The global tanks market size 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 in the market 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 tank market is expected to reach $2.12 billion in 2026 at a CAGR of 2.8%.
What is the Global Tanks Market?
The tanks market consists of sales of military tanks by entities (organizations, sole traders, and partnerships) that produce military tanks. A tank is an armored fighting vehicle that is equipped with heavy firepower and strong armor designed for front-line combat. Only goods and services traded between entities or sold to end consumers are included.
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What drives the Global Tanks Market?
The increase in the defense budget for the military is expected to drive the growth of the tanks market. India has become the third-largest military spender in the world, after the US and China. According to InvestIndia, there has been an increase of 5.8% in defense allocation in India in the 2020-21 budget compared to the 2019-20 budget. Sweden has also decided to raise its defense budget for 2021 by 40%, which is the biggest defense spending in 70 years. According to the Centre for Strategic and International Studies report, China has increased its defense budget from $177.6 billion in 2019 to $179 billion in 2020. Reports from the Ministry of defense of Australia show that the government is going to invest $270 billion over the next 10 years and 2% of the GDP in 2020-21 for defense. Increased defense budgets are expected to drive the tanks market during the forecast period.
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Global Tanks Market Segments
The global tanks market is segmented:
By Type: Light, Medium, Heavy
By Application: Patrolling, Fighting
By Technology: Active Mine System, Active Protection System, Modular Ballistic Armor, Situational Awareness System, Inter Operable Communication, Vehicle Information Integration, Electric Armor
By Geography: The regions covered in the tanks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Tanks Global Market Report 2022provides market size and growth forecasts for the global tanks market, global tanks market share, tanks market segments and geographies, tanks market competitive landscape including leading competitors’ revenues, profiles and market shares. The tanks market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Tanks Industry Playersinclude 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, and International Armored Group. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
