According to a report,“MEA 8X8 Armored Vehicle Market Size, Share & Trends Analysis Report By Product (MBT, APC, IFV, LPV, MRAP), By Application (Defense, Commercial, Homeland Security), By Region, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc., The MEA 8×8 armored vehicle market size is expected to reach USD 1.09 billion by 2025, 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 8×8 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 8×8 armored vehicle market.
Advances in technology have resulted in the development of innovative 8×8 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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Key Takeaways from the report:
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 8×8 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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Saudi Arabia led the market in terms of revenue with USD 236.0 million in 2018. Saudi Arabia held the maximum market share owing to the substantial investments made by the Saudi Arabian government in strengthening the national defenses and enhancing the security of its soldiers. Also, the Saudi Arabian army procures 8X8 armored vehicles by means of the defense contracts signed by the national government.
In Libya, the market size is expected to grow significantly over the forecast period, attributed to the increasing conflicts within the country, which have compelled the national government to focus on protecting the citizens. The Libyan government is ordering advanced vehicles from leading suppliers.
MEA 8X8 Armored Vehicle Market Share Insights
BAE Systems; General Dynamics Corporation; Iveco; Krauss-Maffei Wegmann GmbH & Co.; Lockheed Martin Corporation; Oshkosh Defense LLC; Rheinmetall AG; and STAT, Inc. are some of the leading incumbents of the market. Many players are focusing on adopting growth strategies such as new product development. In February 2015, Krauss-Maffei Wegmann GmbH & Co. presented the new GTK Boxer variant at IDEX 2015. The move was aimed at obtaining greater visibility for its products.
The key players are particularly focusing on obtaining government contracts. They are also investing in R&D activities to develop innovative, reliable, and cost- vehicles and expand their respective portfolios.
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