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Tanks Market Analysis: $2.21 Billion by 2029 With a CAGR of 7.1%
Stay informed on tariff shifts, macro trends, and global economic changes-use code ONLINE30 to enjoy 30% off our global market reports.Tanks Market Value Projection: How Much Will the Market Size by 2025?
In recent times, the market size for tanks has seen significant growth. There is a projected increase from $1.58 billion in 2024 to $1.68 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.5%. The substantial growth witnessed during the historical period can be linked to military confrontations, advancements in armor and firepower capabilities, soviet tank principles, and tank modernization processes.
What Will Be the Market Growth Forecat for Tanks in 2029?
It is anticipated that the tanks market will undergo significant growth in the coming years, with its value expected to reach $2.21 billion by 2029 at a CAGR of 7.1%. The growth in the projected period can be traced back to factors such as asymmetric threats, urban warfare, hybrid and electric propulsion, unmanned and autonomous tanks, cybersecurity, and data protection. The period is also set to witness major trends like modular armor enhancements, improved crew safety and comfort, the use of lighter weight materials, retrofitting and re-purposing, as well as joint operations and collaboration.
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What Are the Core Competitive Drivers in the Tanks Industry?
The expected expansion of the tank market is predicted to be propelled by the growth in the military's defense budget. In April 2022, the Stockholm International Peace Research Institute (SIPRI), a global research institute based in Sweden specializing in arms control, arms transfers, and non-proliferation, projected that the total worldwide defense expenditure would rise by 0.7% in tangible terms to $2113 billion in 2021. This marked the seventh consecutive year of growth in spending. In addition, in 2021, the China, the world's second-largest contributor to military spending, directed an approximated $293 billion to its military, marking a 4.7% increase from the prior year. China's defense budget has been on an upward trend for the past 27 years.
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Which Tanks Market Segment Is Projected to See the Fastest Growth?
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
Which Trends Are Opening New Opportunities in the Tanks Market?
Numerous defense departments worldwide, including the Pentagon, are progressively embracing robotic tanks for enhanced security, marking an evolving trend in the tank market. These autonomous and sophisticated robots are targeted at various military operations, including search and rescue and transportation, boasting features like firearms, arms for rockets, and missiles. In 2023, the U.S. Army commissioned four prominent companies for the creation of robotic combat vehicle prototypes at a budget close to $25 million. The appointed organizations, namely McQ, Textron Systems, General Dynamics Land Systems, and Oshkosh Defense, are to collaboratively progress and supply the integrated system designs in compliance with the Army's requirements for a light, customizable, and revampable robotic combat vehicle. In a parallel development, Russia announced the battlefield test in Syria of its Uran-9 robot tank, equipped with armaments for guns and missiles. These expanding innovations in military tanks constitute a current trend within the tank market.
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Who Are the 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 Regional Tanks Markets Offer the Greatest Growth Potential?
Asia-Pacific was the largest region in the tanks market in 2024. 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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