Global military vehicular armor market, valued at US$519 million in 2018, is projected to grow at a CAGR of 5.20% over the forecast period, to reach US$861 million by 2028 and cumulatively value US$7.5 billion. The market consists of six categories: MBT armor, IFV armor, APC armor, MRAP armor, LMV armor, and tactical truck armor. The market is expected to be dominated by LMV armor, which will account for 27.8% of the overall revenue, followed by MBT armor and IFV armor with shares of 26.9% and 11.9% respectively. APC armor, tactical truck armor and MRAP armor segments are projected to cumulatively account for share of 33.4% during 2018-2028.

Asia Pacific to dominate the market followed by Europe and North America
Global vehicular armor market is dominated by Asia Pacific, with China being the largest spender in the sector. Overall, Asia Pacific is anticipated spend US$2.4 billion on vehicular armor programs during the forecast period. Europe represents the second largest market, with the total vehicular armor spending valued at US$2.3 billion over the forecast period. The region will be largely driven by renewed emphasis on defense spending after years of budget cuts by some of the major European powers, leading modernization programs targeted at renewing and upgrading armored vehicles fleet.