Tanks Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share

How Big Is the Tanks Market Expected to Be, and What Will Its Growth Rate Be?
The market for tanks has seen a strong surge in growth in the past few years. It is expected to expand from a $1.75 billion market in 2024 to a $1.89 billion market in 2025, reflecting a compound annual growth rate (CAGR) of 8.2%. The surge in growth during the historical period can be traced back to factors such as military confrontations, the enhancement of armor and firepower, the Soviet tank strategy, and tank modernization.

The market size for tanks is forecasted to experience considerable growth in the upcoming years. The prediction is that it will expand to $2.45 billion in 2029, with a compound annual growth rate (CAGR) of 6.7%. This growth during the projected period can be linked to factors such as asymmetric threats, urban warfare, hybrid and electric propulsion, unmanned and autonomous tanks, as well as cybersecurity and data protection. Key trend indicators for this forecasted period encompass aspects like modular armor and upgrades, crew safety and comfort, the use of lighter weight materials, retrofitting and repurposing, and joint operations and collaboration.

What Are the Primary Growth Drivers for the Tanks Market?
The expansion of the defense budget for the military is predicted to fuel the tank market's growth. For example, the Stockholm International Peace Research Institute (SIPRI), a Sweden-based international research agency specializing in armaments control, weapons transfers, and non-proliferation, reported in April 2022 that the total global military expenditure in 2021 was projected to rise by 0.7% in real terms, reaching $2113 billion. This marked the seventh consecutive year where the spending saw an increase. The military research and development funding in China, which is the world's second-largest spender, designated an approximate $293 billion to their military in 2021, witnessing a 4.7% rise from the previous year. The military expenditure of China has been on a steady uptrend for the last 27 years.

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Who Are the Dominant Companies Influencing Tanks Market Trends?
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.

How Is the Tanks Market Evolving?
The Pentagon's increasing use of robotic tanks for high-level security might become a significant trend in the tank market. These autonomous robots, intended for military operations like transport and search-and-rescue, come equipped with gun and missile attachments. In September of 2023, the U.S. Army selected McQ, Textron Systems, General Dynamics Land Systems, and Oshkosh Defense as the four companies to create prototypes of these robotic combat vehicles at an almost $25 million budget. The companies will work simultaneously to advance and supply designs for a lightweight, modular and easily upgradeable robotic combat vehicle that aligns with Army requirements. Furthermore, Russia has disclosed the combat testing of its Uran-9 robot tank, complete with gun and missile attachments, in Syria. These advancements in the military tank sector are shaping trends in the market.

What Are the Different Segmentations in the Tanks 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

Subsegments:
1) By Light: Armored Reconnaissance Vehicles, Infantry Support Tanks
2) By Medium: Main Battle Tanks (MBTs), Multi-role Combat Tanks
3) By Heavy: Super Heavy Tanks, Heavy Assault Tanks

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Which Region Is at the Forefront of the Tanks Market?
Asia-Pacific was the largest region in the tanks market in 2023. Western Europe is expected to be the fastest-growing region in the tanks market during the forecast period. The regions covered in the tanks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

What Is Covered In The Tanks Global Market Report?

- Market Size Analysis: Analyze the Tanks Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Tanks Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Tanks Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Tanks Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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