Military Armored Vehicles and Tanks Market to Reach $27.6B by 2022

April 12, 2018

WELLESLEY, Mass., April 12, 2018– The global military armored vehicles and tanks market is registering strong growth due to rapid economic growth in emerging markets, such as China and India, rising military tensions, terrorism and political instability in many countries in the Middle-East and Africa.

This market was valued at roughly $23.7 billion in 2017. It is expected to increase to $27.6 billion in 2022 with a compound annual growth rate (CAGR) of 3.1%, according to BCC Research’s report “Military Armored Vehicles and Tanks Manufacturing: Global Markets to 2022.

The new study provides military vehicle and tank manufacturers, providers of raw materials, users of military transportation and governments around the world a basis to make strategic decisions about new product development and future opportunities and applications for their organizations.

The major players that are mentioned in this report include Lockheed Martin, Boeing Co., BAE Systems, Raytheon Co., General Dynamics Corp., Rheinmetall AG and Oshkosh Corp, among others.

Research Highlights

  • Armored vehicles accounted for the largest share of the market in 2017 at 65.2%. Due to factors like economic growth, technological advancements and high demand for military equipment from different countries, this CAGR is expected to continuously increase by 3.8%.
  • The Asia-Pacific region is leading the market at 46% with a CAGR of 3.8%. The second largest markets are Western and Eastern Europe.
  • The top challenges that the market faces include the stringent regulations in defense equipment procurement, high investment costs and increasing investments in cyber wars.

“Companies in the military armored vehicles and tanks market are increasingly investing in the R&D of hybrid engines,” said BCC Research Senior Editor Gordon Nameni. “Defense equipment manufacturers are exploring hybrid solutions in wheeled vehicles and tanks, as high fuel consumption really limits operational mobility of traditional armored regiments.”

Military Armored Vehicles and Tanks Market Trends and Strategies

In addition to hybrid engines, other drivers of the market include increasing mergers and acquisitions of smaller companies, the increased demand for robotic tanks and unmanned ground vehicles, the open system architecture for military land vehicles that provide optimal situational awareness and advanced combat abilities, electronic camouflage technology advancements, and commercial “off the shelf” components such as software and hardware. 

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Military Armored Vehicles and Tanks Manufacturing: Global Markets to 2022( MFG050A )
Publish Date: Mar 2018    

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