The MEA 8X8 armored vehicle market size is projected to account for USD 1.09 billion by 2025. The market is estimated to witness a CAGR of over 5.5% from 2019 to 2025. Increasing expenditure by MEA countries on securing their solders and controlling riot-like situations are attributing to the growth of the market. Rising focus on strengthening military capabilities to counter any unforeseen activity is further driving the market growth.
Governments in MEA regions are investing significantly in strengthening their solders to counter any type of threats and respond proactively to emergency situations. Thus, armed forces are aggressively opting for the latest equipment including infantry fighting and armored vehicles. This factor is predicted to bode well for the growth of the market over the next few years.
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Impact of COVID-19
The outbreak of COVID-19 has negatively affected the growth of the market. Owing to the pandemic, several countries in the region imposed lockdown, which has adversely affected the supply chain. Disrupted supply chain resulted in manufacturers facing difficulties in procuring raw materials, thereby delaying the production of armored vehicles. In addition, the various governments have reduced their budget on defense as COVID-19 wreaks havoc on economies. However, a country such as Libya is anticipated to continue to see the demand as the country faces challenges from both internal and external forces.
The Middle East and African country such as Libya is witnessing a rise in threats from both internal and external activities. The country is investing a significant amount of its budget on procuring 8X8 armored vehicles. In addition, the demand for such vehicles is anticipated to increase over the next few years as the country is still battling from both internal and external security threats.
In 2018, Saudi Arabia held the largest share in the MEA market as the country accounted for USD 236.0 million by value. Growing expenditure by the government of Saudi Arabia on procuring armored vehicles in a bid to secure its solders from communal clash and terrorism activities is proliferating the country growth.
Further key findings from the report suggest:
• MBT segment is growing with the highest rate over the forecast duration owing to its strength and enhanced level of security. The segment is predicted to ascend at a CAGR of over 6% from 2019 to 2025.
• MEA countries are also emphasizing on protecting high profile individuals and foreign delegates, thereby, driving the market growth.
• Saudi Arabia is projected to account for USD 344.2 million by the end of 2025.
MEA 8X8 Armored Vehicle Market: Key Players
STAT Inc., Iveco, BAE Systems, Oshkosh Defense and General Dynamics
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