Asia-Pacific Cruise Missile Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Asia-Pacific Cruise Missile Market is Segmented by Launch Platform (Air, Sea, Land), Range (Short-range Missiles, Medium-range Missiles, Long-range Missiles), and Geography.

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APAC Cruise Missile Market Size

Asia-Pacific Cruise Missile Market Growth
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Study Period 2018 - 2028
Base Year For Estimation 2022
Forecast Data Period 2023 - 2028
Historical Data Period 2018 - 2021
CAGR 14.00 %

Major Players

Asia-Pacific Cruise Missile Market Key Players

*Disclaimer: Major Players sorted in no particular order
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APAC Cruise Missile Market Analysis

The Asia-Pacific Cruise Missile Market is anticipated to register a CAGR of 14% during the forecast period.

  • Asia-Pacific has been one of the global hotspots for military conflicts. The increasing number of territorial issues in the region has propelled the countries to procure advanced cruise missiles to strengthen their defenses against potential adversaries.
  • The growth in defense budgets of several nations in the region has also facilitated the development and procurement of newer cruise missile systems, thereby driving the growth of the market.

APAC Cruise Missile Market Trends

This section covers the major market trends shaping the APAC Cruise Missile Market according to our research experts:

Long-Range Missiles are Projected to Dominate the Market During the Forecast Period

In segmentation by Range, the Long-Range Missiles segment is expected to have the highest share in the market during the forecast period. The manufacturing and procurement costs of the long-range missiles are higher compared to others, as they need to travel farther distances and deliver comparatively more lethal warheads with higher accuracy, evading the enemy air defenses compared to short and medium-range missiles. The demand for long-range missiles in increasing in Asia-Pacific where the countries need to protect their extensive land-based borders from neighboring adversaries. In Asia-Pacific, countries like China, India, Japan, and South Korea have been developing long-range missiles for their militaries. For instance, in July 2020, the Indian Ministry of Defence cleared the proposed development of Long-Range Land Attack Cruise Missile (LRLACM) for Ship launched cruise missile for Land-based strikes for the Indian Navy which will also be adopted later for the Air force and Army variant. The missile is expected to have a range of more than 1000 km. Such developments are expected to help the growth of the segment in the years to come.

Asia-Pacific Cruise Missile Market Share

China held the Largest Market Share in 2019

In 2019, the Market for Cruise Missiles in Asia-Pacific is dominated by China. China is one of the largest defense spenders in the world. The country has grown its missile strength over the years. China has one of the largest inventories of both cruise and ballistic missiles in the world, placing it among the top 5 countries possessing the greatest number of missiles globally. The disputes of the country over the South China Sea and with several other nations globally have propelled the country to build and deploy a sophisticated, lethal, and advanced cruise missile arsenal. The People's Liberation Army (PLA) is a major user of cruise missiles. China manufactures and exports a wide range of cruise missiles in all categories. Several of China’s designs are modeled on the Western Exocet, Harpoon, and Tomahawk families of missiles. In addition to domestically built cruise missiles, China also operates the imported Russian supersonic 3M80E Moskit / SS-N-22 Sunburn and the 3M54/3M14 Klub/Kalibr / SS-N-27 Sizzler missiles. China is currently arming its long-range bombers with supersonic cruise missiles. The H-6N, the latest version of China’s H-6 strategic bomber, is now equipped to carry the CJ-100 missile, which would increase the bomber’s strike range to 6,000 km (3,728 miles). The country is also focusing on the development of air-launched cruise missiles. China is also working on the development of the CJ-20, an air-launched variant of the Changjian-10 (CJ-10) land-attack cruise missile (LACM). The CJ-20 can carry both conventional and nuclear warheads and is still under development. Thus, the development of various variants of the cruise missiles and their induction into the missile arsenal of the country is expected to increase the market for the cruise missiles in China during the forecast period.

Asia-Pacific Cruise Missile Market Trends

APAC Cruise Missile Industry Overview

Some of the prominent players in the Asia-Pacific Cruise Missile Market are Defence Research and Development Organisation, China Aerospace Science and Industry Corporation, Mitsubishi Heavy Industries, JSC Tactical Missiles Corporation, Kongsberg Gruppen ASA, among others. Countries in the region, like China, India, and South Korea, among others, have emphasized on developing their own missiles indigenously, fueled by the interoperability issues of missile systems of certain countries with the missile defense systems of other countries. Countries in the region are collaborating with other nations to develop advanced cruise missile systems. For instance, BrahMos, a joint venture of the DRDO of India and the NPOM of Russia is developing medium-range supersonic ramjet cruise missiles. In December 2019, India conducted separate trials of two variants of the BrahMos to check its capability to hit targets with precision and accuracy. Such joint development of cruise missiles will facilitate the technology transfer between nations, thereby enhancing the innovations in the market during the forecast period.

APAC Cruise Missile Market Leaders

  1. Defence Research and Development Organisation

  2. China Aerospace Science and Industry Corporation

  3. Mitsubishi Heavy Industries

  4. JSC Tactical Missiles Corporation

  5. Kongsberg Gruppen ASA

*Disclaimer: Major Players sorted in no particular order

Defence Research and Development Organisation, China Aerospace Science and Industry Corporation, Mitsubishi Heavy Industries, JSC Tactical Missiles Corporation, Kongsberg Gruppen ASA

APAC Cruise Missile Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Launch Platform

      1. 5.1.1 Air

      2. 5.1.2 Sea

      3. 5.1.3 Land

    2. 5.2 Range

      1. 5.2.1 Short-range Missiles

      2. 5.2.2 Medium-range Missiles

      3. 5.2.3 Long-range Missiles

    3. 5.3 Country

      1. 5.3.1 China

      2. 5.3.2 India

      3. 5.3.3 South Korea

      4. 5.3.4 Japan

      5. 5.3.5 Australia

      6. 5.3.6 Rest of Asia-Pacific

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Defence Research and Development Organisation

      2. 6.1.2 China Aerospace Science and Industry Corporation

      3. 6.1.3 Mitsubishi Heavy Industries

      4. 6.1.4 JSC Tactical Missiles Corporation

      5. 6.1.5 Rafael Advanced Defense Systems Ltd.

      6. 6.1.6 Israel Aerospace Industries

      7. 6.1.7 Raytheon Company

      8. 6.1.8 Lockheed Martin Corporation

      9. 6.1.9 MBDA

      10. 6.1.10 Kongsberg Gruppen ASA

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

APAC Cruise Missile Industry Segmentation

Short-range missiles have a range of less than 300 km, while the medium-range missiles have a range between 300 km and 1,000 km. And, long-range missiles have a range exceeding 1,000 km.

Launch Platform
Air
Sea
Land
Range
Short-range Missiles
Medium-range Missiles
Long-range Missiles
Country
China
India
South Korea
Japan
Australia
Rest of Asia-Pacific

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APAC Cruise Missile Market Research FAQs

The Asia-Pacific Cruise Missile Market is projected to register a CAGR of 14% during the forecast period (2023-2028).

Defence Research and Development Organisation, China Aerospace Science and Industry Corporation, Mitsubishi Heavy Industries, JSC Tactical Missiles Corporation and Kongsberg Gruppen ASA are the major companies operating in the Asia-Pacific Cruise Missile Market.

Asia-Pacific Cruise Missile Industry Report

Statistics for the 2023 Asia-Pacific Cruise Missile market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Cruise Missile analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Asia-Pacific Cruise Missile Report Snapshots

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