Market Size of Main Battle Tank Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 6.72 Billion |
| Market Size (2029) | USD 7.94 Billion |
| CAGR (2024 - 2029) | 3.38 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Main Battle Tank Market Analysis
The Main Battle Tank Market size is estimated at USD 6.72 billion in 2024, and is expected to reach USD 7.94 billion by 2029, growing at a CAGR of 3.38% during the forecast period (2024-2029).
Procurements of main battle tanks (MBTs) are expected to be high during the forecast period. The growing geopolitical tensions and border issues between various countries in Asia-Pacific, Europe, the Middle East, and Africa are generating demand for the procurement of new battle tanks to enhance the combat capabilities of the ground forces. An increase in investments in the MBTs is also due to the aging fleet of the MBTs. In this regard, countries invest more in procuring new-generation MBTs to replace older ones.
Main battle tanks are known for their high fuel consumption and emissions. As environmental concerns gain prominence worldwide, governments and defense organizations are under pressure to reduce their carbon footprint. It may lead to a shift towards alternative technologies or lighter armored vehicles, impacting the growth of the main battle tank market.
Emerging nations are carrying out an upgrade program for the existing fleet of tanks. The program includes the upgrading of the engine, weaponry systems, situational awareness systems, and so on. The older systems need to be upgraded to match advanced lethality and combat capabilities. Hence, this market is anticipated to grow significantly during the forecast period.
