The new report by Expert Market Research titled, 'Middle East and Africa 8X8 Armoured Vehicle Market Report and Forecast 2021-2026', gives an in-depth analysis Middle East and Africa 8×8 armoured vehicle market assessing the market based on product, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): USD 797.12 Million
- Forecast CAGR (2021-2026): 6.4%
As a result of falling oil prices, governments in the Middle East had a budget deficit, which had an influence on defense expenditure. Some countries are, nevertheless, making significant investments in the modernisation of their armed forces. Various armed forces in the region are modernising in response to geopolitical and military crises. As a result, the region's armoured vehicle fleet must be replaced with modern models.
Industry Definition and Major Segments
Using the 8X8 armoured vehicles, the military and homeland security agencies can defend their personnel while battling terrorists, quelling community uprisings, and dealing with other dangers. Manufacturers are now offering 8×8 armoured vehicles that are specifically designed to meet the needs of the end customer. Some manufacturers additionally provide upgraded designs and customised functionality for automobiles bought for business and personal safety needs.
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The industry can be broadly categorised on the basis of its application into:
- Homeland Security
The industry can be divided on the basis of its product as:
- Armoured Personnel Carrier (APC)
- Infantry Fighting Vehicle (IFV)
- Light Protected Vehicle (LPV)
- Main Battle Tank (MBT)
- Mine-Resistant Ambush-Protected (MRAP)
- Tactical vehicle
The regional markets can be categorised as follows:
- Saudi Arabia
- South Africa
The 8X8 armoured vehicles can defend their people, assisting defense forces and home security agencies in combating terrorists, quelling riots, and other dangers. Manufacturers are now offering 8×8 armoured vehicles customised to end-user needs. Some manufacturers provide increased designs and functionality for commercial and personal safety vehicles. Almost all APCs now have self-defense automatic guns and remote weapon stations placed atop armoured vehicles. APCs with improved protection and lethality against enemy troops are likely to boost market growth throughout the projection period.
The UAE is expected to grow at the fastest pace throughout the forecast period. Due to the country's involvement in hostilities in Yemen, Libya, and Somalia, as well as the Sinai insurgency, military equipment acquisition has expanded rapidly in recent years. To maintain and further enhance military capabilities, the country also intends to provide all UAE armed forces units with the latest and most advanced military equipment. The government's ambitious intentions to swiftly expand its armoured vehicle fleet are expected to fuel the market's expansion in the years to come.
Key Market Players
The major players in the market are BAE Systems, General Dynamics European Land Systems, Iveco Defence Vehicles, Krauss-Maffei Wegmann GmbH & Co., and Oshkosh Defense, LLC, among others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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