Market Size of Middle East Military Vehicles Industry
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 32.22 Billion |
| Market Size (2029) | USD 43.73 Billion |
| CAGR (2024 - 2029) | 6.30 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Middle East Military Vehicles Market Analysis
The Middle East Military Vehicles Market size is estimated at USD 32.22 billion in 2024, and is expected to reach USD 43.73 billion by 2029, growing at a CAGR of 6.30% during the forecast period (2024-2029).
While countries like Saudi Arabia, Israel, and the United Arab Emirates operate modern military vehicles, several countries in the region possess Soviet-era vehicles that require modernization. Hence, these countries are investing in the procurement of new military vehicles.
In addition, the aging fleet of military vehicles is also forcing some countries to invest in upgrade programs to improve the efficiency, lethality, and sophistication of the vehicles if they are slated to be effectively functional for some more years.
While the modernization and expansion of the region's vehicle fleets continue at a healthy pace, the region is also becoming increasingly self-sufficient and independent of foreign countries by developing indigenous manufacturing capabilities. Several countries have been developing military vehicles on their own or are partnering with their foreign counterparts and manufacturing vehicles locally with the help of technology transfer agreements.
However, factors like fluctuations in oil prices are affecting the economies of several countries in Middle East, in turn affecting growth in military spending.
