Market Size of Middle-East And Africa Armored Vehicles Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.81 Billion |
| Market Size (2029) | USD 2.31 Billion |
| CAGR (2024 - 2029) | 5.06 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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.
