The global defense armored vehicle MRO market is expected to grow at a compound annual growth rate of over 6 per cent during the period 2018-2022, according to a new market research study by Technavio.
In the last few years, many nations have started procuring armored vehicles to expand and strengthen their existing fleet. R&D in the armored vehicles market is significant. Numerous countries have increased their defense spending in the past decade and have been a part of different programs to develop new armored vehicles. Armored vehicles include battle tanks, IFVs, and special armored vehicles, which can sustain explosions, says the study.
According to a senior analyst at Technavio for maintenance repair and overhaul (MRO) research, “The idea of winning a war with the support of only naval and air power has changed over the years. Russia and its surrogates have proved in several instances that much can be done with artillery, tanks, and ground-based combat vehicles without great reliance on air power. Russia has developed an advanced tank, the T-14 Armata. The new tank is equipped with an unmanned turret, an APS, advanced sensors, and a gun system to fire guided missiles.”
The report presents a comprehensive research of the global defense armored vehicle MRO market by vehicle type, including infantry fighting vehicle, main battle tank, armored personnel carrier, tactical trucks, multirole armored vehicle, and mine-resistant ambush protected vehicle. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.