Market Share of India Defense Industry
The Indian defense market is semi-consolidated, with a few OEMs holding significant shares in the market. Bharat Electronics Limited (BEL), Hindustan Aeronautics Limited (HAL), Defense Research and Development Organisation (DRDO), Rostec, and Airbus SE are some of the major players in the market. The Make in India initiative, launched by the Indian government, has propelled several partnerships between foreign and local manufacturers. Partnerships between Indian companies and their international counterparts as a transfer of technology (ToT) agreement are also anticipated to improve the current capabilities of the Indian conglomerates.
For instance, the collaboration between Hinduja Group, Ashok Leyland, and Elbit Systems Ltd, Tata Motors with Bharat Forge and General Dynamics for military vehicles, the partnership between India and Russia for Frigates and AK-203 Assault Rifles, and Boeing's partnership with HAL and Mahindra for the production of F/A-18 Super Hornet fighters are some of the significant alliances in the recent past. India is also trying to develop its manufacturing capabilities and focusing on expanding the product range of the defense equipment that it can produce locally, thereby reducing its dependency on the import of defense equipment. Also, several public firms are developing new indigenous technologies, which are expected to enhance the market share of the local players during the forecast period.
Indian Defense Market Leaders
Hindustan Aeronautics Limited (HAL)
Airbus SE
Defense Research and Development Organisation (DRDO)
Bharat Electronics Limited (BEL)
Rostec
*Disclaimer: Major Players sorted in no particular order
