Middle East And Africa Armored Vehicles Market
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Middle East and Africa Armored Vehicles Market, By Type (Main Battle Tank (MBT), Armored Personnel Carrier (APC), Infantry Fighting Vehicle (IFV)); By Country (Saudi Arabia, UAE, Qatar, Kuwait, South Africa, Nigeria, Algeria, Rest of MEA), Trend Analysis, Competitive Landscape & Forecast, 2019–2030
- Published Date: June 2024
- Report ID: BWC24481
- Available Format: PDF
- Page: 200
Report Overview
Middle East and Africa Armored Vehicles Market thrives due to economic growth, infrastructure advancements, urbanization, and strict regulatory mandates, fostering rapid market growth during the forecast period between 2024 and 2030.
Middle East and Africa Armored Vehicles Market – Industry Trends & Forecast Report, 2030
Middle East and Africa Armored Vehicles Market size by value was estimated at USD 1.99 billion in 2023. During the forecast period between 2024 and 2030, the Middle East and Africa Armored Vehicles Market size is expected to expand at a CAGR of 5.63% reaching a value of USD 2.56 billion by 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 expanding 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, the Middle East and Africa Armored Vehicles Market size was estimated at 19,372 units in 2023. During the forecast period between 2024 and 2030, Middle East and Africa Armored Vehicles Market size is projected to grow 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.
Armored Vehicles – Overview
Armored fighting vehicles (AFVs) are armed combat vehicles with armored capabilities, combining operational mobility with offensive and defensive capabilities. Examples include tanks, armored cars, assault guns, self-propelled artilleries, infantry fighting vehicles, and armored personnel carriers. Classifications vary between countries and change over time, with lighter-armed AFVs often replaced by heavier infantry fighting vehicles in similar roles.
Middle East and Africa Armored Vehicles Market
Growth Drivers
Incorporating emerging Military Technologies in Military Land Vehicles
Emerging military technology is driving the growth of military land vehicles in the Middle East and Africa. Unmanned ground vehicles are increasingly used for tasks like logistics support and investigation without risking human lives. Electric and hybrid vehicles are being adopted for fuel efficiency, silent operations, and improved shielding capabilities. Networked and self-governing technologies are also changing armored vehicles, increasing their demand.
Challenges
Limited Defence Budgets
Limited defense budgets in the Middle East and Africa may hinder the acquisition and modernization of military land vehicles, leading to delays in procurement, reduced vehicle numbers, and an inability to invest in advanced technologies. Dependence on foreign suppliers creates challenges in cost, import/export restrictions, technology transfer, and maintenance support. Insufficient infrastructure, difficult terrains, and a lack of a mature local defense industry also limit vehicle customization for specific operational needs.
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 armored personnel carrier (APC) segment is expected to experience significant growth in the Middle East and Africa armored vehicles market. The growth is 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
Major players in the Middle East and Africa Armored Vehicles 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. To further enhance their Market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
Recent Developments
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In June 2023 – The Israeli Ministry of Defense received its first new Namer 1500 armored personnel carrier (APC). The Namer 1500 APC was developed as part of Israel’s Merkava and Armored Vehicle Directorate tank flagship project that will replace the country’s aging M113 APC vehicles.
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In June 2022 – Israel's defense ministry announced the country would purchase hundreds of combat vehicles from Israel Aerospace Industries (IAI) for the country’s special forces. The value of the procurement contract was worth more than ILS 100 million (approximately USD 28 million).
