Global Military Armored Vehicles and MRO market is expected to value US$26.3 billion in 2018 and will grow at a CAGR of 4.59% to value US$41.2 billion by 2028. The cumulative market for global expenditure on military armored vehicles and MRO will reach US$374.7 billion over the forecast period. The demand for armored vehicles is expected to be driven by cross border disputes and modernization initiatives undertaken by various large defense spenders across the world.  

 Asia Pacific region is expected to account for the largest share of 37.2% in the armored vehicles procurement market followed by Europe and North America with respective shares of 24.1% and 15.7% during 2018-2028. Increasing spending in countries such as China, India, France, Turkey and Poland are expected to drive the procurement market in the Asia Pacific and European markets over the forecast period. Middle East, Africa and Latin America are projected to garner respective shares of 14.3%, 5% and 3.7% in the global armored vehicles procurement market during 2018-2028.