LONDON, March 26 (UPI) -- The global market for armored vehicles for 2010 should pass $10 billion fueled by the concurrent wars in Iraq and Afghanistan, a market research report said.
A review of the defense industry by ASDReports finds that the global market in 2010 for armored vehicles will reach $10.3 billion.
The report said most of the expansions in the armored vehicle market are fueled by the wars in Iraq and Afghanistan. Threats from improvised explosive devices have led to a strong interest in the acquisition of Mine Resistance Protected Vehicles for both combat theaters.
The British Defense Ministry's use of the Future Rapid Effects System and the German Puma Infantry Fighting Vehicles are driving the market for advanced armored vehicle systems, the report said.
The U.S. military, however, will remain the largest market for armored vehicles during the next few years as it enhances its fleet requirements for mine-resistant vehicles.
The report singles out the MRAP and Joint Light Tactical Vehicle programs that will replace the U.S. fleet of high-mobility multipurpose wheeled vehicles for the boom.
Other vehicle programs, such as battle tanks, will contribute to the global expansion, though armored vehicles are expected to remain the top defense focus for the next decade, the report concluded.
