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MEA 8X8 Armored Vehicle Market Analysis, 2025 | Industry Report

MEA 8X8 Armored Vehicle Market Analysis Report By Product, By Application, By Region And Segment Forecasts From 2019 To 2025

Report ID: MN17619987  |  Published: August 2020  |  No of Pages: 113
Format: Electronic (PDF)  |  Industry: Automotive & Transport  |  Publisher: Grand View Research

Industry Insights

The MEA 8X8 armored vehicle market size in 2018 was USD 745.5 million. The market is anticipated to grow at 5.8% CAGR over the forecast years, 2019 to 2025. Rising focus on securing armed forces from both external and internal threats is driving the market growth. Increasing focus on homeland security has resulted in a rise in expenditure on countering cross-boarders and criminal activities, which in turn is augmenting the market growth in the Middle East and Africa.

The rise in terrorism activities in neighboring countries has resulted in asymmetric warfare situation in the MEA region. Additionally, the rise in organized crimes and communal riots has resulted in a growing focus on homeland security. In addition, rising awareness about protecting VIPs from potential attacks is providing new growth avenues for the growth of the 8X8 armored vehicles in the Middle East and Africa.

Saudi Arabia 8X8 armored vehicle market

The rise in cases of insurgencies in the Middle East & Africa has promoted government bodies to strengthen their military capabilities by procuring 8X8 armored vehicles. The demand for sedans, SUVs and light armored vehicles are also gaining traction among banks, high-profile persons and embassies. The 8X8 vehicles are capable of protecting the occupants in case of any communal clash and terrorism activities, thereby strengthening military prowess.

Moreover, market players have started offering tailored made armored vehicles to end-users. Further, some manufacturers are offering aesthetically appealing and customized vehicles for commercial purpose as well. Technological advancements have led to the use of galvanized steel, composite materials, ceramics and aluminum to make the vehicles corrosion resistance.

However, the high cost involved in the procurement of 8X8 armored vehicles is adversely affecting its growth. Some countries are finding it tough to procure these vehicles owing to budget constraints, as they will have to allocate the significant part of their national budget on defense.

Product Insights

Depending on the application, the Middle East and Africa 8X8 armored vehicle market is segregated into Light Protected Vehicles (LPV), Armored Personnel Carrier (APC), Mine-Resistant Ambush Protected (MRAP), tactical vehicles, Infantry Fighting Vehicle (IFV) and others. Among them, the MBT category accounted for USD 268.2 million in 2018 and emerged as the most popular vehicle deployed during the war. MBT is known to offer an enhanced level of security to the occupants along with firing ability on the enemy.

On the other hand, the APC category is estimated to register significant growth from 2019 to 2025. These vehicles are easy to drive, thereby, gaining traction for in military applications. In addition, rising awareness about the security of high profile individuals, bureaucrat and businesspersons are augmenting the use of commercial segment.

Application Insights

By application, the market is segmented into homeland security, defense and commercial. In 2018, the defense category accounted for the highest share in the market. Growing expenditure in the Middle East & Africa on security forces to make them prepare for unwanted situation is driving the segment growth. Under such initiatives, governments are investing a significant amount of money and procuring large fleets.

MEA 8X8 armored vehicle market

On the other hand, the commercial category is anticipated to register the highest growth over the forecast duration. Features like serviceability, mobility, reliability and durability are estimated to drive the commercial applications. Further, the increasing number of individuals concerned about their personal security is also driving the segment growth.

Regional Insights

In 2018, Saudi Arabia accounted for USD 236.0 million and the country held the largest share in the Middle East and Africa. The rise in investment by the Saudi Arabia government in procuring armored vehicles to secure its soldiers is attributing to the growth of the region. Defense contracts signed by governments help in procuring armored vehicles for their soldiers.

On the other hand, Libya is projected to witness significant growth owing to the rise in the conflict in the country. The increasing conflict has resulted in government focusing on safeguarding its soldiers and citizens, thereby increasing its investment in procuring such vehicles. The government of Libya is ordering hybrid and advanced vehicles from major manufacturers.

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.

Middle East and Africa 8X8 Armored Vehicle Market Share Insights

Major players operating in the market are Iveco, Rheinmetall AG, STAT, Inc., Lockheed Martin, BAE Systems, General Dynamics and others. These players are emphasizing on the development of innovative products to gain a competitive edge in the market. For example, Krauss-MaffeiWegmann developed GTK Boxer to gain greater visibility of its products.

Major players are focus on getting contracts from governments. Considering this, they have upped their expenditure on research and development activities to develop reliable, cost-effective and technically advanced vehicles.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2014 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Million and CAGR from 2019 to 2025

Regional scope

MEA

Country scope

Saudi Arabia, UAE, Yemen, Libya, and Africa

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization


Segments Covered in the Report
 

This report forecasts revenue growth at regional and country levels, and provides an analysis on latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Million Insights has segmented the MEA 8X8 armored vehicle market report on the basis of application, product, and region:

• Product Outlook (Revenue, USD Million, 2014 - 2025)
    • Armored Personnel Carrier (APC)
    • Infantry Fighting Vehicle (IFV)
    • Light Protected Vehicle (LPV)
    • Main Battle Tank (MBT)
    • Mine-Resistant Ambush Protected (MRAP) Vehicle
    • Tactical Vehicle
    • Others

• Application Outlook (Revenue, USD Million, 2014 - 2025)
    • Defense
    • Homeland Security
    • Commercial

• Regional Outlook (Revenue, USD Million, 2014 - 2025)
    • Saudi Arabia
    • UAE
    • Libya
    • Yemen
    • Africa

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