Global Tanks Market to Reach $2.12 Billion by 2026 Propelled by Increased Defense Budgets Worldwide - ResearchAndMarkets.com
The global tanks market is expected to grow from $1.81 billion in 2021 to $1.90 billion in 2022 at a compound annual growth rate (CAGR) of 4.7%.
The "Tanks Global Market Report 2022, By Type, Application, Technology" report has been added to ResearchAndMarkets.com's offering.
The global tanks market is expected to grow from $1.81 billion in 2021 to $1.90 billion in 2022 at a compound annual growth rate (CAGR) of 4.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2.12 billion in 2026 at a CAGR of 2.8%.
Asia Pacific was the largest region in the tanks market in 2021. Western Europe is expected to be the fastest growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increase in the defense budget for the military is expected to drive the growth of the tanks market. According to the Stockholm International Peace Research Institute (SIPRI) report, the total global military expenditure rose to $1,917 billion in 2019, a 3.6% increase from the previous year and the largest annual growth in spending since 2010. India has become the third-largest military spender in the world, after the US and China.
The high cost of production for main battle tanks is expected to hinder the growth of the tanks market. Technological advancements have added new features in today's military tanks, therefore the cost of production to manufacture a single unit of the tank has also increased.
For instance, Russia's T-14 Armata features upgraded armor, computerized systems, a 125mm smoothbore cannon system, and a range of over 500 kilometers and therefore with this additional feature, the tank cost around $4 million per unit. Moreover, to procure technologically advanced tanks, many developed and developing countries need to pay the huge sums of money. For instance, India has paid $1.2 billion for the technology transfer fee to Russia for T-90S tanks. Such a high cost of main battle tanks is expected to have a negative impact on the growth of tanks markets.
The defense is increasingly implementing robot tanks in the military for the purpose of high security which is likely to be a major trend in the tanks 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.
Scope
Markets Covered:
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
Key Topics Covered:
1. Executive Summary
2. Tanks Market Characteristics
3. Tanks Market Trends And Strategies
4. Impact Of COVID-19 On Tanks
5. Tanks Market Size And Growth
6. Tanks Market Segmentation
7. Tanks Market Regional And Country Analysis
8. Asia-Pacific Tanks Market
9. China Tanks Market
10. India Tanks Market
11. Japan Tanks Market
12. Australia Tanks Market
13. Indonesia Tanks Market
14. South Korea Tanks Market
15. Western Europe Tanks Market
16. UK Tanks Market
17. Germany Tanks Market
18. France Tanks Market
19. Eastern Europe Tanks Market
20. Russia Tanks Market
21. North America Tanks Market
22. USA Tanks Market
23. South America Tanks Market
24. Brazil Tanks Market
25. Middle East Tanks Market
26. Africa Tanks Market
27. Tanks Market Competitive Landscape And Company Profiles
29. Key Mergers And Acquisitions In The Tanks Market
29. Tanks Market Future Outlook and Potential Analysis
30. Appendix
Companies Mentioned
- Oshkosh Defense LLC
- General Dynamics Corporation
- BAE Systems Plc.
- Textron Inc.
- Navistar International Corporation
- Norinco Private Limited
- Rheinmetall AG
- Ukroboronprom
- UralVagonZavod
- Hyundai Rotem
- Nexter Systems
- Krauss-Maffei Wegmann GmbH And Co. KG
- IVECO
- Elbit Systems
- INKAS Armored Vehicle Manufacturing
- International Armored Group
For more information about this report visit https://www.researchandmarkets.com/r/b90i79
View source version on businesswire.com: https://www.businesswire.com/news/home/20220726005946/en/