Market Trends of Vehicle Mounted Anti-Tank Missile System Industry
This section covers the major market trends shaping the Vehicle Mounted Anti-Tank Missile System Market according to our research experts:
By Application, The Defense Segment is Expected to Witness Significant Growth During the Forecast Period
By application, the defense segment is expected to witness significant growth during the forecast period. Increasing military expenditures, growth in the demand for composite armor penetration capabilities as well as a rise in the adoption of long-range vehicle-mounted anti-tank missile systems are the major factors that will drive the defense sector to witness growth during the forecast period. Moreover, various companies such as Raytheon Technologies and Lockheed Martin Corporation amongst others are now focusing on the development of lightweight anti-tank missile systems which can be easily mounted on Light Tactical Vehicles (LTV) and have increased capabilities to destroy targets that are situated at a further range.
In the present scenario, a modern range of anti-tank missiles such as Spike, Javelin, and Red Arrow 12 is equipped with enough capability to stop a heavily armored tank. Advancements in anti-tank missile systems such as the Spike MR which can be launched by land vehicles to accurately strike targets within a range of 200m to 2,500m are being used excessively by defense personnel worldwide. Moreover, such missile systems are now being fitted with tandem-charge high-explosive, anti-tank (HEAT) warheads and an electro-optical seeker which helps in providing better capabilities in terms of accuracy. Thus, various developments of vehicle mounted anti tank missile systems for the defense sector will lead to market growth during the forecast period.
North America is Expected to Witness Significant Growth During the Forecast Period
North America is expected to witness significant growth during the forecast period. The increase in military expenditure coupled with increasing procurement of vehicle-mounted anti-tank missile systems as well as the presence of various companies in the region which are capable of manufacturing advanced anti-tank missiles will be the major factors that will lead to the region witnessing significant growth during the forecast period.
In March 2022, the Biden administration, presented a military budget proposal request for USD 813.3 billion for national defense, $773.0 billion of which is for the Department of Defense. In the current scenario, the United States of America is also witnessing an increase in the procurement of anti-tank missile systems. This is being done with respect to the United States military equipment modernization programs. For instance, in May 2022, the United States Army announced that they have awarded Javelin Joint Venture two production contracts for Javelin missiles and associated equipment and services in a contract that has been valued at USD 309 million. The javelin is developed and manufactured by the Javelin Joint Venture which is a partnership between Raytheon Missiles & Defense and Lockheed Martin. Raytheon Technologies will continue to upgrade the missile system in order to meet the U.S. Army's requirement for an extended-range, anti-tank, guided missile. Raytheon as well as Lockheed Martin Corporation will be responsible for improving the propulsion system of the missiles thereby making it capable to strike and destroy targets that are situated over long distances with greater speed and accuracy. This shall help the United States Army to equip their Optionally Manned Fighting Vehicles while maintaining compatibility with existing launch platforms. Thus, such developments will lead to growth in the market during the forecast period.
