Middle-East and Africa Armored Vehicles Market: Report Analysis, Share, Revenue, Growth Rate With Forecast Overview 2022-2031

Japan, Japan, Wed, 30 Mar 2022 00:41:14 / Comserve Inc. / -- The Middle-East and Africa armored vehicles market is projected to register a CAGR of more than 2.5% during the forecast period.

The Middle-East and Africa armored vehicles market is projected to register a CAGR of more than 2.5% during the forecast period.

- The decline in revenues of the governments due to decreasing oil prices caused a budget deficit, which impacted the defense spending of the countries in the Middle-East. However, countries, like the United Arab Emirates, Qatar, and Morocco, are investing in the modernization of their military capabilities.
- The geopolitical and military conflicts in the region are driving the modernization plans of various military forces in the region. Thus, the region needs the replacement of the aging armored vehicle fleet with newer-generation armored vehicles.
- The governments in the region are supporting the local manufacturing of armored vehicles. Companies, like BMC Otomotiv Sanayi ve Ticaret AŞ, Koc Holding AS, and NIMR Automotive LLC, are some of the prominent regional players in the market that are supporting the requirements of the local armed forces in the region.

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Key Market Trends

The Armored Personnel Carrier (APC) Segment is Expected to Register the Highest CAGR

An armored personnel carrier is deployed for carrying soldiers in combat situations, and it can also be armed as a command-post vehicle and used for the evacuation of troops. In the Middle-East &Africa, countries are upgrading their fleet of armed vehicles with new and advanced APC, with enhanced protection and situational awareness equipment. In August 2017, the Israeli Ministry of Defense (MoD) unveiled a new 8×8 armored vehicle personnel carrier (APC), Eitan, to replace the old tracked armored personnel carrier, M113, which is used by the Israeli army. The new Eitan weighs between 30,000 and 35,000 kgs and can carry a total of 12 military personnel, including commander, driver, and gunner. The final version of Eitan is set to be operational by 2020. The EDT Enigma AMFVis the latest armored personnel carrier manufactured by the Emirates Defense Technology, to fulfill different battlefield roles for the UAE army. With the growing demand for combat capabilities of APCs, almost all APCs are being equipped with self-defense automatic weapons and remote weapon stations mounted on armored vehicles. The increasing investments in the development of new APCs with better protection and lethality against the enemy forces are expected to accelerate the growth of the segment during the forecast period.

The United Arab Emirates is Anticipated to Witness the Highest Growth During the Forecast Period

Over the past few years, the military equipment procurement of the country increased at a rapid pace, due to the involvement of the country in conflicts of Yemen, Libya, and Somalia and the Sinai insurgency. The country also plans to modernize all units of the UAE armed forces with new and advanced military equipment to continue developing capabilities. In May 2020, the US government approved the sales of about 4,569 Mine Resistant Ambush Protected (MRAP) armored vehicles, under the Excess Defense Articles program. The contract is expected to be signed by the government in the coming years. The delivery of these armed vehicles was scheduled to begin in 2018. Similarly, in February 2019, the UAE government signed an initial procurement contract worth USD 2.7 million for four of the Mbombe 4x4 armored vehicles from Paramount. These vehicles can be integrated with a variety of different weapons and payloads, from 30mm cannon turret and cameras to an electronic warfare suite to support a wide range of missions. If the vehicles meet the requirements of the UAE army, the government will increase the number of Mbombe vehicles on order, during the forecast period. Such robust plans of the government to rapidly increase the fleet of armored vehicles are anticipated to propel the growth of the market in the coming years.

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Competitive Landscape

Some of the prominent players in the Middle-East and African armored vehicles market are Mahindra & Mahindra Limited, NIMR Automotive LLC, STREITGroup, BMC Otomotiv Sanayi ve Ticaret AŞ., and KocHolding AS. The market of the armored vehicles has both regional and international players with significant shares in the market. The international armored vehicle manufacturers are making plans to expand their presence in the Middle-East &Africa with new product innovations. For instance, Oshkosh Defence is undertaking strategic steps to boost its sales in the region. The company's future growth strategy is centered around the potential sales of its latest J-LTV (joint light tactical vehicle) in the region. In addition to the efforts of the international players, the domestic players in the market are increasing their product portfolio to enhance their position in the market. For instance, BMC's Tulgaarmored pickup truck, developed for the Turkish internal security forces, is expected to enter mass production by the end of June 2020. The company claims that armored vehicles are expected to become prominent options in the Middle-East in the coming years. Such factors are anticipated to help the companies increase their presence in, and attain profits from, the region in the coming years.

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