Middle-East And Africa Armored Vehicles Market Size (2024 - 2029)

Middle East and Africa Armoured Vehicle Market Analysis

The Middle-East And Africa Armored Vehicles Market size is estimated at USD 1.81 billion in 2024, and is expected to reach USD 2.31 billion by 2029, growing at a CAGR of 5.06% during the forecast period (2024-2029).

An increase in the number of geopolitical and military conflicts in the Middle East and rising security concerns due to terrorist activities leads to growing spending on the defense sector from the Middle Eastern countries. Middle Eastern countries like Saudi Arabia, UAE, and Israel increased their defense expenditure and focus on improving defense capabilities due to rising security threats. Rising procurement of advanced weapons and armored vehicles and the development of next-generation fighting vehicles drive the growth of the market.

The total defense spending of the countries in the Middle East was USD 184 billion in 2022. According to the Stockholm International Peace Research Institute (SIPRI) report published in 2022, Saudi Arabia was the fifth largest defense spender in the world with a defense budget of USD 75 billion. Furthermore, the governments in the region are supporting the local manufacturing of armored vehicles. On the other hand, the occurrence of regular maintenance and electrical failures in armored vehicles and the absence of major armored vehicles OEMs in the region hinders the growth of the market.

Middle East and Africa Armoured Vehicle Industry Segmentation

An armored vehicle is a land vehicle protected by armor, generally combining operational mobility with offensive and defensive capabilities. Armored vehicles can be wheeled or tracked, depending on the type.

The Middle East and Africa armored vehicles market is segmented based on type and geography. By type, the market is segmented into main battle tank (MBT), armored personnel carrier (APC), infantry fighting vehicle (IFV), and other types. The other vehicles include mine-resistant ambush-protected (MRAP), armored cars, vehicles carrying armored self-propelled artillery, light armored vehicles, armored ambulances, armored recovery vehicles, assault amphibious vehicles, armored vehicle-launched bridge (AVLB), etc. The report also offers the market size and forecasts for five countries across the region. For each segment, the market sizing and forecasts have been done based on value (USD).