MEA 8X8 Armored Vehicle Market Share, Variables, Trends, Regional Scope & Raw Material Outlook, 2025

Felton, Calif., USA, Apr. 19, 2021 — /EPR Network/ —

The MEA 8X8 Armored Vehicle Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview:

The MEA 8X8 armored vehicle market size is projected to account for USD 1.09 billion by 2025, as per a new report by Million Insights. 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. 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.

Key Players:

  • BAE Systems
  • General Dynamics Corporation
  • Iveco
  • Krauss-MaffeiWegmann GmbH & Co.
  • Lockheed Martin Corporation
  • Oshkosh Defense, LLC
  • Rheinmetall AG
  • STAT, Inc.

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Growth Drivers:

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.

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.

Product Outlook:

  • Armored Personnel Carrier (APC)
  • Infantry Fighting Vehicle (IFV)
  • Light Protected Vehicle (LPV)
  • Main Battle Tank (MBT)
  • Mine-Resistant Ambush Protected (MRAP) Vehicle
  • Tactical Vehicle

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 Outlook:

  • Defense
  • Homeland Security
  • Commercial

Regional Outlook:

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.

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