The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Tanks Global Market Report 2024, the tanks market is expected to show significant growth in the forecast period.

The tanks market has witnessed a robust surge in recent years, with the market size escalating from $2.24 billion in 2023 to a projected $2.43 billion in 2024, showcasing an impressive Compound Annual Growth Rate (CAGR) of 8.4%. This growth in the historic period can be attributed to various factors:

• Military Conflicts: Instances of military conflicts have contributed to the demand for tanks as strategic assets.
• Armor and Firepower: The importance of enhanced armor and firepower has driven the evolution of tank capabilities.
• Soviet Tank Doctrine: Historical influences, such as the Soviet tank doctrine, have shaped the development of tanks.
• Tank Modernization: Upgrading and modernizing existing tanks have been crucial for maintaining battlefield effectiveness.

On the Horizon: Future Growth Prospects

Looking ahead, the tanks market is poised for continued strong growth, with a forecasted size of $3.06 billion in 2028 and a CAGR of 5.9%. Key drivers in the forecast period include:

• Asymmetric Threats: The evolving nature of threats necessitates adaptive tank capabilities.
• Urban Warfare: Tanks tailored for urban environments become crucial in modern warfare scenarios.
• Hybrid and Electric Propulsion: The industry is witnessing a shift toward sustainable propulsion technologies.
• Unmanned and Autonomous Tanks: The integration of autonomous features transforms tank warfare dynamics.
• Cybersecurity and Data Protection: As technology advances, safeguarding tanks against cyber threats becomes imperative.

Emerging Trends in the Forecast Period

The forecast period brings forth major trends shaping the tanks market landscape:

• Modular Armor and Upgrades: A focus on modular designs allows for adaptive upgrades and enhanced protection.
• Crew Safety and Comfort: Prioritizing the well-being of tank crews through advanced safety and comfort features.
• Lighter Weight Materials: Embracing materials that reduce weight while maintaining durability and strength.
• Retrofitting and Re-purposing: Upgrading existing tank fleets to align with evolving operational requirements.
• Joint Operations and Collaboration: Increased emphasis on collaborative efforts for comprehensive defense capabilities.

The Driving Force: Geopolitical Tensions

A significant driver for the growth of the tank market is the escalating geopolitical tensions across the globe. Geopolitical tensions, stemming from differences in political, economic, strategic, or territorial interests, lead to an increased demand for tanks as strategic military assets. Tanks play a crucial role in defense, deterrence, and safeguarding national interests during potential conflicts or disputes. The business sector, recognizing these risks, acknowledges geopolitical tensions as a top concern, with around 36% of businesses viewing them as high risks.

View More On The Tanks Market Report 2024 –
https://www.thebusinessresearchcompany.com/report/tanks-global-market-report

Industry Giants Steering the Battle

Major players shaping the tanks market include Oshkosh Defense LLC, General Dynamics Corporation, BAE Systems PLC, and others. These companies are pivotal in driving innovation, meeting evolving military requirements, and ensuring the readiness of armed forces globally.

Battle-Ready: Modernization of Battle Tanks

Key players in the tank market are actively engaged in the modernization of battle tanks to enhance their capabilities. This involves upgrading existing tanks to improve performance, survivability, and effectiveness on the battlefield. For instance, the U.S. Army’s M1E3 Abrams main battle tank modernization program, launched in September 2023, aims to enhance combat capabilities against future threats in 2040 and beyond. The program incorporates advanced features and adheres to modular open systems architecture standards, allowing for quicker technology upgrades.

Strategic Acquisitions: L3Harris Technologies and Aerojet Rocketdyne

In a strategic move in July 2023, L3Harris Technologies completed its acquisition of Aerojet Rocketdyne, expanding its defense capabilities. This acquisition is expected to enhance L3Harris’ position in the defense industry, including the manufacture of tanks and tank ammunition components. Such strategic moves contribute to the overall growth and innovation within the tanks market.

Unveiling Market Segmentation

The tanks market is intricately segmented, offering insights into various dimensions:

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

Regional Dynamics

As of 2023, Asia-Pacific emerged as the largest region in the tanks market, with Western Europe expected to be the fastest-growing region during the forecast period.

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The Tanks Global Market Report 2024  provides an in-depth analysis on the tanks market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the tanks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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