The EU combined spends about $180 billion annually on their military; that still way ahead of China ($55 billion) and Japan ($40 billion). I do think that Japan's figure will go up as they become more globally active. I think China will have serious economic & political difficulties in the next 25 years that will drag them down from where they would be otherwise (#3).
India doesn't spend anywhere near enough ($11 billion) to get much higher, and they may even be too high if they don't pick up from where they are now.
That is one more additional reason we are the only superpower in the world.