The Tanks Global Market Report 2023 by The Business Research Company, provides tanks market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Tanks Global Market Report 2023, the global tanks market size will grow from $2.04 billion in 2022 to $2.21 billion in 2023 at a compound annual growth rate (CAGR) of 8.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global tanks is expected to grow to $2.76 billion in 2027 at a CAGR of 5.7%.
The increase in the defense budget for the military is expected to drive the growth of the tank market.
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The tanks market is segmented:
1) By Type: Light, Medium, Heavy
2) By Application: Patrolling, Fighting
3) By Technology: Active Mine System, Active Protection System, Modular Ballistic Armor, Situational Awareness System, Inter Operable Communication, Vehicle information Integration, Electric Armor
The Pentagon is increasingly implementing robot tanks in the military for the purpose of high security, which is likely to be a major trend in the tank market. Robotic tanks are autonomous robots designed for military applications such as transport, search and rescue, and others. These tanks are equipped with guns, a rocket arm, and a missile arm. In January 2020, the USA gave a contract to QinetiQ North America to build four robotic combat vehicle-light prototypes and another contract to Textron to build four robotic combat vehicle-medium prototypes. In July 2020, Russia prepared a robot tank, Derivatsiya-PVO, which is a self-propelled artillery tasked with an anti-air mission. Russia revealed that it had combat-tested its Uran-9 robot tank in Syria, which has a gun and missile armament. Such developments in military tanks are emerging as a trend in the tank market.
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. Tanks Market Size And Growth
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26. Africa Tanks Market
27. Tanks Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Tanks Market
29. Tanks Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Oshkosh Defense LLC
- General Dynamics Corporation
- BAE Systems PLC
- Textron Inc
- Navistar International Corporation
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