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Tanks Global Market Report 2021: COVID-19 Impact and Recovery To 2030

Tanks Global Market Report 2021: COVID-19 Impact and Recovery To 2030

  • June 2021
  • 175 pages
  • ID: 6097040
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the tanks market are Oshkosh Defense LLC, General Dynamics Corporation, BAE Systems Plc., Textron Inc., Navistar International Corporation, Norinco Private Limited, Rheinmetall AG, Ukroboronprom, UralVagonZavod, and Hyundai Rotem.

The global tanks market is expected to decline from $0.96 billion in 2020 to $0.94 billion in 2021 at a compound annual growth rate (CAGR) of -2.1%. The decline is attributed to the COVID-19 implications including social distancing practices, supply chain disruptions, and halt or closure of production. The market is expected to reach $1.02 billion in 2025 at a CAGR of 2.1%.

The tanks market consists of sales of military tanks by entities (organizations, sole traders and partnerships) that produce military tanks.A tank is an armored fighting vehicle which is equipped with heavy firepower and strong armor designed for front line combat.

Only goods and services traded between entities or sold to end consumers are included.

The tanks market covered in this report is segmented by type into light, medium, heavy. It is also segmented by application into patrolling, fighting.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

High cost of production for main battle tanks is expected to hinder the growth of the tanks market.Technological advancements has added new features in today’s military tanks, therefore the cost of productions to manufacture a single unit of tank has also increased.

For instance, Russia’s T-14 Armata features upgraded armor, computerized systems, 125mm smoothbore cannon system and a range of over 500 kilometers and therefore with this additional features, the tank cost around $4 million per unit.Moreover, to procure technological advanced tanks, many developed and developing countries need to pay huge sum of money.

For instance, India has paid $1.2 billion for the technology transfer fee to Russia for T-90S tanks. Such a high cost of main battle tanks is expected to have a negative impact on the growth of tanks markets.

In January 2020, BAE Systems PLC, a British multinational defence, security, and aerospace company, acquired Collins Aerospace Military Global Positioning System (GPS) business from Raytheon Technologies Corporation for $1.93 billion. Collins Aerospace Military Global Positioning System is capable of tracking jet fighters to tanks and therefore the acquisition will bring innovative technology and an extensive installed base of products to the company. Raytheon Technologies Corporation is an aerospace and defense company that provides advanced systems and services for commercial, military and government customers worldwide.

The increase in the defense budget for the military is expected to drive the growth of the tanks market. According to the Stockholm International Peace Research Institute (SIPRI) report, the total global military expenditure rose to $1,917 billion in 2019, a 3.6% increase from 2018 and the largest annual growth in spending since 2010. India has become the third-largest military spender in the world, after the US and China. According to InvestIndia, there has been an increase of 5.8% in defense allocation in India in the 2020-21 budget compared to 2019-20budget. Sweden has also decided to raise its defense budget for 2021 by 40%, which is the biggest defense spending in 70 years. According to the Centre for Strategic and International Studies report, China has increased its defense budget from $177.6 billion in 2019 to $179 billion in 2020. Reports from the Ministry of defense of Australia shows that the government is going to invest $270 billion over the next 10 years and 2% of the GDP in 2020-21 for defense. Increased defense budgets are expected to drive the market for tanks during the forecast period.

The defense is increasingly implementing robot tanks in the military for the purpose of high security which is likely to be a major trend in the tanks market.Robotic tanks are autonomous robots designed for military applications such as transport, search and rescues, and others.

These tanks are equipped with guns and rocket arm, and missile arm.In January 2020, the USA has given a contract to QinetiQ North America to build four robotic combat vehicle-light prototype and another contract to Textron to build four robotic combat vehicle-medium prototypes.

In July 2020, Russia prepared a robot tank Derivatsiya-PVO which is self-propelled artillery tasked with an anti-air mission.In May 2018, Russia revealed that it had combat-tested its Uran-9 robot tank in Syria which has a gun and missile armament.

Such developments in military tanks emerging as trend in tanks market.

The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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