MEA 8X8 Armored Vehicle Market Size, Share & Trends 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 Date: Jul, 2019
  • Base Year for Estimate: 2018
  • Report ID: GVR-3-68038-203-7
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2018
  • Number of Pages: 113

Industry Insights

The MEA 8X8 armored vehicle market size was valued at USD 745.5 million in 2018 and is expected to expand at a CAGR of 5.8% from 2019 to 2025. Increasing focus of armed forces on safeguarding soldiers from all sorts of internal and external threats is expected to drive the growth. High emphasis of homeland security departments on countering the rising criminal activities and cross-border terrorism is anticipated to further drive the growth.

Growing terrorist activities have triggered asymmetric warfare in some nations from Middle East and Africa. At the same time, the homeland security departments are increasingly getting concerned about the growing communal riots and organized crimes. This is propelling the demand for 8x8 armored trucks. On the other hand, growing awareness about security and safety, particularly among high-placed individuals, is also creating new opportunities in the region.

Saudi Arabia 8X8 armored vehicle market

Increasing insurgencies across the region are prompting governments to procure 8x8 armored vehicles, particularly for military purposes. Various embassies, banks, and Very Important Persons (VIPs) have also started using these vehicles, including the light armored vehicles, sedans, and SUVs in place of conventional vehicles for security and safety reasons. The 8X8 armored vehicles can potentially protect its occupants, thereby helping defense forces and homeland security departments in protecting their personnel while engaging with terrorists, curbing communal riots, and dealing with other threats.

Moreover, manufacturers have started adopting the latest technological trends and offering 8x8 armored vehicles tailored to specifications provided by the end users. Some manufacturers are also offering enhanced designs and customized aesthetics for these vehicles ordered for commercial purposes and personal safety. Advances in technology have enabled 8X8 armored vehicle manufacturers to use composite material, a combination of stainless steel, galvanized steel, aluminum, and ceramic, to improve the resistibility of vehicles against corrosion.

However, the high procurement costs associated with 8x8 armored vehicles is turning out to be a market restraint. Governments of some of the developing nations in the MEA region are finding it hard to order a large fleet as they have to allocate a large proportion of their national budget towards infrastructural development.

Product Insights

On the basis of products, the market is segmented into Armored Personnel Carrier (APC), Infantry Fighting Vehicle (IFV), Light Protected Vehicles (LPV), Main Battle Tanks (MBT), Mine-Resistant Ambush Protected (MRAP), and tactical vehicles, among others. The Main Battle Tanks (MBT) segment led the market in 2018 and was valued at USD 268.2 million. MBTs are turning to be one of the most-popular armored vehicles deployable during wars owing to the benefits, such as strength and the ability to offer a high level of protection to the occupants. MBTs also possess the ability to fire at the enemy while maneuvering through battlefield.

The Armored Personnel Carrier (APC) segment is expected to witness significant growth over the forecast period. The demand for APCs is anticipated to increase because these vehicles are easy to drive. Increasing awareness about security and safety, particularly among businessmen,dignitaries, and people holding valuable possessions, is also expected to drive the demand.

Application Insights

On the basis of application, the Middle East and Africa 8X8 armored vehicle market is segmented into defense, homeland security, and commercial. The defense segment led the MEA 8X8 armored vehicle market in 2018, attributed to the initiatives undertaken by various governments and defense agencies to prepare the armed forces for unforeseen situations. Governments are building large fleets of these vehicles as part of such initiatives.

MEA 8X8 armored vehicle market

The commercial segment is projected to witness the fastest growth over the forecast period. Various features, such as high durability, serviceability, protection, mobility, and reliability, among others, are rendering 8X8 armored vehicles as the most suitable options for commercial applications. The growing security concerns among businessmen, VIPs, and other dignitaries are also expected to drive the demand.

Regional Insights

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.

Report Scope

Attributes

Details

Base year for estimation

2018

Actual estimates/Historical data

2014 - 2018

Forecast period

2019 - 2025

Market representation

Revenue in USD Million and CAGR from 2019 to 2025

Regional scope

MEA

Country scope

Saudi Arabia, UAE, Yemen, Libya, and Africa

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Segments Covered in the Report

This report forecasts revenue growth at regional and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the MEA 8X8 armored vehicle market report based on product, application, and region:

  • Product Outlook (Revenue, USD Million, 2014 - 2025)

    • Armored Personnel Carrier (APC)

    • Infantry Fighting Vehicle (IFV)

    • Light Protected Vehicle (LPV)

    • Main Battle Tank (MBT)

    • Mine-Resistant Ambush Protected (MRAP) Vehicle

    • Tactical Vehicle

    • Others

  • Application Outlook (Revenue, USD Million, 2014 - 2025)

    • Defense

    • Homeland Security

    • Commercial

  • Regional Outlook (Revenue, USD Million, 2014 - 2025)

    • Saudi Arabia

    • UAE

    • Libya

    • Yemen

    • Africa

Key questions answered by the report
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