The MEA 8x8 Armored Vehicle Market size is expected to reach USD 1.09 billion by 2025, according to a new study conducted by Grand View Research, Inc. It is anticipated to expand at a CAGR of 5.8% over the forecast period. Increasing national defense budgets coupled with the growing multilateral collaborations such as the one between the African Union and the North Atlantic Treaty Organization (NATO), to maintain peace and to counter terrorism is expected to drive the growth.
Armed
forces in the MEA region are preparing aggressively to be able to counter all
sorts of threats and respond efficiently to emergencies arising from
insurgencies and militant attacks in view of the growing terrorist activities.
They are opting for the latest military equipment, including armored fighting
vehicles and infantry fighting vehicles. This factor is anticipated to bode
swell for the growth of the Middle East and Africa 8x8armored vehicle market in
the region.
Homeland
security departments in Middle East and Africa are equally seeking 8x8 armored
vehicles in view of the growing communal riots and organized crimes within the
region. The demand for armored vehicles from law enforcement agencies is
increasing as a result thereby driving growth of the MEA 8x8 armored vehicle
market.
Advances
in technology have resulted in the development of innovative 8x8 armored
vehicles. For instance, electronic sensors are helping the occupants of armored
vehicles detect the location of allies as well as enemies within a specified
range. Similarly, robust touchscreen displays are allowing drivers of armored
vehicles to communicate via emails and navigate accurately using a compass. At
the same time, the leading market players are investing aggressively in R&D
to develop lighter armored vehicles with improved mobility without compromising
on the strength.
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Further key findings from the report suggest:
- Main Battle
Tanks (MBT) segment is expected to emerge as the fastest-growing product
segment over the next six years, registering the highest CAGR of about
6.2%. Increasing preference by armed forces owing to the strength as well
as the high level of protection offered by MBTs is anticipated to fuel the
growth
- Law
enforcement agencies remain keen on countering the growing organized
crimes in various cities within MEA. At the same time, embassies are
emphasizing on protecting the foreign delegates. This is compelling the homeland
security departments to procure 8x8 armored vehicles
- Saudi Arabia
is expected to continue leading over the forecast period and reach USD
344.2 million by 2025. The Saudi Arabian government is aggressively
purchasing 8X8 armored vehicle systems to strengthen the national defense
and to equip the armed forces to face any sorts of insurgencies
originating in the future.
- The key
participants in the MEA 8X8 armored vehicles market include BAE Systems;
General Dynamics Corporation; Iveco; Lockheed Martin Corporation; Oshkosh
Defense LLC; and STAT Inc., among others
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