Jul 27, 2022   SOURCE: BusinessWire

Global Tanks Market to Reach $2.12 Billion by 2026 Propelled by Increased Defense Budgets Worldwide - ResearchAndMarkets.com

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