Tanks Global Market 2024 - Latest Trends, Technological Advancement, Driving Factors And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Tanks Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 growth in the historic period can be attributed to military conflicts, armor and firepower, soviet tank doctrine, tank modernization.

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%. The growth in the forecast period can be attributed to asymmetric threats, urban warfare, hybrid and electric propulsion, unmanned and autonomous tanks, cybersecurity and data protection. Major trends in the forecast period include modular armor and upgrades, crew safety and comfort, lighter weight materials, retrofitting and re-purposing, joint operations and collaboration.

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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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.

Tanks Market 2024 Key Insights:

• 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%.
• Defense Budget Surge Propels Growth In The Tank Market
• Emergence Of Robot Tanks
• Asia-Pacific was the largest region in the tanks market in 2023

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