Social unrest and market instability to drive demand for armored vehicles
The Middle Eastern Armored Vehicle Market is projected to grow due to the rising need for military vehicles for various countries to secure their borders. The Middle East region is marked by intense geopolitical competition among various countries. However, the absence of major armored vehicle OEMs in Middle East is acting as a major concern for the growth of the market. This results in the dependence of countries such as Saudi Arabia, UAE, India, the Philippines, and Qatar on foreign OEMs for armored vehicles. This results in the expensive procurement of armored vehicles, thereby resulting in a decrease in their overall demand.
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Elbit Systems Ltd. of Israel is one the key players in the armored vehicle market. In 2022, Israel announced the purchase of hundreds of combat vehicles from Israel Aerospace Industries for the country’s special forces in a deal of more than USD 28 million. Israel Aerospace Industries is set to provide the country’s special forces with hundreds of combat vehicles in a deal US USD 28 million.
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Saudi Arabia’s defense ministry signed 10 contracts worth USD 1.8 billion with local and international companies during the third day of the World Defense Show in 2022.
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