Overview and Scope
A tank is an armored fighting vehicle that is equipped with heavy firepower and strong armor designed for front-line combat. Tanks include a balance of heavy firepower, strong armor, and improved battlefield mobility with a powerful engine.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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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Major Driver Impacting Market Growth
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.
Key Industry Players
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.
The tanks market report table of contents includes:
1. Executive Summary
2. Tanks Market Characteristics
3. Tanks Market Trends And Strategies
4. Tanks Market – Macro Economic Scenario
5. Global Tanks Market Size and Growth
…..
31. Global Tanks Market Competitive Benchmarking
32. Global Tanks Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Tanks Market
34. Tanks Market Future Outlook and Potential Analysis
35. Appendix
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