MEA Armored Vehicles Market Trends, Share, Growth Drivers, Key Players, Business Opportunities, Future Strategy and Forecast 2033: SPER Market Research
Armoured vehicles are specially designed vehicles with enhanced protective systems that can survive ballistic and explosive attacks. These vehicles are mostly used for military purposes such as troop transportation, combat operations, reconnaissance, and mine detection. They are also utilised by law enforcement to maintain public order and protect high-profile individuals. The Middle East and Africa armoured vehicle market offers a wide range of products, including main battle tanks, armoured personnel carriers, mine-resistant ambush protected (MRAP) vehicles, and more.
According to SPER Market Research, ‘Middle East and Africa Armored Vehicles Market Size – By Type – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Middle East and Africa Armored Vehicles Market is estimated to reach USD 2.84 billion by 2033 with a CAGR of 5.29%.
Drivers:
- Military Land Vehicles Equipped with Contemporary Military Technology: Thanks to developing military technology, the Middle East and Africa are witnessing a sharp increase in the employment of military ground vehicles. An increasing number of unmanned ground vehicles are being used to support logistics and carry out investigations without posing a threat to human life. Fuel efficiency, silent operation, and enhanced shielding capabilities are the main factors driving the adoption of electric and hybrid vehicles. Self-governing and networked technologies are not only changing armoured vehicles but also increasing demand for them.
Restraints:
- Limited Resources for Military: Budgetary restrictions on defence in the Middle East and Africa may make it difficult to acquire and upgrade military land vehicles, which would lead to a shortage of money for cutting edge equipment, a delay in delivery, and a reduction in the number of vehicles overall. Dependence on foreign suppliers creates challenges in terms of costs, import and export restrictions, technology transfer, and maintenance support. Inadequate infrastructure, difficult terrain, and a deficient local military sector all limit the capacity to modify vehicles to meet specific operational needs.
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The emergence of the COVID-19 epidemic has a complex impact on the various armoured vehicle economies. Manufacturers of parts and assembly lines for automobiles have suffered significant losses. The pandemic crisis has also caused a halt in the construction of armoured vehicles. The top rivals in the armoured vehicle market are gradually resuming production and generating demand for the vehicles through a range of techniques and plans. Throughout the forecast period, the top armoured vehicle manufacturers’ combined efforts and government initiatives will lead to a sizable market expansion.\
MEA Armored Vehicles Market Key Players:
Saudi Arabia is the market leader for armoured vehicles in the Middle East and Africa thanks to its growing defence capabilities and OEM procurement agreements. Security concerns and the rise in terrorism are the main reasons behind the nation’s sharp growth in the purchase of military hardware. In order to expand the market and expand its armoured vehicle fleet, the Saudi Arabian government intends to spend in the military over the next ten years. Major players in the market are Mahindra Emirates Vehicle Armouring FZ-LLC, NIMR Automotive (EDGE Group PJSC), Streit Group, Rheinmetall AG, and Others.
Middle East Armored Vehicles Market Segmentation:
By Type: Based on the Type, Middle East and Africa Armored Vehicles Market is segmented as; Main Battle Tank (MBT), Infantry Fighting Vehicle (IFV), Armored Personnel Carrier (APC).
By Region: This research also includes data for South Africa, United Arab Emirates, Egypt, Rest of Middle East and Africa
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link –
Middle East and Africa Armored Vehicles Market Future Outlook
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