Market Size of Asia-Pacific Cruise Missile Industry
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 569.07 Million |
| Market Size (2029) | USD 932.19 Million |
| CAGR (2024 - 2029) | 10.37 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Asia-Pacific Cruise Missile Market Analysis
The Asia-Pacific Cruise Missile Market size is estimated at USD 569.07 million in 2024, and is expected to reach USD 932.19 million by 2029, growing at a CAGR of 10.37% during the forecast period (2024-2029).
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.
The use of missiles in modern warfare tactics have grown over time, putting pressure on the military and defense sectors of governments to maintain a significant stock of cruise missiles. Modern cruise missiles now have the added capability of autonomous navigation, operating on a non-ballistic trajectory at an exceptionally low altitude, and achieving hypersonic and supersonic velocities due to advancements in technology. These technological improvements are projected to be advantageous and will result in a notable expansion of the cruise missile market throughout the forecast period.
