Strong Growth Ahead: Tanks Market Size To Grow At A record 6.7% Cagr By 2029

The Tanks Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

How Big Is the Tanks Market Size Expected to Be by 2034?
The tanks market has shown significant growth in recent years. It will rise from $1.75 billion in 2024 to $1.89 billion in 2025, at a compound annual growth rate (CAGR) of 8.2%. The growth is driven by military conflicts, the importance of armor and firepower, the Soviet tank doctrine, and tank modernization efforts.

The tanks market is projected to see strong growth, expanding to $2.45 billion by 2029 at a CAGR of 6.7%. The market is driven by unconventional threats, urban combat requirements, hybrid/electric propulsion, autonomous capabilities, and cybersecurity needs. Key trends include modular upgrades, improved crew protection, lighter materials, refurbishment of existing tanks, and multi-nation collaborations.

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What Are the Emerging Segments Within 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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What Long-Term Drivers Are Shaping Tanks Market Trends?
An increase in global defense budgets is boosting the tank market. In April 2022, SIPRI reported that global military expenditure reached $2,113 billion in 2021, a 0.7% rise. China alone spent an estimated $293 billion on defense in 2021, marking its 27th consecutive year of growth and supporting continued market expansion.

Who Are the Top Competitors in Key Tanks Market Segments?
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.

What Are the Major Trends Shaping the Tanks Market?
The Pentagon is increasing its use of robotic tanks for military applications, such as transport and search and rescue missions. These autonomous vehicles are equipped with weapons, including guns, rocket arms, and missile arms. In September 2023, the U.S. Army awarded contracts to four companies to develop robotic combat vehicle prototypes for nearly $25 million. Russia has also tested its Uran-9 robotic tank in combat. These innovations are expected to significantly influence the tank market.

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Which Regions Are Becoming Hubs for Tanks Market Innovation?
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

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Tanks Market?
2. What is the CAGR expected in the Tanks Market?
3. What Are the Key Innovations Transforming the Tanks Industry?
4. Which Region Is Leading the Tanks Market?

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