Middle East and Africa Armored Vehicles Market Size Expands at Strong CAGR of 5.63% to Touch USD 2.56 Billion by 2030

Published | 29 June 2024

Middle East and Africa Armored Vehicles Market is growing due to governments’ increasing defense spending on military modernization programs to thwart rising regional security threats and terrorism, and a spurring demand for advanced technologies for armored vehicles.

BlueWeave Consulting, a leading strategic consulting, and Market research firm, in its recent study, estimated the Middle East and Africa Armored Vehicles Market size by value at USD 1.99 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Middle East and Africa Armored Vehicles Market size to expand at a CAGR of 5.63% reaching a value of USD 2.56 billion in 2030. The Middle East and Africa Armored Vehicles Market is driven by the need to enhance warfare capabilities, combat threats like terrorism, cross-border conflicts, and insurgencies, and expand defense budgets. Manufacturers are innovating to create lightweight and hybrid models while rising warfare costs drive demand for advanced, cost-effective military solutions. Market insights, including defense strategies and procurement data, benefit stakeholders, driving further market growth.

By volume, BlueWeave estimated the Middle East and Africa Armored Vehicles Market size at 19,372 units in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Middle East and Africa Armored Vehicles Market size to expand at a CAGR of 5.13% reaching a volume of 21,639 units by 2030. The Middle East and Africa Armored Vehicles Market is semi-consolidated, with few major players holding significant shares. Major players include Mahindra Emirates Vehicle Armouring FZ-LLC, NIMR Automotive, Streit Group, BMC Otomotiv Sanayi ve Ticaret AŞ., and Rheinmetall AG. International manufacturers are expanding their presence with new product innovations, such as Oshkosh Defence's J-LTV. Domestic players are increasing their product portfolio, such as Mahindra Emirates Vehicle Armouring's MAXIMUS 4X4 Armoured Personal Carrier for Paramilitary/Police/Troops. These factors are expected to help companies increase their presence and achieve profits in the region.

Opportunity – Rising armed violence and terrorist attacks

The Middle East and Africa Armored Vehicle Market is thriving due to rising armed violence and terrorist attacks, causing civilians to seek commercial armored vehicles. The defense sector demands efficient, robust, and compact vehicles, leading to market growth. Investments and R&D activities are implementing updated technology, resulting in increased demand for efficient, robust, and compact vehicles.

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Impact of Escalating Geopolitical Tensions on Middle East and Africa Armored Vehicles Market

The Middle East's geopolitical tensions and military conflicts have led to a surge in defense spending, particularly in countries like Saudi Arabia, UAE, and Israel. This has led to a rise in the procurement of advanced weapons and armored vehicles, as well as the development of next-generation fighting vehicles. This trend is driving market growth as nations modernize their military assets to address regional instability and national security.

Middle East and Africa Armored Vehicles Market

Segmental Coverage

Middle East and Africa Armored Vehicles Market – By Type

Based on type, Middle East and Africa Armored Vehicles Market is divided into Main Battle Tank (MBT), Armored Personnel Carrier (APC), and Infantry Fighting Vehicle (IFV) segments. The APC segment is expected to experience significant growth in the Middle East and Africa Armored Vehicles Market, due to increased spending on advanced APC procurement and military modernization programs. These vehicles are used for combat situations, command posts, and troop evacuation. Countries like Israel are upgrading their fleets with new APCs, such as the Eitan and EDT Enigma AMFV. Investments in new APCs with improved protection and lethality are expected to accelerate the segment's growth.

Middle East and Africa Armored Vehicles Market – By Country

Based on country, Middle East and Africa Armored Vehicles Market is divided into Saudi Arabia, UAE, Qatar, Kuwait, South Africa, Nigeria, Algeria, and Rest of MEA. Saudi Arabia dominates the Middle East and Africa Armored Vehicles Market, driven by increasing defense capabilities and procurement contracts with OEMs. The country's rapid increase in military equipment procurement is driven by security concerns and rising terrorism. The Saudi Arabian Government plans to invest in its military sector in the next decade, aiming to increase the fleet of armored vehicles and drive market growth.

Competitive Landscape

Middle East and Africa Armored Vehicles Market is fiercely competitive. Major companies in the Market include Mahindra Emirates Vehicle Armouring FZ-LLC, NIMR Automotive (EDGE Group PJSC), Streit Group, Rheinmetall AG, IAI, BAE Systems plc, Denel SOC Ltd., Artan Armored Vehicles, Armormax, and Integrated Convoy Protection. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Middle East and Africa Armored Vehicles Market.

Don’t miss the business opportunity Middle East and Africa Armored Vehicles Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Middle East and Africa Armored Vehicles Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Middle East and Africa Armored Vehicles Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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