|Fastest Growing Market:||Europe|
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The main battle tank market is expected to register a CAGR of over 3% during the forecast period (2020-2025).
- Procurements of main battle tanks (MBTs) are expected to be high during the forecast period. Their necessity to the ground forces is becoming significantly more, in the wake of several border-related issues and other hostile activities involving the armies.
- An increase in investments in the MBTs is also due to the aging fleet of the MBTs. In this regard, countries are pouring down more investments into the procurements of new generation MBTs to replace the older ones.
- The new versions of MBTs cost about 4-5 times less than the most western MBTs. Moreover, their low weight and reduced operating costs are influencing the procurement decisions of the militaries, to procure them in large quantities.
- The market is currently driven by the increasing procurement of tanks by various countries, like Hungary, Russia, Thailand, France, and Germany. The demand is expected to be high, especially from these countries during the forecast period.
Scope of the Report
The report includes the procurement of new MBTs, as well as, the upgrade of the existing battle tanks.
Key Market Trends
Development of New Generation Main Battle Tanks to Drive the Market
Many countries are developing advanced new generation main battle tanks to equip their militaries. Examples of battle tanks manufactured for certain countries include the T-90MS and T-14 Armata for Russia, M1A2 SEP V3 for the US, the Leopard 2A7 for Germany, the VT4 (MBT-3000) and Type 99 (ZTZ99) for China, the Challenger 2 “Black Night” for the UK, the Leclerc XLR for France, the "Leoclerc" EMBT for France and Germany, the Altay for Turkey, the K2 Black Panther for South Korea, the TAM 2IP for Argentina, the Type 10 for Japan, the Karrar for Iran, and the Merkava IV Barak / Merkava IV M Windbreaker for Israel. Additionally, there are many plans to manufacture indigenous new generation tanks by many countries, like India, which is manufacturing the Arjun Tanks. Research is also in progress to develop and deploy unmanned battle tanks by countries, like Russia and China. All these next-generation battle tanks may cater to the modernization needs of the militaries, thereby helping the growth of the market in the years to come.
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Europe to be the Fastest Growing Market for Main Battle Tanks
Unlike most countries, that focus on the procurement of other types of armored vehicles, excluding the main battle tanks, countries in Europe are focusing on the procurement of new main battle tanks and the modernization of their existing MBT fleet. Countries in the region, like France and Germany, are collaborating together to produce the next generation MBTs. Moreover, Russia is adding thousands of MBTs to its fleet inventory. The demand is expected to be generated from the countries, like the United Kingdom, Italy, Finland, France, Germany, Croatia, Poland, Sweden, and Turkey, in the years to come. All these factors are expected to help the growth of the market in the region during the forecast period.
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General Dynamics Corporation, BAE Systems Plc, Hyundai Rotem, Rostec, and Nexter group KNDS are some of the major players in the main battle tanks market. Strategic partnerships between the players may enable the transfer of technology between the players and help them to gain a higher market share by attracting new customers. For instance, Germany's Krauss-Maffei Wegmann GmbH and France's Nexter Systems have collaborated together to produce next-generation battle tanks that would replace the Leopard 2 Tanks of Germany. Such partnerships may help to boost the growth of the revenues of the players.
In Novemebr 2021, Rafael Advanced Defense Systems has forged a partnership with Germany-based Krauss-Maffei Wegmann and Spain-based General Dynamics European Land Systems to help market the Trophy active protection system in Europe.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.1.4 Latin America
188.8.131.52 Rest of Latin America
5.1.5 Middle-East and Africa
184.108.40.206 United Arab Emirates
220.127.116.11 Saudi Arabia
18.104.22.168 Rest of-Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 General Dynamics Corporation
6.2.2 BAE Systems plc
6.2.4 Hyundai Rotem Co
6.2.5 Nexter group KNDS
6.2.6 Rheinmetall AG
6.2.7 Israel Military Industries
6.2.8 Mitsubishi Heavy Industries Ltd
6.2.9 Norinco Private Limited
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Main Battle Tank Market market is studied from 2018 - 2027.
What is the growth rate of Main Battle Tank Market?
The Main Battle Tank Market is growing at a CAGR of >3% over the next 5 years.
Which region has highest growth rate in Main Battle Tank Market?
Europe is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Main Battle Tank Market?
Europe holds highest share in 2021.
Who are the key players in Main Battle Tank Market?
General Dynamics Corporation, BAE Systems plc, Hyundai Rotem, Rostec, Nexter group KNDS are the major companies operating in Main Battle Tank Market.