Main Battle Tank Market Forecasts to 2030 – Global Analysis By Component (Situational Awareness, Weaponry Systems, Turret System, Wheel & Tracks, Internal Combustion Engine and Other Components), Type, Solution, Application and By Geography

Main Battle Tank Market Forecasts to 2030 – Global Analysis By Component (Situational Awareness, Weaponry Systems, Turret System, Wheel & Tracks, Internal Combustion Engine and Other Components), Type, Solution, Application and By GeographyAccording to Stratistics MRC, the Global Main Battle Tank Market is accounted for $5.82 billion in 2023 and is expected to reach $10.58 billion by 2030 growing at a CAGR of 8.9% during the forecast period. A direct-fire and manoeuvrable armoured vehicle makes up a main battle tank (MBT). A decade ago, MBT established itself as a key combat element. Land forces used a combination of heavy, medium, and light tank types to meet a variety of requirements during the fight. A single design for the MBT conception can produce the same outcomes. Engineers created a new fighting machine that has stayed reliant on contemporary armies with the introduction of more lightweight compound armour. It can typically operate in a variety of terrains and combat conditions and is typically outfitted with a potent gun, sophisticated fire control systems, and armour protection.

According to the U.S. army, the total contract was around USD 1.14 billion, and the military is expected to deliver the first batch by 2025. According to the U.S. army, the armed forces, engineers, and scientists are developing technology prototypes manufactured as part of the Advanced Targeting and Lethality Aided System (ATLAS) program.

Market Dynamics:

Driver:

Increasing procurement of MBTs

The government is purchasing a large number of main battle tanks for border defence on the front lines due to the rise in border-related disputes between rising nations. In response to escalating geopolitical tensions, nations are building new generation tanks to outfit their armed forces. The main market for this tank is the armed forces of several large countries. In addition to the healthy tank market, they also have a strong customer base outside, which is fueling market expansion.

Restraint:

A rising market for sophisticated anti-tank missile systems

Guided missiles known as anti-tank missiles (ATMs) are primarily intended to damage or destroy heavily armoured vehicles like tanks. They are guided missiles using different guiding algorithms, such as laser and wire guidance. They require little training to use, are comparatively light, and may be employed by a single soldier. The expansion of the industry is being hampered by the fact that they are highly delicate to detect and light enough to take anyplace in difficult situations.

Opportunity:

Increase in defence budget

A crucial element of military warfare is said to be main battle tanks. These tanks can also be deployed to patrol and combat in conflict areas. It is crucial for the armed forces of many nations to acquire these armoured vehicles due to the battle tank's combat capability. In addition, government agencies are raising defence spending to strengthen national militaries, which in turn is fueling the expansion of the world market for main battle tanks.

Threat:

Environmental concerns

The notoriously high fuel consumption and pollution output of main combat tanks. As environmental concerns expand, pressure is mounting on governments and defence organisations to reduce their carbon footprint. International agreements and strict legislation usually regulate the export of main battle tanks. These limitations may restrict the possibility for expansion for tank manufacturers because they find it difficult to secure export contracts.

Covid-19 Impact

The COVID-19 epidemic had an effect on the main battle tank market, as it did on many other sectors of the economy. Global supply chains, manufacturing processes, and defence spending were all affected by the pandemic. Delays in procurement programmes were brought about by lockdowns and travel restrictions that interfered with manufacturing and delivery timelines. However, because governments placed a high priority on national security and defence readiness, the defence industry showed to be relatively resilient during the epidemic. Many nations kept or boosted their defence budgets, assuring the continuation of major battle tank programmes.

The medium tanks segment is expected to be the largest during the forecast period

The medium tanks segment is estimated to have a lucrative growth, due to increasing demand for IC engines for new and older versions of MBT for upgrading. By providing a balance between firepower and mobility, medium tanks fill the space between MBTs and light tanks. They are adaptable and can be used in many operational settings. Before launching an attack with heavy equipment or infantry assistance, mediums may use their speed or design qualities for reconnaissance to learn the whereabouts of the adversary.

The fighting segment is expected to have the highest CAGR during the forecast period

The fighting segment is anticipated to witness the fastest CAGR growth during the forecast period. Main Battle Tanks' primary purpose is to destroy their targets by getting beyond an opponent's defences. This kind of tank features a powerful gun, thick armour protection, and excellent battlefield mobility. However, because of improvements in anti-tank missile technology and the vulnerability of these tanks to missiles launched at longer ranges, armed forces are less likely to utilise them.

Region with Largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to increasing demand for MBTs due to their profitability and affordability compared with other military vehicles. The main battle tanks development and upgrading are to blame for the increasing growth. The sector is also predicted to expand during the projection period as a result of the region's extensive battle tanks export to other countries.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the demand for battle tanks is increasing. These countries have a history of creating and using armoured vehicles for military missions, and also have superior tank technologies. Additionally, leading market companies have created upgraded main battle tanks that are lighter than traditional tanks as a result of technological advancements. Additionally, the current fleet is anticipating market expansion by upgrading to the following generation.

Key players in the market

Some of the key players profiled in the Main Battle Tank Market include Rostec, Hyundai Rotem, Nexter group KNDS, General Dynamics Corporation, BAE Systems plc, Krauss-Maffei Wegmann GmbH & Co. KG, Israel Military Industries, Nexter Systems, Defence Research And Development Organisation, Rheinmetall AG, Mitsubishi Heavy Industries, Malyshev Factory, Uralvagonzavod, Daimler AG, Thales Group, Textron, Lockheed Martin Corporation, International Armored Group, INKAS Armored Vehicle Manufacturing and Ford Motor Company.

Key Developments:

In May 2023, Hyundai Rotem to produce more K2 tanks for ROK Armed Forces. The South Korean Defense Acquisition Program Administration (DAPA) has approved the production plan for the fourth batch of K2 Black Panther main battle tanks intended for the ROK Armed Forces.

In February 2023, German defense contractor Rheinmetall AG is in talks to supply Ukraine with its most sophisticated battle tanks and fighting vehicles to help the country defend itself against future threats, according to Chief Executive Officer Armin Papperger.

Components Covered:
• Situational Awareness
• Weaponry Systems
• Turret System
• Wheel & Tracks
• Internal Combustion Engine
• Other Components

Types Covered:
• Heavy
• Medium
• Light
• Other Types

Solutions Covered:
• Retro Fit
• Line Fit

Applications Covered:
• Fighting
• Patrolling
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements