Tanks Market Size, Forecast, Growth, Trends 2024-2033

"The new report published by The Business Research Company, titled Tanks Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the tanks market size has grown strongly in recent years. It will grow from $2.24 billion in 2023 to $2.43 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The tanks market size is expected to see strong growth in the next few years. It will grow to $3.06 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.

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Defense Budget Surge Propels Growth In The Tank Market
The increase in the defense budget for the military is expected to drive the growth of the tank market. For instance, in April 2022, according to the Stockholm International Peace Research Institute (SIPRI), a Sweden-based international research institute on arms control, arms transfers and non-proliferation, in 2021, total global military spending was expected to increase by 0.7% in real terms to $2113 billion. This was the seventh year in a row that spending increased. Military R&D funding in the China, the world's second-largest spender, allocated an estimated $293 billion to its military in 2021, a 4.7% increase over previous year. China's military spending has increased for the past 27 years.

Emergence Of Robot Tanks
The Pentagon is increasingly implementing robot tanks in the military for the purpose of high security, which is likely to be a major trend in the tank market. Robotic tanks are autonomous robots designed for military applications such as transport, search and rescue, and others. These tanks are equipped with guns, a rocket arm, and a missile arm. In September 2023, the U.S. Army selected four companies to build robotic combat vehicle prototypes for a total of nearly $25 million. The selected companies are McQ, Textron Systems, General Dynamics Land Systems, and Oshkosh Defense. The companies will concurrently mature and deliver integrated system designs towards Army requirements for a lightweight, modular, and upgradeable robotic combat vehicle. Russia revealed that it had combat-tested its Uran-9 robot tank in Syria, which has a gun and missile armament. Such developments in military tanks are emerging as a trend in the tank market.

The tanks market covered in this report is segmented -

1) By Type: Light, Medium, Heavy
2) By Technology: Active Mine System, Active Protection System, Modular Ballistic Armor, Situational Awareness System, Inter Operable Communication, Vehicle information Integration, Electric Armor
3) By Application: Patrolling, Fighting

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Major companies operating in the tanks market include Oshkosh Defense LLC, General Dynamics Corporation, BAE Systems plc, Textron Inc., Navistar International Corporation, China North Industries Group Corporation Limited (NORINCO), Rheinmetall AG, Ukroboronprom, UralVagonZavod Corporation, Hyundai Rotem Company, Nexter Group, Krauss-Maffei Wegmann GmbH & Co. KG, IVECO S.p.A., Elbit Systems Ltd., INKAS Armored Vehicle Manufacturing, International Armored Group, Hanwha Defense, SABIEX International, Plasan Sasa Ltd., Panhard General Defense SAS, Mitsubishi Heavy Industries Ltd., Singapore Technologies Engineering Ltd., Singapore Technologies Kinetics Ltd., Leonardo S.p.A., Denel Land Systems (Pty) Ltd, Tata Motors Limited, KMW + Nexter Defense Systems, FNSS Savunma Sistemleri A.S., Avibras Indústria Aeroespacial S.A., Rostec State Corporation, ZTS - TEES Martin s.r.o.

Contents of the report:
1. Executive Summary
2. Tanks Market Report Structure
3. Tanks Market Trends And Strategies
4. Tanks Market - Macro Economic Scenario
5. Tanks Market Size And Growth
…..
27. Tanks Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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