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The global armoured vehicles maintenance, repair and overhaul (MRO) market has been estimated to increase at a compound annual growth rate (CAGR) of 5.68% over the next 10 years, with the industry increasing from a value of US$4.1 billion, to be worth US$7.1 billion by 2022.
However, the overall market for armoured vehicles is projected to drop from US$25.1 billion in 2011 to US$24.1 billion by 2022.
Demand within the armoured vehicles MRO market is anticipated to be driven by a worldwide ageing of military equipment, technological innovations in the industry, internal and external security threats, territorial disputes, and modernisation initiatives undertaken by armed forces across the world.
One of the major challenges being faced by the global armoured vehicles MRO industry is balancing the ever increasing weight of the armoured vehicles with the need for increased protection. Moreover, manufacturers are also facing a problem of achieving high mobility for heavily protected vehicles.
To combat this problem, the US Army is investing in technologies to develop composite armours that are lighter than the all-metal equivalent, occupying a larger volume for the same resistance to penetration.
The market is expected to be dominated by North America, and followed by Asia Pacific and Europe. Despite the high fiscal deficit of North American countries, this region is expected to account for the largest share of the armoured vehicles market through to 2022, with a share of 31.9%.
Even with the economic crisis in Europe, the regions share of the armoured vehicles MRO market is projected to increase over the next decade, albeit marginally, due to the scheduled deployment of various modernisation programs that had been initiated in previous years.
For more information on the armoured vehicles MRO market, see the latest research: Armoured Vehicles MRO Market Report
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