Scope of the Report
Attributes |
Details |
Years Considered |
Historical Data – 2019–2023 |
Base Year – 2023 |
|
Estimated Year – 2024 |
|
Forecast Period – 2024–2030 |
|
Facts Covered |
By Value - USD Billion |
By Volume – Units |
|
Market Coverage |
Saudi Arabia, UAE, Qatar, Kuwait, South Africa, Nigeria, Algeria, Rest of MEA |
Product/Service Segmentation |
Type, Country |
Key Players |
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, Integrated Convoy Protection |
By Type
-
Main Battle Tank (MBT)
-
Armored Personnel Carrier (APC)
-
Infantry Fighting Vehicle (IFV)
By Country
-
Saudi Arabia
-
UAE
-
Qatar
-
Kuwait
-
South Africa
-
Nigeria
-
Algeria
-
Rest of MEA
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- Middle East and Africa Armored Vehicles Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Geopolitical and military conflicts
- Rising security concerns
- Advancements in technology
- Local manufacturing support
- Restraints
- Maintenance and electrical failures
- Infrastructure limitations
- Opportunities
- Growing demand for commercial applications
- Multi-lateral collaboration
- Increasing defense spending
- Modernization of military forces
- Challenges
- Limited defense budgets
- Dependence on foreign suppliers
- Growth Drivers
- Technological Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- Middle East and Africa Armored Vehicles Market: Marketing Strategies
- Middle East and Africa Armored Vehicles Market Overview
- Market Size & Forecast, 2019–2030
- By Value (USD Billion)
- Market Share and Forecast
- By Type
- Main Battle Tank (MBT)
- Armored Personnel Carrier (APC)
- Infantry Fighting Vehicle (IFV)
- Others
- By Country
- Saudi Arabia
- UAE
- Qatar
- Kuwait
- South Africa
- Nigeria
- Algeria
- Rest of MEA
- By Type
- Market Size & Forecast, 2019–2030
- Saudi Arabia Armored Vehicles Market
- Market Size & Forecast, 2019–2030
- By Value (USD Billion)
- Market Share & Forecast
- By Type
- Market Size & Forecast, 2019–2030
- UAE Armored Vehicles Market
- Market Size & Forecast, 2019–2030
- By Value (USD Billion)
- Market Share & Forecast
- By Type
- Market Size & Forecast, 2019–2030
- Qatar Armored Vehicles Market
- Market Size & Forecast, 2019–2030
- By Value (USD Billion)
- Market Share & Forecast
- By Type
- Market Size & Forecast, 2019–2030
- Kuwait Armored Vehicles Market
- Market Size & Forecast, 2019–2030
- By Value (USD Billion)
- Market Share & Forecast
- By Type
- Market Size & Forecast, 2019–2030
- South Africa Armored Vehicles Market
- Market Size & Forecast, 2019–2030
- By Value (USD Billion)
- Market Share & Forecast
- By Type
- Market Size & Forecast, 2019–2030
- Nigeria Armored Vehicles Market
- Market Size & Forecast, 2019–2030
- By Value (USD Billion)
- Market Share & Forecast
- By Type
- Market Size & Forecast, 2019–2030
- Algeria Armored Vehicles Market
- Market Size & Forecast, 2019–2030
- By Value (USD Billion)
- Market Share & Forecast
- By Type
- Market Size & Forecast, 2019–2030
- Rest of MEA Armored Vehicles Market
- Market Size & Forecast, 2019–2030
- By Value (USD Billion)
- Market Share & Forecast
- By Type
- By Application
- By End User
- Market Size & Forecast, 2019–2030
- Competitive Landscape
- List of Key Players and Their Offerings
- Middle East and Africa Armored Vehicles Market Share Analysis, 2023
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- Impact of Escalating Geopolitical Tensions on Middle East and Africa Armored Vehicles Market
- Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
- 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
- Integrated Convoy Protection
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Country
- Assumptions & Limitations
- Qualitative Research
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable
List of Figures
Figure 1 Middle East & Africa Armored Vehicles Market Size, By Value (USD Billion), 2019–2030
Figure 2 Middle East & Africa Armored Vehicles Market Share, By Type, By Value, 2019–2030
