Market Trends of Middle-East And Africa Armored Vehicles Industry
Armored Personnel Carrier (APC) Segment will Showcase Remarkable Growth During the Forecast Period
The armored personnel carrier (APC) segment is anticipated to show significant growth in the Middle East and Africa armored vehicles market during the forecast period. The growth is attributed to the increasing spending on procurement of advanced APCs and rising expenditure on military modernization programs from the Middle Eastern countries. An armored personnel carrier is deployed for carrying soldiers in combat situations, and it can also be armed as a command-post vehicle and used for the evacuation of troops. In the Middle East &Africa, countries are upgrading their fleet of armed vehicles with new and advanced APC, with enhanced protection and situational awareness equipment. For instance, Merkava and Armored Vehicles Directorate of Israel Ministry of Defense (IMOD) developed Eitan, a new multi-purpose 8×8 wheeled armored personnel carrier (APC) that will replace the aging M113 APCs in service with the Israel Defense Forces (IDF).
Also, the EDT Enigma AMFV is the latest armored personnel carrier manufactured by 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 and lethality against enemy forces are expected to accelerate the growth of the segment during the forecast period.
Saudi Arabia Dominates the Market During the Forecast Period
Saudi Arabia held the highest shares in the Middle East and Africa armored vehicles market and continued its domination during the forecast period. The growth is due to increasing focus on enhancing defense capabilities and growing procurement contracts for armored vehicles with OEMs. Saudi Arabia was the largest defense spender in the Middle East.
Over the past few years, the military equipment procurement of the country has increased at a rapid pace due to growing security concerns in the Middle East and rising terrorism in the region. The country also plans to modernize all units of the Saudi Arabian armed forces with new and advanced military equipment to continue developing capabilities. For instance, in February 2021, Saudi Arabian Military Industries (SAMI) entered a partnership with UAE-based Nimr to transfer armored vehicle production and technology to the kingdom. Under the contract, the original equipment manufacturer (OEMs) of JAIS 4×4 MRAP vehicles will likely work together to produce the armored vehicles locally in Saudi Arabia.
Furthermore, the Saudi Arabian Government (SAG) announced that the country will invest over USD 20 billion in its military sector in the next decade. 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.
