Tanks Market Expected to Achieve 6.7% CAGR by 2029: Growth Forecast Insights

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How Large Will the Tanks Market Size By 2025?
In recent years, the tanks market has seen robust growth. It is anticipated to expand from $1.75 billion in 2024 to $1.89 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 8.2%. The growth during the historical period could be credited to factors such as military conflicts, the introduction of armor and firepower, the soviet tank doctrine, and modernization of tanks.

How Big Is the Tanks Market Size Expected to Grow by 2029?
Expectation for robust expansion is projected for the tanks market size in the foroming years. Projected to grow to $2.45 billion in 2029, the market is anticipated to develop at a compound annual growth rate (CAGR) of 6.7%. Factors contributing to this predicted growth during the forecast period include asymmetric threats, urban warfare, hybrid and electric propulsion, unmanned and autonomous tanks, and concerns around cybersecurity and data protection. Key trends for this period include modular armor and upgrades, emphasis on crew safety and comfort, the use of lighter weight materials, retrofitting and re-purposing, and the increase in joint operations and collaboration.

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Which Key Market Drivers Powering Tanks Market Expansion and Growth?
The tank market is anticipated to expand owing to a rise in the defense budget for the military. For example, as per the Stockholm International Peace Research Institute (SIPRI), a research institute based in Sweden that specializes in arms control, arms transfers, and non-proliferation, it was projected in April 2022 that global military expenditure for 2021 would have increased by 0.7% in real terms, totaling $2113 billion. This marked the seventh consecutive yearly increase. In China, the world's second largest spender on military, a 4.7% increase from the previous year was observed, with the funds allocated to its military estimated at $293 billion in 2021. China's military expenditure has been on the rise for 27 consecutive years.

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Which Fast-Growing Trends Are Poised to Disrupt the Tanks Market?
The increasing deployment of robot tanks by the Pentagon for high-level security represents a significant trend within the tank market. These autonomous robots, optimized for military purposes such as cargo transport, search and rescue missions, and the like, are equipped with cutting-edge weaponry including guns, rocket arms, and missile arms. As of September 2023, the U.S. Army has selected McQ, Textron Systems, General Dynamics Land Systems, and Oshkosh Defense - four companies tasked with the creation of robotic combat vehicle prototypes, representing a combined investment of roughly $25 million. These companies have been tasked with creating designs for lightweight, modular and upgradable robotic combat vehicles which meet Army specifications. Moreover, Russia announced it has put its Uran-9 robot tank, equipped with both a gun and missile armament, to the test in military combat scenarios in Syria. This advancement in military tank technology signifies a noticeable trend in the tank market.

What Are the Emerging Segments 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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Who Are the Global Leaders in the Tanks Market?
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.

Which are the Top Profitable Regional Markets for the Tanks Industry?
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

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