Vehicle Mounted Anti-Tank Missile System Market Size

Vehicle Mounted Anti-Tank Missile System Market Analysis

The Vehicle-Mounted Anti-Tank Missile Systems Market is anticipated to register a CAGR of 4% during the forecast period.

The COVID-19 pandemic had a negative effect on the Vehicle Mounted Anti-Tank Missile Systems Market. The onset of the pandemic led to manufacturers of vehicle-mounted anti-tank missile systems halting their production operations owing to the supply chain distribution which was caused by the government-imposed lockdown as a means to slow the spread of the pandemic. Moreover, the pandemic also led to various military agencies worldwide delaying their plans of procuring vehicle-mounted anti-tank missile systems. The onset of the pandemic also led various global defense contractors to face losses owing to costs of inventory holding of unfinished vehicle-mounted anti-tank missile systems due to a lack of workforce as well as raw materials. Further, the decline of the pandemic led to an increase in the production of vehicle-mounted anti-tank missile systems. Moreover, the lifting of the lockdown led to a gradual increase in the supply chain distribution system as well as a growth in the profits of the manufacturers owing to the fact that the declining pandemic led to higher demands from defense contractors and increased sales led to less costs accrued for inventory holds and thereby the market will witness significant growth during the forecast period.

Increasing military expenditures, growth in the demand for composite armour penetration capabilities as well as a rise in the adoption of long range vehicle-mounted anti-tank missile systems are the major factors which will drive the vehicle-mounted anti-tank missile systems market during the forecast period. On the other hand, the development of anti-tank missile countermeasures such as active protection systems as well as electronic jammers will lead to hinderances in the market growth during the forecast period.