Asia-Pacific Naval Vessels Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Asia-Pacific Naval Vessels Market is segmented by Vessel Type (Submarine, Frigates, Corvettes, Aircraft Carriers, Destroyers, Other Vessel Types), and Geography.

Market Snapshot

Study Period: 2018-2027
Base Year: 2021
CAGR: >5 %

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Market Overview

The Asia-Pacific naval vessels market is expected to exhibit a CAGR of more than 5% during the forecast period (2020 - 2025).

  • The increasing terrorism, maritime border security tensions between countries, piracy, and trafficking in the Indian Ocean, South China Sea, Arabian Sea, and South Pacific Ocean is prompting countries to deploy more naval vessels and coast guard patrol boats in the region.
  • Increased defense spending and budget allocation for naval forces are supporting the growth of the naval vessels market in this region, as countries look to modernize its naval vessels fleet.
  • Countries such as Japan and China are heavily integrating technologies such as robotics and automation and Information Technology to develop a more cohesive naval force that can work simultaneously with army and air force, thus enhancing situational awareness and battle management. This factor will further propel the growth of the naval vessels market in the Asia-Pacific region.

Scope of the Report

The Asia-Pacific naval vessels market covers the latest trends and technological developments as well as provide analysis on various aspects of the market such as development and sales of various types of naval vessels such as submarines, corvettes, destroyers, etc. The report also provides country-level analysis and overview of major naval vessel manufacturers in the Asia-Pacific region. The report includes maintenance and ongoing upgrade contracts. 

Vessel Type
Aircraft Carrier
Other Vessel Types
South Korea
Rest of Asia-Pacific

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Key Market Trends

Destroyers to Exhibit the Highest Growth Rate During the Forecast Period

Escalating tensions in the South China sea has resulted in several countries in that region to strengthen their naval capabilities. This has also resulted in countries increasing their investment in the construction of destroyers. Many small nations with limited capabilities in naval shipbuilding are purchasing destroyers from other markets such as Europe, the United States, China, Japan, and South Korea. In May 2019, Philippine Navy announced its plans to buy 25-30 warships including destroyers to modernize and increase its existing fleet by 2030. Indian Navy also has four 7300 tons destroyers under construction at Mazagon Docks in Mumbai. The destroyers are being built under Project 15-B and the Indian government has signed a deal to acquire advanced sensor and weapon systems package for under-construction warships for nearly USD 800 million. In January 2020, China launched its first fourth-generation guided-missile destroyer "Nanchang" that will be used in operations such as escorting aircraft carriers. In December 2019, China also launched two guided-missile Sixth Type 055 and 23rd Type 052D destroyers that will be ready for battle service by 2021. Japan in March 2020, commissioned its first Maya class destroyer JS Maya that is equipped with the Aegis defense system and exhibits ballistic missile defense capability. The second Maya class destroyer was launched in 2019 and it is expected to be commissioned in a few months. Australia also conculded its Air Warfare Destroyer program by commissioning the Hobart Class guided missile Aegis capable HMAS Sydney V destroyer in May 2020. Australia is expected to purchase defense systems and other technological support worth billions to support the upgradation of the latest fleet.

asia-pacific naval vessels_trends1

China to Exhibit the Highest Growth Rate During the Forecast Period

Over the course of the last two decades, China has significantly stepped up its naval capabilities through huge investments and advancement in engineering and technology. China has significantly developed its capability to develop destroyers, frigates, submarines, and aircraft carriers. In 2019, China launched 24 warships and plans to build 10 more aircraft carriers by 2049. China has a fleet of more than 300 naval vessels, making it bigger than the fleet of the United States. China also emerged as a major defense supplier to countries such as Myanmar, Thailand, etc. According to China's CSSC, China will build an amphibious transport dock ship for Thailand, which is the largest the country has built for any foreign customer. While, the COVID-19 outbreak of 2020 has impacted the defense industry globally, China will continue to build amphibious assault ships to strengthen its naval capabilities.

asia-pacific naval vessel_market

Competitive Landscape

The naval vessel market in the Asia-Pacific region is highly competitive and the market is heavily dominated by national corporations such as China's CSSC, Japan's JMU (Japan Marine United Corporation), etc. These corporations own a large number of shipbuilding docks for naval vessel developments while collaborates with privately-owned companies for technological and project management assistance. Other key players in the region include Hyundai Heavy Industries, Mitsubishi Heavy Industries, L&T Shipbuilding, ASC Pty Ltd., etc. The key players in the region generate revenue by completing orders largely from national governments. European naval shipbuilders also have a presence in the region in the form of joint ventures and collaboration.

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    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

      5. 4.4.5 Intensity of Competitive Rivalry


    1. 5.1 Vessel Type

      1. 5.1.1 Submarines

      2. 5.1.2 Frigates

      3. 5.1.3 Corvettes

      4. 5.1.4 Aircraft Carrier

      5. 5.1.5 Destroyers

      6. 5.1.6 Other Vessel Types

    2. 5.2 Geography

      1. 5.2.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Australia

        6. Singapore

        7. Rest of Asia-Pacific


    1. 6.1 Company Profiles

      1. 6.1.1 China State Shipbuilding Corporation

      2. 6.1.2 Garden Reach Shipbuiders & Engineers Limited

      3. 6.1.3 L&T Shipbuilding Limited

      4. 6.1.4 Mazagon Dock Shipbuilders Limited

      5. 6.1.5 Cochin Shipyard Limited

      6. 6.1.6 PT PAL Indonesia

      7. 6.1.7 Boustead Heavy Industries Corporation Berhad

      8. 6.1.8 Singapore Technologies Engineering Limited

      9. 6.1.9 Bangkok Dock Company Limited

      10. 6.1.10 Vinashin (Shipbuilding Industry Corporation)

      11. 6.1.11 Hyundai Heavy Industries Co. Limited

      12. 6.1.12 Mitsubishi Heavy Industries Limited

      13. 6.1.13 Kawasaki Heavy Industries Limited

      14. 6.1.14 ASC Pty. Limited

      15. 6.1.15 Fincantieri S.p.A

      16. 6.1.16 thyssenkrupp AG

      17. 6.1.17 Navantia


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Frequently Asked Questions

The Asia-Pacific Naval Vessels Market market is studied from 2018 - 2026.

The Asia-Pacific Naval Vessels Market is growing at a CAGR of >5% over the next 5 years.

Hyundai Heavy Industries Co. Limited, Mitsubishi Heavy Industries Group, Kawasaki Heavy Industries Limited, Cochin Shipyard Limited, L&T Shipbuilding Limited are the major companies operating in Asia-Pacific Naval Vessels Market.

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