(MENAFN- America News Hour) The middle-east and africa armored vehicles market
is projected to grow with 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, among others, 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 to replace 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 A.Ş., and Koc Holding AS and NIMR Automotive LLC among others, are some of the prominent regional players in the market that are supporting the requirements of the local armed forces in the region.
Request To Download Sample of This Strategic Report:
Key Market Trends
Armored Personnel Carrier (APC) Segment is Expected to Grow with the Highest CAGR
Armored Personnel Carrier is deployed for carrying soldiers in combat situations, and it can also be armed as a command-post vehicle, as well as can be used for the evacuation of troops. In the Middle-East and Africa region, the countries are upgrading their fleet of armed vehicles with new and advanced APC with enhanced protection as well as 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. Also, the EDT Enigma AMFV is 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 as well as lethality against the enemy forces are expected to accelerate the growth of the segment during the forecast period.
United Arab Emirates is Anticipated to Witness Highest Growth During the Forecast Period
Over the past few years, the military equipment procurement of the country has increased at a rapid pace, due to the involvement of the country in conflicts of Yemen, Libya, Somalia, and in Sinai insurgency, among others. 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 4×4 armored vehicles from Paramount. These vehicles can be integrated with a variety of different weapons and payloads, from 30mm cannon turret to 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 has plans to 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.
Click Here to Download Sample Report:
Competitive Landscape
Some of the prominent players in the Middle-East and Africa armored vehicles market are Mahindra & Mahindra Limited, NIMR Automotive LLC, STREIT Group, BMC Otomotiv Sanayi ve Ticaret A.Ş., and Koc Holding AS. The market of the armored vehicles has both regional as well as international players with significant share in the market. The international armored vehicle manufacturers are making plans to expand their presence in the Middle-East and Africa regions 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 Tulga armored pickup truck developed for the Turkish internal security forces is expected to enter into mass production by the end of June 2020. The company claims that armored vehicles are expected to become prominent options in Middle-East region in the coming years. Such factors are anticipated to help the companies increase their presence as well as profits from the region in the coming years.
Reasons to Purchase this report:
– The market estimate (ME) sheet in Excel format
– 3 months of analyst support
About SDKI:
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count ( SDKI ) provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.