The demand for armoured and counter-IED vehicles in Africa is expected to reach $1.2 billion by 2024 as the market shifts to North Africa, the Middle East and Asia, according to a new report.
The Global Armoured and Counter IED Vehicles Market 2014-2024 report said that budget cuts in Europe and the United States and the withdrawal of the US and its allies from Iraq and Afghanistan have shifted the market to the Middle East and Asia. The report predicted that the global armoured and counter IED vehicles market is expected to experience a compound annual growth rate (CAGR) of 3.33% during 2014-2024.
The Asia Pacific followed by North America are expected to be the largest armoured and counter IED vehicle markets with cumulative market share of more than 55%. Demand for mine-resistant, ambush protected (MRAP) vehicles from the Middle East is expected to be robust due to security concerns in the region. Saudi Arabia and Israel are expected to lead the armoured and counter IED vehicles market in the Middle East. […]