Main Battle Tank Market Size, Key Analysis And Comprehensive Growth USD 6.90 Billion by 2030, With a CAGR of 3.2%
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Drivers and Restraints:
Upgrade of Existing Fleet with Next-generation Base Equipment to Drive Market
Developing nations are focused on upgrading their existing fleets, situational awareness systems, and weaponry systems to improve combat capabilities and lethality, which will drive the main battle tank market growth. For example, in February 2023, Turkey awarded SNT Heavy Industries with a contract to supply an automatic transmission mechanism for Altay tank engines. The company will provide a V-type, 12-cylinder, water-cooled, turbo diesel power unit to produce 1,500 horsepower and 4600 N-m of torque. This agreement worth USD 217.9 million will be completed by 2030. On the other hand, the surging demand for anti-tank missiles owing to their range, ease of usage, and weightless nature will hinder market expansion in the coming years.
The report sheds light on drivers and challenges affecting market trends over the forecast timeframe. Moreover, the market is studied exhaustively and statistical information for each segment and region is given. The impact of COVID-19 on the global economy is analyzed and solutions are provided. The competitive landscape section lists key players in the global market and mentions tactical decisions made by them to maximize profits.
Turret System Segment to Lead Due to its Broad Functionality and Overall Cost
Based on component, the market is split into turret system, internal combustion engine, wheel & tracks, situational awareness, weaponry systems, and others. Among these, the turret system segment dominated the main battle tank market share in 2022 as turret is a combination of parts mounted on it and a rotating bearing so that it can rotate 360 degrees.
Heavy Weight Segment to Dominate Backed by its Rising Demand for Frontline Security
According to weight, the market is arrayed into light weight, medium weight, and heavy weight. The heavy weight segment captured a significant share in the global market in 2022 due to surging demand for frontline security. For example, as per SIPRI, in 2018, Finland ordered 100 Leopard-2A6 tanks from the Netherlands for USD 200 million.
Line Fit Segment to Hold Major Share Stoked by Rising Indigenous Manufacturing of MBTs in Emerging Economies
By solution, the market is bifurcated into line fit and retro fit. Among these, the line fit segment captured the largest market share in 2022, owing to increasing indigenous manufacturing of main battle tanks in Russia, India, Germany, and South Korea.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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North America to Lead Stoked by Presence of Leading Companies and Upgrading of Existing Fleet
North America dominated the global market in 2022 backed by the presence of leading players and upgrading of existing fleet with advanced technology-based systems and equipment. Widespread export of battle tanks worldwide will also attribute to market expansion in this region.
Europe is projected to grow significantly during the forecast period owing to the surging demand for tanks due to the ongoing Russia Ukraine war. Russia, France, and Hungary are also contributing to product demand and market proliferation in this region.
Asia Pacific is likely to register the highest growth rate across the world due to rising procurement of MBTs by India, Bangladesh, Thailand, Indonesia, and Pakistan due to increasing border conflicts. For example, in September 2021, the Indian Defense Ministry sealed a contract to procure 118 Arjun Mk-1A and its combat capabilities.
Procurement Contracts Signed Between Governments and Leading Companies to Aid Market Augmentation
Geopolitical tensions are on an all-time high due to Russia's invasion of Ukraine. This, in turn, has put all the economies on a guard and they are making efforts to prepare themselves and increase their military strength by buying new equipment. This will contribute to the market share and help industry leaders to gather larger revenues. For example, in June 2022, The State Department of Poland awarded General Dynamics Land Systems with a USD 6 billion contract to manufacture and supply M1A2SEPv3 Abrams to the Polish Army. As a part of the deal, Poland also plans to purchase 500 M240C 7.62mm machine guns, 276 M2 .50 caliber machine guns, and other equipment and parts needed to operate the weapon systems.
Key Industry Development:
May 2021: British Army awarded a contract to Rheinmetall BAE Systems Land (RBSL) to replace their existing fleet of Challenger 2 with next generation Challenger 3 tanks. Under this agreement, the U.K. will get 148 tanks for USD 964.72 million.
List of Key Players Mentioned in the Report:
General Dynamics Corporation (U.S.)
Hyundai Rotem (South Korea)
BAE Systems plc (U.K.)
Nexter Systems (France)
Israel Military Industries (Israel)
Other key players
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