The Global Military Armored Vehicle Market is expected to grow from USD 24 Billion in 2019 to USD 31.2 Billion in 2027. The cumulative market is expected to reach USD 247, predominantly governed by the Asian market. This market is expected to account to more than 30% of the total market. The increase in defense spending in this region, coupled with the increase in upgrade programs are expected to drive spending in this region. Most of the countries are now developing their own indigenous programs for both local use and for exports. China initiated their indigenous MRAP program and started exporting these vehicles in 2014. Other countries like India have also developed indigenous versions of armored vehicles. One of the key drivers for an indigenous program is the ability to optimize cost.
