ORIGINAL: governato
I think the issue is that the TOAW engine does not allow for equipment breakdowns and for long scenarios this ends up in a severe underestimate of equipment vs infantry losses. Something to keep in mind in future revisions!
For long strategic scenarios, I normally keep aircraft replacement rates at about 50% of production, to account for non-combat losses.
I haven't had the same experience with armour. It doesn't seem to be too much trouble at all for armour to get killed in TOAW.