Figure 3 Middle East & Africa Armored Vehicles Market Share, By Country, By Value, 2019–2030
Figure 4 Saudi Arabia Armored Vehicles Market Size, By Value (USD Billion), 2019–2030
Figure 5 Saudi Arabia Armored Vehicles Market Share, By Type, By Value, 2019–2030
Figure 6 UAE Armored Vehicles Market Size, By Value (USD Billion), 2019–2030
Figure 7 UAE Armored Vehicles Market Share, By Type, By Value, 2019–2030
Figure 8 Qatar Armored Vehicles Market Size, By Value (USD Billion), 2019–2030
Figure 9 Qatar Armored Vehicles Market Share, By Type, By Value, 2019–2030
Figure 10 Kuwait Armored Vehicles Market Size, By Value (USD Billion), 2019–2030
Figure 11 Kuwait Armored Vehicles Market Share, By Type, By Value, 2019–2030
Figure 12 South Africa Armored Vehicles Market Size, By Value (USD Billion), 2019–2030
Figure 13 South Africa Armored Vehicles Market Share, By Type, By Value, 2019–2030
Figure 14 Nigeria Armored Vehicles Market Size, By Value (USD Billion), 2019–2030
Figure 15 Nigeria Armored Vehicles Market Share, By Type, By Value, 2019–2030
Figure 16 Algeria Armored Vehicles Market Size, By Value (USD Billion), 2019–2030
Figure 17 Algeria Armored Vehicles Market Share, By Type, By Value, 2019–2030
Figure 18 Rest of MEA Armored Vehicles Market Size, By Value (USD Billion), 2019–2030
Figure 19 Rest of MEA Armored Vehicles Market Share, By Type, By Value, 2019–2030
List of Tables
Table 1 Middle East & Africa Armored Vehicles Market Size, By Value (USD Billion), 2019–2030
Table 2 Middle East & Africa Armored Vehicles Market Size, By Type, By Value, 2019–2030
Table 3 Middle East & Africa Armored Vehicles Market Size, By Country, By Value, 2019–2030
Table 4 Saudi Arabia Armored Vehicles Market Size, By Value (USD Billion), 2019–2030
Table 5 Saudi Arabia Armored Vehicles Market Size, By Type, By Value, 2019–2030
Table 6 UAE Armored Vehicles Market Size, By Value (USD Billion), 2019–2030
Table 7 UAE Armored Vehicles Market Size, By Type, By Value, 2019–2030
Table 8 Qatar Armored Vehicles Market Size, By Value (USD Billion), 2019–2030
Table 9 Qatar Armored Vehicles Market Size, By Type, By Value, 2019–2030
Table 10 Kuwait Armored Vehicles Market Size, By Value (USD Billion), 2019–2030
Table 11 Kuwait Armored Vehicles Market Size, By Type, By Value, 2019–2030
Table 12 South Africa Armored Vehicles Market Size, By Value (USD Billion), 2019–2030
Table 13 South Africa Armored Vehicles Market Size, By Type, By Value, 2019–2030
Table 14 Nigeria Armored Vehicles Market Size, By Value (USD Billion), 2019–2030
Table 15 Nigeria Armored Vehicles Market Size, By Type, By Value, 2019–2030
Table 16 Algeria Armored Vehicles Market Size, By Value (USD Billion), 2019–2030
Table 17 Algeria Armored Vehicles Market Size, By Type, By Value, 2019–2030
Table 18 Rest of MEA Armored Vehicles Market Size, By Value (USD Billion), 2019–2030
Table 19 Rest of MEA Armored Vehicles Market Size, By Type, By Value, 2019–2030
Table 20 Mahindra Emirates Vehicle Armouring FZ-LLC Company Overview
Table 21 Mahindra Emirates Vehicle Armouring FZ-LLC Financial Overview
Table 22 NIMR Automotive (EDGE Group PJSC) Company Overview
Table 23 NIMR Automotive (EDGE Group PJSC) Financial Overview
Table 24 Streit Group Company Overview
Table 25 Streit Group Financial Overview
Table 26 Rheinmetall AG Company Overview
Table 27 Rheinmetall AG Financial Overview
Table 28 IAI Company Overview
Table 29 IAI Financial Overview
Table 30 BAE Systems plc Company Overview
Table 31 BAE Systems plc Financial Overview
Table 32 Denel SOC Ltd Company Overview
Table 33 Denel SOC Ltd Financial Overview
Table 34 Artan Armored Vehicles Company Overview
Table 35 Artan Armored Vehicles Financial Overview
Table 36 Armormax Company Overview
Table 37 Armormax Financial Overview
Table 38 Integrated Convoy Protection Company Overview
Table 39 Integrated Convoy Protection Financial Overview
Market Segmentation
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