing

Stark Motors

International Armored Group

WELP Holding GmbH

Kalyani Strategic Systems Limited